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How to be an Informed Consumer

How to be an Informed Consumer
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In the offices of Beverly Loan Company, located on Santa Monica Blvd in Beverly Hills, loan officers have been making collateral loans on luxury watches, diamonds, jewelry, artwork and memorabilia for over 75 years. They have a knowledgeable and skillful staff, which means it is easy for a loan officer to quickly and accurately identify a fake Rolex or counterfeit diamond necklace. This knowledge comes from years of training and experience that most consumers don’t have the time or inclination to learn – which is why it’s important to educate clients on the basic rules for making high-end, luxury purchases.

Do your research. You’ll hear this bit of advice often, but it’s important not to forget. The first point to research, and most important, is to find what you want. This may be a something as simple as “I want a rose gold watch”, or as complicated as “I want the Rolex Oyster Perpetual Cosmograph Daytona Everose on a bracelet with an ivory dial”. Whether you’re purchasing a used Rolex, a limited edition lithograph, or a brand new engagement ring – it’s important to know which features you are willing to compromise on, and which you are not.

Know the value. The second aspect of research should include finding what the watch sells for at a retail level and then on the secondary market. Many people will purchase a beautiful work of fine art at the gallery, and then try to sell the piece for the same price – which is often unrealistic. To grasp what the market looks like check out the artist’s popularity online, auction records, and even if they have items selling online, including eBay. If you’re planning on purchasing art, diamonds, or jewelry for investment purposes; this is a step that should not be overlooked.

Study what you are buying. It’s important to study the items you are considering both online and in person. When you are looking online: notice the details. People will try to take advantage of almost everything in the market that has value, but they either don’t know how to recreate the details, or they don’t take the time. If you’re purchasing a watch – look at the features on the back of a watch, the bracelet, and the dial. For jewelry – study the details of how the piece is set and the maker’s marks.

When you’re with the pieces in person, really examine the item. Try to match the elements that you looked at online and pay attention to the specifics. If you are buying a brand name (Tiffany & Co., Audemars Piguet, David Webb, Hublot, Harry Winston, Rolex, Patek Philippe, etc.) the details will be perfect, if you see a tiny smear or the stamp looks sloppy, then be weary and start asking more questions. Which leads us to our next step…

Follow your gut. This is good advice in general – but another important factor to being an informed consumer. Pay attention to the atmosphere and the people you’re working with. Pay attention to the other items in the store, not just the one you are thinking of purchasing. If things seem too unrealistic, or too vague – keep looking.

When searching for a specific item, there is always the option of asking the Beverly Loan Company team to keep a lookout for you. Not only do they make collateralized pawn loans, but they have a beautiful retail showcase that many clients enjoy taking advantage of. You can always be sure to get authentic jewelry and watches; plus the added benefit of friendly and knowledgeable service.

Beverly Loan Company is located on the third floor of the Bank of America Building the corner of Santa Monica Blvd. and Beverly Dr. Contact them at info@beverlyloan.com or give them a call at 310-275-2555.

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