SOURCE: White Pine Trading LLC

White Pine Trading LLC

January 07, 2014 13:26 ET

White Pine Expands Pawnbroker Services With Cash-Advance Option

Turnkey Approach Enables Pawnbrokers to Receive Immediate, Low-Cost Advances on Diamonds, While Achieving Real Market Prices Through White Pine's Global Network of Buyers

NEW YORK, NY--(Marketwired - Jan 7, 2014) - White Pine Trading LLC ("White Pine"), one of the world's largest recycled diamond companies, is expanding its already robust suite of diamond liquidation services for the pawnbroking industry by rolling out a unique cash-advance program that could allow sellers to bolster cash flows while White Pine looks for the best price through its international sales events and brokerage.

Over the past year, White Pine field-tested this service with more than 10 pawnbrokers around the country. During the pilot program, veteran diamond experts from White Pine worked with pawnbrokers to appraise their diamonds and provide cash advances of approximately 75 percent of those market-based appraisals. Typically, this would amount to a one-month extension of credit. 

"Owners of pawnbroking businesses across the country continuously stressed the importance of cash flow," said Myles Schakler, Director of Sales for White Pine. "White Pine created this program in direct response to this need. Our goal is to help pawnbrokers further their business in today's highly competitive and global marketplace by giving them immediate access to cash even while we identify potential purchasers for these goods through our global sales events or brokerage program."

By submitting their diamonds to White Pine's global sales events and daily brokerage program, the company believes that pawnbrokers gain maximum exposure and are better positioned to achieve real market prices. White Pine's global network includes more than 3,000 diamond wholesalers, jewelry manufacturers and dealers in 11 countries.

White Pine also believes that pawnbrokers benefit from the advice and global contacts of these experts, who identify target markets and customers from Manhattan to Mumbai.

"Speed is one of the hallmarks of our turnkey approach for pawnbrokers, which typically enables us to move inventory within 30 days of the initial cash advance," added Schakler. "We're proud to be able to help this important sector of the U.S. jewelry business."

To learn more about the cash advance program and White Pine's other services for the pawnbroker community, visit http://www.whitepinediamonds.com or contact Myles Schakler at myles@whitepinediamonds.com or 646-758-0250.

About White Pine Trading LLC: White Pine Trading LLC, one of the world's largest recycled diamond companies, has offices in New York, Birmingham (UK) and Tokyo, and buyers across the United States, United Kingdom, Europe, Japan, and Australia. The company buys recycled, polished diamonds of all sizes and grades, either loose or in second-hand diamond jewelry -- from the smallest melee to diamonds one carat and above. White Pine sells its loose diamonds in global sales events, daily brokerage and the remainder in the jewelry it manufactures. The company's White Pine Jewelry Solutions division provides consulting and other services to retailers, manufacturers and wholesalers, and the industry's asset-based lenders. 

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