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Buying Diamonds

What to Know to Buy Diamonds from Pawn Shops | February 2019


Thinking about buying diamond jewelry from a pawn shop?

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It’s a great idea, especially if you like the thrill of the hunt.  It’s also fun to recycle vintage jewelry and make it yours.

But how do you know the true value of the diamonds you find?  How do you identify a legitimate deal and a good value?

That’s the subject of today’s article. Read on as we’re revealing three essential components of buying diamonds from pawn shops successfully.

1.  Research

The first step is to gather as much information as you can. Knowledge is power, and you’ll need the right information to spot the best deal and avoid being taken by any unscrupulous pawnbrokers.

Start by reading reviews of local pawn stores on PawnGuru.  Ask friends and family for recommendations of any pawn shops they’ve visited. You should be able to find a couple of pawn stores where you can feel comfortable shopping without fearing about being ripped off.

Find out how much pawn shops pay for diamonds. Learn as much as you can about diamond quality factors so can distinguish between a valuable diamond and a low-quality one.

2.  Get Proof

Legitimate diamonds should always come with records from a gemologist. These papers certify the weight and materials of the diamond. They also acknowledge its appraised value.

It’s common practice for legitimate diamonds to have accompanying papers. To that end, if the pawnbroker doesn’t have them or offer them, consider it a warning sign and move on to a more reputable pawn shop.

If you absolutely must purchase the item without papers, ask to take the jewelry to an appraiser or bring one with you. You may have to leave collateral if they allow you to take the diamond out-of-store.

If they don’t allow you to leave the premises with the diamond, have the pawnbroker write a record of the materials, weight, and value of the diamond.  A written document provides the basis for recourse if you later find out the diamonds aren’t what the pawnbroker says they are.

3.  Negotiate

One advantage to buying diamonds from a pawn shop is that, unlike with traditional jewelry stores, you can negotiate the price.

Don’t be intimidated to negotiate. Embrace the process and have fun with it. Learn how to negotiate better than anyone. It’s easier than most people think.

Just by partaking in the negotiating process, you’ll get a lower price than the item was originally listed for.

You can also trade in old jewelry and put it towards the diamonds you want. Trade-ins are another advantage to shopping in a pawn store, and can potentially save you hundreds of dollars.

Buying Diamonds from Pawn Shops the Smart Way

Buying diamonds from pawn shops is a fun way to buy unique jewelry. You’ll also pay less than you would at a mainstream jewelry store.

Have fun with the process. Make sure you’re prepared with enough knowledge to negotiate a good deal, and insist on getting papers for your diamonds.

Looking to sell or pawn an item now?
Get local cash offers – free, fast & easy.

Pawn or Sell An Item
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What to Know to Buy Diamonds from Pawn Shops | February 2019
When it comes to buying diamonds from pawn shops, you want to know exactly what you're getting into before you buy. Click here to be in the know.
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David Stiebel

David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.

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