What you need to know when selling a diamond ring to a pawn shop is that it all comes down to the market value of your ring. In this article, we’ll go into what market value means and what steps you can take to potentially increase the market value of your ring.

Understanding Market Value

Market value is all about what a willing buyer will pay a willing seller in today’s world. A pawn shop uses this metric to understand what they could make off the diamond ring they might buy from you. On their end, it’s important to have a good sense of your ring’s market value so they can better predict their income from it. On your end, it’s valuable to understand the going rate for your ring so you are more informed throughout the transaction.

Doing Your Own Research

Often, a pawn shop will be very skilled at quickly evaluating high-end jewelry like your diamond ring. However, it can still be valuable for you to seek a third-party opinion on what your ring is worth. Professional jewelers are able to study your ring and delineate what makes it valuable. They will assess the 4Cs of diamond quality:

  • Color
  • Clarity
  • Cut
  • Carat

The 4Cs of Diamond Rings

There’s a lot to diamond rings. Not only do they have that glorious shine to them, but they come in all shapes and sizes, colors, and cuts. In the diamond world, professionals assess a diamond based on its color, clarity, cut, and carat.

Diamond Color

The color of a diamond refers to, well its color. Diamonds can range from crystal clear to more yellowish. The clear end of the spectrum is called “colorless” and typically holds a higher market value.

Diamond Clarity

The clarity of a diamond refers to how pure the stone is. The diamond will be graded on its inclusions, or the internal flaws of the stone. It’s nearly impossible to study the inclusions of a diamond without a high-powered microscope. Thus, seeking an expert is your best bet for getting to know the clarity of your diamond.

Diamond Cut

The cut of a diamond is all about how it interacts with light. The three aspects to cut are: brightness, fire, and scintillation.

Diamond Carat

The carat of a diamond is the most straightforward of the 4Cs. It refers to the weight of the diamond. The more a diamond weighs, the higher the carat. And, typically, the higher the carat, the greater the market value.

The Whole Package

When assessing the value of your ring, it’s important to factor in the band of the ring as well. Is your band made out of pure gold or an alloy? Getting to know the quality of your band can help you understand your rings total value. Further, what’s the style of your ring? It’s possible that the style of your ring is totally unique and for that reason, it may be worth more on the market. Or, the style of the your ring is very popular today and is highly sought after. Regardless, the quality of your whole ring and its style will likely impact what a pawn shop will pay for it.

Make it Presentable

If you’re selling a diamond ring to a pawn shop, what you need to know is appearance matters. While a pawn shop will likely spiff up your ring before selling it to their customers, it’s important you do all you can to make your diamond shine. To start, clean your diamond ring thoroughly. Then, study it. Are there are blemishes you simply can’t remove? It may be worth taking it to a jeweler to fix it up before you try and sell it. Simply put, the better your diamond looks when you take it into a pawn shop, the more you’ll be able to bargain for it.

Additionally, bring any documents or accessories related to your ring. These can include:

  • The box your ring came in
  • Documents describing the origin of your ring
  • Original paperwork from when you purchased your ring

Negotiate, Negotiate, Negotiate

Let’s be honest. A pawn shop is going to try to purchase your diamond ring for the best rate they can get. It’s up to you to negotiate well. And this is what makes doing your research beforehand so valuable. Having a third-party opinion on the quality of your ring will give you a place to stand when negotiating with a pawn shop. Any official documents? Those will help too. Is your diamond ring from a well-known brand or jewelry store? That will help.

In your negotiations, it’s best to tread the middle road. Identify your diamond rings most potent strengths. Is it the diamond’s superior cut? It’s timeless style? How it reflects light brilliantly? Explain how these qualities are appealing to today’s shoppers. If you can convince the pawn shop of your diamond’s value, you’re on your way to a successful sell. However, be wary of coming off as too forceful or aggressive. Listen to their feedback and be sure to provide counter-offers when appropriate.

Why Sell a Diamond Ring to a Pawn Shop?

Now, just because a pawn shop will buy your diamond ring, doesn’t mean you have to sell it there. However, selling your ring online can be a nightmare. Not only do you need to carefully watch for scammers, but there is no guarantee that you can sell your ring immediately. Additionally, jewelry shops are notorious for buying diamond rings far below market value. This is primarily because they are able to get diamonds at a wholesale rate.

Sell Your Diamond Ring at Westminster Pawn

At Westminster Pawn, we understand the ins and outs of purchasing and selling high-end jewelry. Whether you’ve owned your diamond ring for decades or it just recently became yours, you can sell it to us. Visit our store Monday through Saturday or give us a call at 714-893-0555 to discuss any questions.