February 29, 2020 - Jewelry & Luxury Items
Before we get started discussing how pawn shops price diamond rings, we will let you in on a secret. There is a website that will actually give you the most accurate answer to that question right now from real pawn shops near you.
Once you list your ring, you will see offers roll in from nearby pawn shops in your local area based on the current market values. It’s easy, free, only takes a couple of minutes, and there is no obligation to accept an offer.
You’ll save yourself a lot of time researching this answer if you get the ball rolling now.
While you wait for multiple cash offers to roll in from your nearby pawn shops, you can feel free to read the general information below on how much pawn shops give for diamond rings. Since each diamond ring is different, this will vary.
While there isn’t going to be a clear-cut answer for how much pawn shops give for diamond rings, we can tell you the two defining factors for pricing a ring: the metal and the diamond.
What’s more, pawn shops will typically price according to the factors below, but also will offer a bid that enables them to turn a profit when they resell the diamond ring. This goes for regular jewelers, as well.
The weight of the diamond plays a big role in pricing the ring.
How the diamond is physically cut or shaped factors into the value. For instance, round cuts are the most in-demand cuts and exhibit the greatest brilliance, so they are priced higher than specialty cuts such as the princess cut or emerald cut.
The purity of the diamond (absence of flaws) contributes to the value of the ring.
The actual color of the ring can signify rarity and therefore a higher value. Blue and pink diamonds are extremely rare, and therefore valuable. Hue is also a factor. For instance, the purer the common white diamond, the more valuable the white diamond is. If there is an off-white yellow hue to the white diamond, it is considered less valuable due to its impurities.
The karat value signifies the purity of the gold and factors into the value. The purer the gold, the more valuable it is.
The weight of the gold in your ring will factor into the price. The heavier it is, the more value it’s assigned. Gold is priced by the ounce.
Gold is traded on the open market 24/7/365. Speculation, current events, and supply and demand can impact the current price of gold.
Pawnbrokers will use markings, or hallmarks, on your gold diamond ring to determine the type of ring components. Please refer to our post on how to sell gold to a pawn shop for more information.
Silver and platinum pricing use similar factors to gold pricing. The weight, market value and purity of the silver and platinum will contribute to its value. Refer to the current price of silver and the current price of platinum.
The fact that precious metals are traded on the open market on a daily basis is why you can’t get a clear answer on how much pawn shops give for diamond rings. Similarly, there are so many factors that go into pricing diamonds that you are better off leaving it to experts.
The estimated price that is calculated from a blog post about pricing two days ago will not be applicable today. Again, your best bet is getting bids from pawn shops right now at PawnGuru.
Now that we’ve addressed your question, “How Much do Pawn Shops Give for Diamond Rings?” you can start getting offers today!
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.More Articles