Pawnshops are the usual destinations for those who want to buy diamond jewelry at lower prices. Likewise, when you have diamonds to offer, a pawnshop may be a good place to sell them or get a loan.
If you’re about to head to the local pawn shop or loan company to sell or pawn your diamond jewelry, you might be wondering how much can you get for the precious stone you have in hand. Here are some ways you can have an idea of what your diamonds could be worth:
Know the 4 Cs
Just like gold and silver, diamonds are valued depending on how rare they are. The value of a diamond is based on what’s called the 4 Cs of diamond quality. Carat refers to the weight of the diamond; Color is the amount of tan or yellow tone in the diamond; Clarity is the number or degree of defects in the diamond that make it less clear; and Cut is the manufacturing quality of the diamond when it was cut into shape.
The 4 Cs determine the value of the diamond – either when you buy it new or when a pawnshop examines it for a loan or a sale. Remember not to expect anything near jewelry store prices when pawning jewelry. But it is still important to try to get as much as you can.
Call a Pawnshop
To get an idea of your diamonds price, you may contact the pawn shop and ask if it values diamond jewelry based on “points.” Many pawnshops pay a set dollar amount per “point,” which is 1/100th of a karat. Say, you have a 2-carat diamond ring, and the pawn shop pays $2 per point, you could expect to get around $200.
To determine the ballpark value of your diamond, you need to look at it objectively. You can get a feel of what your items are worth by searching for similar items in completed auctions. Lastly, to be sure, you might want to enlist the help of a qualified, knowledgeable, and experienced appraiser.