How to Sell Loose Diamonds to a Pawn Shop

February 10, 2020 - Jewelry & Luxury Items

 Are you looking for a way to translate your loose diamonds into fast cash?

If you have a lot of gems on hand, one of the best ways to profit off of them is to take your jewels to a local pawn shop. Pawn shops can offer you top dollar for your prized possessions, particularly if you seek out the best ones.

If you’re keen to sell loose diamonds at a pawn shop, there are a few things to keep in mind before you do so. Read on for insight!

1. Know Your Diamonds

Before selling your loose diamonds to the first pawn shop you pass, it’s essential to know what you have to offer. If you are well-versed in diamond specifications already, this may not be a problem.

However, if the most you can say about your diamonds is that they are shiny, you may wish to get your gems appraised first.

An official appraisal will give you a professional assessment of the type of diamonds in your possession, as well as competitive retail value, cut, color, clarity, and carat weight. In many cases, gemologists or jewelers give diamond owners detailed reports about their gems.

Learn more about the value of appraisals here.

Learning about your loose diamonds’ true value can ensure that you accept only the best offer from a pawn shop.

2. Research Pawn Shops

Every pawn shop is different. In this digital age, it is even possible to sell valuables to a pawn shop solely online.

For this reason, it is critical to do your research prior to dropping by a shop. Look for pawn shops that definitely purchase high-value gems (as some do not). Also search for shops with high customer reviews, reputable websites, and years of experience in buying and selling goods.

You may also consider selling your gems on a pawn shop platform like PawnGuru, which enables sellers to receive multiple offers on items at once. Learn more about this in tip #4.

3. Obtain Multiple Quotes

You may be tempted to seize on the first offer you receive for your loose diamonds. However, be sure to obtain multiple bids before accepting an offer.

Gathering multiple quotes lets you pick the monetary amount you wish to receive in exchange for your valuable jewels. It also gives you time to compare sellers and ensure that you aren’t walking into a scam.

4. Use PawnGuru

PawnGuru is a free platform that allows buyers and sellers to exchange goods safely online. When you sign up as a PawnGuru seller, you can automatically list your loose diamonds and receive multiple quotes from reputable pawn shops near you.

PawnGuru can be a great option for diamond owners who have already appraised their gems and don’t want to go through the hassle of identifying local shops. Sellers also do not have to agree on a deal if they don’t receive a high-value offer.

Final Thoughts: How to Sell Loose Diamonds for Top Dollar

Many people sell loose diamonds for far less than their gems are actually worth. Skip this fiasco by getting your gems appraised, researching pawn shops, and obtaining multiple quotes.

Remember that you can be in control of the entire selling process, especially when it comes to accepting offers.

Diamond owners may benefit from taking advantage of a pawn shop platform like PawnGuru. Learn more about how we work here!

David Stiebel
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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