2 Things To Know About Pawning Diamonds

If you have some diamond jewelry that you no longer wear and that you are not interested in keeping, you should pawn your diamond jewelry. Here are a few things you should know about pawning diamonds.

#1 Know About Your Diamonds

Before you try to sell your diamonds, make sure that you know what you have. You want to know more than just the karat of diamonds that you have. You should also know about the clarity and color of your diamonds. Learn about the characteristics that make your diamond interesting and unique. You should know how old your diamond jewelry is and where it was sourced from. Sometimes an interesting backstory can make your diamonds worth more. 

You will get more for your diamond when you understand its value. If you don't know about its karats, clarity, color and characteristics, you are dependent upon the pawn shop to evaluate your diamond in an honest manner. Knowing what you have will allow you to negotiate better with any pawn or jewelry shop that you try to sell your diamond jewelry to.

#2 Know What You Want

Second, know what you want to get for your diamonds. A great way to know the value of your diamonds is by first getting your diamond jewelry appraised by a professional. This will allow you to determine what an outsider who is not interesting in purchasing your jewelry thinks your diamonds are worth.

Don't just rely on the information from the appraiser, though. Research what diamonds of your clarity and cut are selling for. Find out how prices differ for second-hand diamonds compared to new diamonds from the store. Remember that the pawn shop needs to make a profit from the jewelry they purchase from you. 

The price you ask for your diamond jewelry should be a little below market value so that the pawn shop can resell your jewelry and make money off of it. However, don't cut yourself short, as well. Come up with an asking price that gives you the money you need while still offering a pawn shop a good value. 

Finally, before you sell your diamond jewelry, get it cleaned. A clean jewel will show off its best characteristics. A diamond in a dirty setting is not going to be as appealing to a pawn shop. They will not be able to see its full value, and they will have to invest in cleaning it themselves. A clean diamond will be easier to sell and get the value you want for it.