Selling or Pawning Diamonds: What’s Better

February 11, 2020 - Jewelry & Luxury Items

Worldwide, the diamond industry is worth a reported $60 billion.

What happens when you want to get rid of a diamond for needed cash?

Selling a diamond may be tricky. You need to do your research to know what a realistic price is for the diamond based on its size, cut, color, and clarity. You also need to find a trustworthy buyer.

Have you considered pawning diamonds for a quicker sale? If you have a diamond you want to sell or pawn, check out this article for details on how to get a reasonable price.

Tips Before Selling

Before setting foot in a pawn shop or selling your diamond to another person, be sure you:

  • Know what it’s worth – It’s always a good idea to know what you are trying to sell. You can take to a qualified and unbiased appraiser before selling, so you can know what to expect based on the stone’s condition and characteristics.
  • Realistic expectations – This is why it is important to have the diamond appraised. Look for similar diamonds online to see the going rate.
  • Leave emotions at the door – You should be ready to part with the diamond. If you are not emotionally ready, you will have a hard time selling your diamond due to unrealistic expectations.
  • Research your options – Selling a diamond is not all about the price. You have to find a person or company you trust. You can also get bids from multiple pawn shops, buyers, or retailers before making your decision.

Now, let’s take a look at the benefits of pawning diamonds versus selling directly.

Pawning Diamonds: What to Expect

If you want to sell your diamond quickly for cash, a pawn shop may be your best option. Do your research before choosing a pawn shop.

You can list your diamond online to get bids from various pawn shops because you will find the price varies from store to store. This will let you know upfront what to expect from each shop. If you have a price in mind, you can see if any shop is willing to match.

Not all pawn shops are the same. These shops often specialize in areas such as electronics, jewelry, or designer items. This is why you should do your research before choosing a location.

After you get quotes, you should check for a pawn license and see if you feel comfortable with the company.

The Price of Diamonds

How does the pawn shop determine the price of a diamond? First, the quality of your diamond is evaluated. This includes cut, clarity, color, and carat (or size).

After the pawn shop reviews these characteristics, they will give you an offer. It’s always helpful to have that independent appraisal, so you have an idea of the quality of the diamond and what it’s worth.

Remember, pawn shops do need to make a profit, so you won’t get the full price of what the diamond is worth.

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You should do what’s best for you and weigh your options. Decide what is most important to you.

If you need cash quickly, you can check out area pawn shops for quotes.

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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