borro reveals Brits are borrowing more and more against designer diamonds with the average amount lent against designer diamond jewellery rising by 148% over the last year.
borro is seeing designer pieces such as Cartier and Chopard being used for loans. A pair of 3 carat Cartier diamond ear studs attracted a loan of £40,000, while an 18ct white gold Cartier Ballon Blue watch and a Chopard diamond and 18 carat white gold gentleman’s wristwatch each secured loans of £35,000.
Paul Aitken, CEO of borro, said: “In a climate where loans from traditional sources are few and far between, we are seeing clients using high value assets such as diamonds and diamond jewellery to unlock necessary finance. An increasing number of individuals, entrepreneurs and small business owners recognise they have accumulated a wealth of personal assets that can temporarily be turned back into fast finance.
“Brits are turning to alternative sources of lending for a variety of reasons – most of our customers are looking to facilitate business transactions and opportunities while others come to us to fund surveys and pay other fees relating to property refinancing. Other reasons include supporting an irregular income, funding holidays and school fees, and helping to pay tax bills and other unexpected expenses. borro provides a solution for those looking to raise finance, by releasing the equity held in their personal assets.”