Floridians who own Rolex watches will be intrigued by Diamond Banc, a luxury jewelry equity company in Miami, Tampa, Boca Raton, and Orlando that is giving its clients a new way to generate capital. Owned by Mills Menser, Diamond Banc has turned the jewelry and loan industries upside down with its industry-leading offers for Rolexes and for its diverse buying and lending options, including direct sale, consignment, and jewelry equity loans. With its knowledgeable staff, many of whom have previously worked for high-end jewelry companies, Diamond Banc makes the leveraging of a Rolex for funds a surprisingly elegant experience and shows that the value of this watch goes far beyond what was originally paid for it.
Mills is passionate about the jewelry industry and has worked in it for many years. “I first got started in my family’s jewelry company, Buchroeders,” he says. “I was its top salesman when I was only eighteen years old. I learned as much as I could so that when my dad retired, I could take over and purchase the company even though I was only 24. I eventually went on to found Diamond Banc in 2008. We all remember how tumultuous the economy was at that time. I saw many individuals, investors and entrepreneurs who needed a way to access short-term capital, and I wondered what I could do to help them. I knew the jewelry industry, and as much as I loved it, it was a bit stuffy. I decided to innovate a way to combine jewelry with short-term capital, and Diamond Banc was born. The key to what we do is provide Rolex owners with higher offers, transparency, and a relaxed but luxurious experience.”
Diamond Banc is not the first Rolex buyer and lender to come to Florida, Mills allows. “True, but we have some key differences that really increase how much capital the client is able to obtain. First, all we do is acquisitions and lending. That’s why you don’t see any cases in our offices – we don’t sell Rolexes to the public. Instead, we provide capital solutions for people who have Rolexes.”
Diamond Banc’s employees are also more knowledgeable than those at other companies. “We have people who have worked for authorized Rolex dealers, so they know how to assess the value of your watch. Additionally, we are owned by some of the largest independent jewelers in America. Any client can trust the valuation they receive from us for their Rolex watch. Not many companies can say the same.”
When Mills created Diamond Banc, he wanted the buying and loaning process to be low-key and transparent for the client from start to finish. “No one wants to be pressured into doing anything, so we designed a client-first approach,” he says. “The owner can visit our website and use our Rolex value calculator to receive an idea on their watch’s value. Diamond Banc also makes it easy for a Rolex owner to submit pictures of their watch and supporting documentation online. Almost immediately, a Diamond Banc Market Director will text or email the client about the Rolex. If a client is interested in selling their watch or obtaining a jewelry equity loan, those terms can be worked out in advance. When the client arrives at a Diamond Banc location, the Market Director is immediately ready to act.”
Diamond Banc has an extensive menu of buying and lending options. One is the Immediate Payment Option. Diamond Banc will make an industry-leading purchase offer for the client’s Rolex. These transactions are funded on the spot, and each one is simple, confidential, and fast. “We generally pay 70%-80% of the liquid value while most other companies pay only 50%,” says Mills.
He also states that Diamond Banc has the ideal solution for clients who would like to maintain ownership of their Rolex. It’s their Jewelry Equity Loan, which magnifies the fiscal power of the client’s Rolex when they borrow against it. They receive the same amount of proceeds as they would if they sold it.
Effective Consignment is for clients who value a higher return over immediate funding. Their items are marketed to over 20,000 jewelry dealers, wholesalers, and retailers. Clients are paid a preferred return once their Rolex sells. Items that will sell for $10,000+ are eligible.
Diamond Banc’s Seller’s Agent Service is excellent for those who wish to maximize their return. Diamond Banc will market a client’s piece nationwide through a variety of platforms. The client is charged a transparent percentage commission.
The remaining option is the Interest-Free Sale Advance. Clients can receive up to 25% of their estimated proceeds interest-free. Partial sale proceeds are advanced for a defined period of time. If the item does not sell, Diamond Banc will fund the remaining balance of its purchase offer or the client can repay the advance proceeds and retrieve their item.
Mills states that jewelry equity loans are Diamond Banc’s specialty. “Our expert buyers and lenders take every value-adding factor into consideration to make industry-leading offers on Rolexes. Our loan structures are pro-borrower: we give high loan amounts, structure our loans with the borrower in mind, and offer automatic monthly payments as well as custom terms based on the borrower’s needs. Clients can pay down the loan and then readvance it just like a line of credit, meaning a jewelry equity loan can be utilized as a revolving credit line. All of these details mean that we are the best jewelry equity lenders in the nation.”
Behind all of this expertise lies the heart of the company’s mission: to treat every client with kindness. “That might sound a little strange, especially these days when it seems like everyone is on edge or is rushing to get through a very busy day,” says Mills. “However, I think it’s what truly sets us apart from our competitors. You won’t be treated with such respect and empathy anywhere else.”
Florida Rolex watch owners are finding that out for themselves. They are learning that Diamond Banc’s customer-driven values make what could be a stressful experience – selling or leveraging a very valuable watch to obtain a jewelry equity loan – more dignified and relaxed. With such a novel approach to doing business, it will be interesting, to say the least, to see what Mills Menser and Diamond Banc continue to do for the jewelry industry and its clients over the next thirteen years.