Thinking of selling diamond jewelry to your local pawn shop?
Well, you’re in luck, as the diamond market is a cornerstone for pawn shops.
You can turn that rarely-used diamond into a wad of cash in a matter of minutes, but first, you’ll need to know what to expect and how to avoid getting ripped off.
Here are five tips to help you sell diamonds and walk out with cash.
1. Know Your Diamond’s Worth
It’s all too easy to get ripped off at a pawn shop. While there are plenty of hardworking, honest shop owners out there, some are intentionally looking to lowball you.
To avoid losing out on as much as several hundred dollars, you’ll want to research your diamond before setting foot in a store.
Consider getting your diamond certified by a professional. Though it’ll cost some money upfront, knowing what your diamond is worth could help you bargain when it comes time to sell.
2. Don’t Expect Full Value
While you might expect between 70 and 80% of your diamond’s value, the fact of the matter is that you’re almost guaranteed to get far less than what you paid for.
It’s more likely that you’ll get between 40 and 60% of the value. Go into your sale with fair expectations. You’re going to take a loss on your diamond no matter what.
3. Shop Around
Since diamonds are such high market items, a poor businessperson may pressure you into making a sale on the spot. Don’t fall for this common tactic.
Be willing to walk away from a sale until you either: A) Have more conclusive evidence about your diamond’s value or B) Know what another seller is willing to pay.
4. Be Prepared To Haggle
Selling a diamond can feel like a lose-lose process, sometimes. You’re having to give up your beloved jewelry and you may not even get a great price for it.
But you have more power than you think.
Most pawn shops are more than happy to haggle with customers and come up with a price both parties are happy with.
Diamonds Aren’t Forever: How to Sell Diamonds Without Getting Ripped Off
If you’re looking to sell diamonds, be sure to remember what you’ve learned today. Always research your diamond beforehand, be prepared to take a slight loss, and never forget that you have power.