February 21, 2020 - Jewelry & Luxury Items
Why not pawn that diamond ring you’ve been holding onto for a while now?
If quick cash sounds appealing to you and you don’t mind parting with one of your glittering valuables, pawning is your best option for generating money.
Here are four tips on how to pawn jewelry, particularly diamonds, so that you get as much money as possible for your diamond ring.
Let’s get started!
Maybe Grandma told you that her diamond ring was valuable before she gave it to you. That doesn’t mean she was right.
Before you make your way to the pawn shop, you need to have a good idea of its authenticity and quality. That’s where an appraiser comes in.
A reputable appraiser can provide you with an opinion about the stone’s condition and characteristics. From his or her analysis, you can find out the negative and positive attributes of the diamond ring that may impact its value.
Ideally, you should get about three opinions concerning the quality of your diamond. Then, based on this information, you can set a reasonable price for your ring.
If you’re unreasonable in your price expectations, you will be sorely disappointed.
To get help with pricing, ask your appraisers how much they think your diamond would go for in various circumstances and markets. A high-quality appraiser stays on top of market trends. Therefore, he or she should have no problem with helping you to understand your diamond’s possible resale value.
An important standard used to price your diamond is the karat. Pay close attention to your ring’s karat markings. For instance, you may notice markings such as 18k, 14k and 10k.
Any pawnbroker will search for these types of markings and appraise your jewelry piece accordingly.
If your pawnbroker can’t find the markings, you may get a lower price than expected, or they may reject your ring. Ouch.
Cleaning your ring is the best way to uncover your diamond ring’s karat markings s. It’ll also make your ring as presentable as possible for your big sale.
But how do you go about cleaning a diamond ring?
Mix water with a mild dish soap for a handy degreasing solution. If you need to do any scraping, be sure to use a toothbrush or another soft instrument.
Alternatively, you could use a store-bought solution designed for cleaning jewelry. These solutions help you get rid of tough gunk and dirt.
Take the diamond-cleaning process seriously, as it can have a major impact on the amount your pawnbroker will pay you in the end.
We offer a convenient online location where you can pawn your items from the comfort of your own home.
Get in touch with us to find out more about how to pawn jewelry, especially diamonds, and get the most for your valuable items time and time again.
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
July 23, 2018, 11:14 AM
Thanks, Leslie. You”ll love this – it”s so tasty!
September 20, 2018, 4:19 PM
Thanks for mentioning that one should clean their jewelry before selling it at a pawn shop, as that will help them sell for a hire price. I have some leftover jewelry, so I’ve been wondering what I should do with it. It sounds like selling it to a pawn shop could earn me some extra money, so thanks for sharing this great article. Do you have any tips for haggling?
September 26, 2018, 10:58 PM
I really like that you suggest having an idea of the quality of the ring before you go into a pawn shop. My fiance and I just broke things off and I’m wanting to pawn the ring. I’ll have to look into finding the best pawn shop in my area.
June 18, 2019, 2:57 PM
Thanks for explaining that good pawnbrokers will search our jewelry for karat markings and price the jewelry accordingly. Lately I’ve been considering the idea of pawning some of my jewelry, so I’ve been looking online for tips about how to do that successfully. I’m glad I read your article because I feel a lot more prepared to evaluate potential pawn shops and find a trustworthy one.
October 9, 2019, 6:29 PM
It was really helpful when you mentioned that you should find out the authenticity. I have some old jewelry that I’m wanting to get rid of. Thank you for the information about how to pawn jewelry.