January 22, 2020 - Jewelry & Luxury Items
But not all stories are sparkly. Maybe you’ve fallen on hard times, or maybe that jewelry you inherited from your grandmother just isn’t your style, or maybe you just haven’t worn those diamonds in a while.
Either way, you’re looking to sell diamonds.
Luckily, there is a market to sell diamonds if you know what you’re doing. Keep reading to find out how to sell your diamonds for the best market price.
Before you ever set foot in a pawn shop to sell diamonds, you should always make sure to do your homework first.
This is a multi-step process.
First, you should try to determine what you bought your diamonds for originally. That will give you some kind of starting point.
Then, you should start visiting jewelry stores in your area to get a sense of trends in the market and the current market price for diamonds, which will help you get a sense of how much your diamond is currently worth. Keep in mind though, that pawn shops are resellers, so they will offer you lower than market value.
From there, it’s time to determine some numbers.
For one thing, you need to think about how much money you actually need. This will help you decide whether you need to pawn one item of jewelry or several. Wherever possible, you should try to get the best value on items you don’t use anymore and hold onto items you may need in the future.
Either way, keep in mind that you’re going to lose money reselling your diamonds. The reality is that unless you own a particularly valuable or unusual piece, the resale value isn’t strong. Diamond rings are usually emotional purchases, not investment purchases.
Once you know a reasonable price for your jewelry, it’s time to find the perfect shop to sell it.
You should get a decent idea of the pawn shops in your area through online reviews before you set foot in any of them. Always go for a reputable pawn shop with positive reviews, qualified staff, and fair prices.
You should also look for a shop specializing in jewelry–they’re most likely to provide you with the price range you’re looking for.
Need more tips on how to sell diamonds? Thinking of selling other jewelry?
We’ve got comprehensive guides to make the pawning process easy, whether you’re looking to pawn pearls or sell some old Native American jewelry. Whatever you’re looking to sell, there’s probably a shop looking to buy it.
After all, shows like Pawn Stars are hits for a reason. Someone’s trash is someone else’s treasure. Why not capitalize and make a bit of money on jewelry you don’t wear anymore?
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