What Can You Expect from A Pawnshop While Selling Your Valuables?
There can be several reasons to sell anything that has great value, such as a diamond engagement ring. You sometimes have different plans, and you wish to change. One of the major reasons to sell your ring is that you want to achieve the maximum percentage of its original value.
Unluckily, selling my GIA diamond ring at a pawn shop is not a great deal as you attain a much small value for the item than your expectations. Continue reading to learn more about what to expect from a pawnshop when selling diamonds for cash.
Evaluation of Your Jewellery Piece
You must realize the value of your diamond ring before visiting a pawnbroker. Doing this will give you some idea of how much amount you can expect. The ring’s value depends mainly on the gemstone itself. The cut, clarity, colour, and carat weight decides the diamond’s quality.
A pawnbroker or a pawnshop owner will evaluate and inspect the diamond visually with a magnifier before presenting an offer. Below are the factors that decide the amount of the ring value
- Whether the diamond shines or not
- How clear the diamond is
- The material of which the ring is intended
- The way the diamond of the ring reflects the light
You can make use of numerous online calculators to get a rough estimate beforehand. Go through the website, enter the essential info you have related to the ring material and gemstones, and you’ll receive the average value you can anticipate. Differences from that price depending on the pawnbroker you decide and whether you are ready to negotiate.
Selling the Diamonds for Cash Straight Away
There are pawnbrokers that offer the probability of purchasing the ring instantly. It means that you get no right to ask for it again, and there aren’t any loans. You just receive the amount in cash, and returning the jewellery piece is not an alternative.
Unluckily, the pawnbrokers have the chance to earn a healthy profit as you urgently want money for my diamonds. Most of the time, you’ll just get 55 to 75 percent of the overall value of old diamonds. If you’ve bought the ring for 6000 dollars, the pawnbroker would most likely propose to buy it for about 3000 dollars. He might then resell your ring for around 5000 dollars.
You need to be very vigilant while selecting a pawnbroker to sell your GIA diamonds. There are dealers that pay just 30 to 50 percent of the overall ring value with no written documentation of the sale. Look for the best diamonds buyer to value my diamond ring.
Where Else Can I Sell My Diamonds?
Some of us prefer selling their diamond rings on various online platforms such as Amazon, or eBay. But there are certain risks involved as you have to manage delivery or meet the unknown person in-person when shipping something which has a great worth. There are websites that work on the bidding principle; thus the initial price you decide can be significantly greater than before until auction ends.
Pawnshops are acknowledged to pay well less than the worth of the jewellery pieces they purchase. Diamond rings are also included in this case. Prior to visiting a particular shop, ask an industry professional about the value of your item. Remember that the highest value you can achieve in any pawnshop is up to 75 percent.