January 04, 2020 - Jewelry & Luxury Items
There’s a misconception that pawn shops don’t provide decent value for the items that you sell there, but this is a myth, especially when it comes to diamond rings.
Diamond rings are one of the most valuable things you can pawn at a pawn shop. Read on to find out more about how you could make good money for your ring at a pawn shop.
You should never expect to get the amount that you paid when you’re looking to get rid of a used item. In special circumstances, your items may be worth the same or more than you paid for them, but you should generally expect to take a loss.
That being said, diamond rings are one of the most sought-after items in the pawn world, and you can gain considerable value for them.
One of the reasons that diamond rings are so valuable to pawn shops is that people actually buy them. Many items that get pawned simply sit on the shelves for months. The end goal is to gain some value from these items, meaning they won’t necessarily fly off the shelves.
Diamond Rings, however, are commonly purchased at pawn shops due to the fact that they can be bought at a reasonable price. Many couples buy their wedding rings at pawn shops because the quality of the ring is typically as good as those bought at jewelers.
It’s for that reason that pawn shops pay considerable prices for the rings that they purchase. They know that they will be able to turn around and sell the item quickly, meaning that the markup can be considerably lower.
Another reason that pawn shops pay good money for rings is the fact that the value is very unlikely to diminish while it is sitting on the shelves. Diamonds have a pretty consistent value, so pawners can be sure that the price they pay for a ring won’t come back to bite them later.
If you’re in possession of a diamond ring that you want to get rid of, don’t bother with selling online or taking it back to the jeweler. Your best bet is to bring the item into a pawn shop and see what the brokers there are willing to buy it for.
Check that price against the quotes of other pawn shops in town and see where you can get the most value for your diamond.
There are thousands of things you can pawn to gain considerable value. If you’re hanging onto anything that you want to get rid of, bring it down to the pawn shop with your ring.
You’re likely to be surprised by the value that you can get from your unwanted items.
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
January 14, 2019, 11:02 PM
If diamonds have a high turnover as you say, I should be able to get a good profit from my ring from my ex-husband. I do agree that their value remains roughly the same as you pointed out so I should get a good amount of money if I decide to get a loan for my jewelry. I’ll take your advice and consider pawning other items as you suggested once I find a good store next week.