Collectors Finance offers lending services on gems

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Collectors Finance offers lending services on gems

March 20, 2007

Santa Ana, Calif.—In a program designed to make the financing of gemstone purchases easier, Collectors Finance Corp. (CFC) will offer loans to collectors and dealers on diamonds and colored gemstones certified by the Gem Certification and Assurance Lab (GCAL) and the American Gemological Laboratories (AGL).

The new program from the CFC, a division of Collectors Universe, also includes loans for rare coins, paper money, stamps and sports collectibles, as well as free, secure storage of the collateral. The company owns subsidiary businesses in these areas, including GCAL, which grades diamonds, and the AGL, which grades colored stones.

"CFC can finance new purchases and provide loans against existing items, and we'll pay the storage fees. It's a combination of services never before available to collectors and dealers," CFC President Mike Lewis said in a statement.

He added that usually the borrower has to pay a depository fee to have collateral held during the term of the loan.

"Under this unprecedented new program, CFC will pay the fees to First State Depository as the approved custodian for the collateral on loans CFC makes to finance certified collectibles," he said.

First State is a private depository company with a full range of specialized custody, shipping and accounting services offered to both firms and individuals.

Only items certified by a division of Collectors Universe can qualify for the loan and storage under the program. Loans—which can be made for up to one full year—range from 35 percent to up to 80 percent of the market value of the collateral based on the type of collateral.

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