If you plan on selling your diamond ring, one way to do that is through a pawn shop. However, you must remember that while they buy diamond rings, the value will not be much.
That is because pawn shops will only give you a fraction of the value of the diamond ring that you can sell somewhere else. On average, if your ring costs $1,000, the pawnshop will pay between $300 and $600.
Of course, there are many factors that determine how much a pawn shop will pay for the diamond ring. So, here is your complete guide.
How Much Do Pawn Shops Pay For Diamonds Rings?
As a general rule of thumb, a pawn shop will pay between 30 and 60% of what your diamond ring is worth. The amount will depend on various factors, such as diamond quality, metal type, ring age, and more.
In an exceptional case, the pawn shop might even pay you between 80 and 90% of the value of your diamond ring. Of course, that is much rarer.
Here is the average price a pawn shop will give you for a 1-carat round cut diamond ring according to the grade:
|One-Carat Round Cut||Average Price||Average Pawn Shop Value|
|D||$10,000||Between $5,000 and $7,000|
|E||$9,000||Between $4,000 and $6,000|
|F||$9,000||Between $4,500 and $6,500|
|G||$8,000||Between $4,000 and $6,000|
|H||$7,000||Between $3,000 and $5,000|
|I||$6,000||Between $3,000 and $4,000|
The key here is to evaluate your diamond ring before you enter the pawn shop. Doing this will give you a better idea of how much you can expect to get for it.
What Diamond Rings Get The Most Money At Pawn Shops?
Pawn shops will evaluate the diamond ring depending on the carat number and the weight of the ring. Besides that, they will also check the color of the stone.
For example, D is the highest quality diamond color, and you will get the most for this diamond ring. Other stone colors, such as E, F, G, H, and I, will have relatively lower prices.
On the other hand, you will also get good money for your wedding ring at a pawn shop. Of course, this depends on the quality of your ring.
There are also endless types of wedding rings that will vary greatly in each category, and the age will determine the price. Remember that if your wedding ring doesn’t have a diamond, and is made of gold, then you will not get much for it.
So, if you want to sell your diamond ring and get the most value, you must ensure the color and stone quality. These will give you the most money for your diamond ring.
How Do Pawn Shops Determine Prices on Diamond Rings?
There are various factors that will help the pawn shop determine the value of your diamond ring. However, most of the value will depend on the stone.
The 4C determines the quality of the diamond, such as the carat, clarity, color, and cut. The dealer at the pawn shop will appraise the diamond and examine it using a magnifier before they offer you a deal.
Here are some of the factors that will help them in determining the price of your diamond ring:
- How clear your diamond is
- Do the gems sparkle or not?
- How your diamond reflects the light
- The material that your diamond ring is made out of
These are all the top ways in which the pawn shops will determine the value of diamond rings. If you decide to opt to give your ring to the pawn shop, here are some tips that might give you a higher value:
- Visit different pawn shops in your area to determine which will give you the highest value for your ring
- Negotiate with the pawnshop owner before you decide to accept any offer. After all, you don’t want to walk away with a low value for your precious diamond ring
- Be prepared to walk away to find other pawn shops in the area
- Gather knowledge on how much you should get for your diamond ring
It is crucial that you don’t let any pawn shop take advantage of you selling your diamond ring. You want a fair price that will give you most of the worth of your diamond ring.
Difference Between Pawning And Selling Diamond Ring To A Pawn Shop
Before you take your diamond ring to the pawn shop, you must understand the important difference between pawning and selling. Let’s first talk about selling the diamond ring to a pawn shop and then move on to pawning.
Selling Diamond Ring
Selling is simple, as you can take the diamond ring to the pawn shop, and they will give you cash for it. Then, as you accept the cash, the transaction will be complete, and you can forever say goodbye to your diamond ring.
Remember that the owner will have more control over the transaction when you sell any item at the pawn shop. That is because they will give you cash value that will enable you to resell the item at a profit.
You must never go into a pawn shop to sell and think you will receive your diamond ring’s total value. It is crucial to have reasonable expectations so that you don’t get disappointed when the shop owner offers you value.
However, it is still important to negotiate so that the pawnshop owner does not take advantage of you. It will allow you to walk away with a fair cash value in hand.
Pawning Diamond Rings
Now that you understand selling, you must know what it means to pawn a diamond ring. This option will allow you to get same-day cash as well, but with a few differences.
That is because pawning essentially means taking out a loan with the pawn shop. Your diamond ring will be collateral for the loan you receive from the pawn shop.
So, you will not be giving away your diamond ring forever. Instead, the pawn shop will give you back your diamond ring after you have paid the loan.
If you want to pawn your diamond ring, you must bring it to the pawn shop. They will evaluate the item and give you a cash value for it.
After that, they will store your diamond ring in a safe place for a set time period. As soon as you pay the entire amount back to the pawnshop, they will return the diamond ring to you in no time.
Pawn Shop Vs. eBay: Diamond Ring Sale Value Comparison
There are many options for selling your diamond ring, which is why you might be wondering where to sell it. Both of them will offer you a different value and ease.
For example, if you want fast cash, then a pawn shop is one of the best options. On the other hand, if you don’t mind waiting, then eBay will be a better option.
However, there is no guarantee that you will get more money from eBay. It is an auction site, and sometimes, you might even get a lower value than the pawnshops.
That is why we recommend that you go to a pawn shop, as you will get a better experience and value. Here are a few ways pawn shops are better:
1. Immediate Cash
You will get cash for your diamond ring in no time. The owner will evaluate the item and give you a fair cash value.
If you want same-day cash, then a pawnshop is one of the top options for you. Once you go, you will not leave empty-handed.
2. No Shipping Hassle
When you sell items on eBay, you will have to get the mailing address of the buyer, go to the post office, wait in line, pay for it, and deliver.
All of this is a hassle as it will consume your time and money. That is why selling with a pawnshop is much more convenient and easy.
You can simply visit the pawnshop, and they will give you cash in no time. So, you don’t have to endure this hassle.
3. No Chance Of Scams
When it comes to online marketplaces, there is always a chance that you will get scammed. Even eBay is no stranger to this, which is why it is better to go to a pawnshop.
Scammers can send fake checks or ones that bounce. You will not get these scams with a pawnshop as they give you immediate cash for your item.
That is why we recommend that you go to a pawnshop instead of opting for an online marketplace. In the digital world, you never know who you are dealing with and what you will get out of it.
So, it is best to deal with pawnshops, as there is not much difference in the value of the diamond rings. Both of these platforms will offer you more or less the same money for your diamond ring.
Thomas Boseman is the author of Pawnbroking.com. A pawn shop owner by day, blog writer by night. When not writing, he enjoys exploring the outdoors with his dog, Roman. Thomas received his bachelor of arts in film from the University of Arizona. A Brooklyn native, Thomas is a lover of filmmaking, motorcycle, and coffee.