8 Pawning Diamonds Tips You Should Know
Are you looking for a way to make quick cash? Do you have too much jewelry and are looking for ways to clear the clutter? Well, you can always choose to pawn your diamonds but you need to find the right pawn shop for the task. On the other hand, you need to know the best 8 pawning diamonds tips to make the transaction successful. Here are the top 8 pawning diamonds tips you should know.
1. Ask About The Pricing
One of the 8 pawning diamonds tips you should know is to ask about the pricing before making any transaction. Most pawn shops use color, weight, clarity and point systems to determine the worth or value of diamonds. The point system refers to the placement of a dollar value for every point or worth of a diamond. For instance, a one carat diamond would be worth 100 points. Therefore, if you understand the point system as well as the other methods used for determining the value of a diamond, you can rest assured that you’re not getting ripped off.
2. Look At Different Pawnshops
Before choosing a specific pawn shop to trade off your diamonds, you need to look around. Remember, the key to pawning off your diamonds is getting as much money as possible. As such, you should be aware that different pawnshops will give you varying amounts for your jewelry. Before making a final decision, you should get a few quotes from varying pawnshops. You might come across a favorable deal from the first pawn shop you visit but there might be another one with a better offer.
3. Don’t Be Emotional
Are you pawning off your engagement ring to pay for medical expenses? Are you thinking about pawning off your grandmother’s diamond necklace to make some repairs on your home? Well, you shouldn’t expect the pawnshop owner to care about that because he/she is trained to be objective and focused when making a deal. Therefore, if you’re crying or telling your story to him/her to get a favor will not work. Sentimentality will not increase the value of the diamond. You should not decline an offer simply because you feel the diamond demands more money. Always think logically before pawning off your diamond to make sure you’re getting the right price.
4. What’s Better? Pawning Or Selling?
It’s not an easy job to sell off your diamond especially if you’re doing within a time crunch. That’s why many people prefer pawning off their diamonds rather than selling them. Of course, since the pawnshop owner is looking to make a profit, he/she will offer an amount less than the actual value of the diamond. If you’re not in a rush, you can try making more money by selling the diamond to someone directly.
You can always choose to find a pawnshop that is willing to sell the diamond on your behalf. Of course, it might be a while before you actually get the money. However, if you prefer selling on your own, you might take longer than if a pawnshop did it for you. Therefore, you can always decide to pawn off or sell your diamond depending on the time crunch.
5. Find A Reputable Pawnshop
When you are looking for a good pawnshop, you need to find a reputable one for the best results. There is a misconception with pawnshops that they are out to get your money. However, the best ones have been in business for a long time have garnered a good reputation for being fair with their customers. Of course, there are pawnshops that make good deals without necessarily asking a lot of questions.
It’s prudent to find a good pawnshop that learns everything there is about your jewelry before trading it off. If you’re dealing with a reputable pawnshop owner, you can always get your diamond there if you choose to go back for it. Certainly, it’s disappointing, if you leave your valuables, only to find that they have been sold off when you go back to get them.
6. Dressing Properly
If you want to get a good deal on your diamond from the pawnshop, you need to project the right image. If you have dressed down, the pawnshop owner might assume that you have stolen the diamond or don’t know the actual value and offer you very little for it. Of course, you don’t have to go wearing a tuxedo but you can make the effort to wear a suit or a good presentable dress that makes the transaction go smoothly. Right from your image, the pawnshop owner will understand that you actually know what you’re doing and will not try to skim some money off your diamond.
7. Making Payments
If you want to get the diamond later, you need to make regular payments. If you miss one, you might end up losing it altogether. Therefore, make necessary arrangements and payment plans with the pawnshop owner and don’t skip any payments. That way, you can always go back for your diamond comfortably.
8. Check The Pawnshop’s Reviews
Lots of people talk about their experiences online so you need to take advantage of that. Read about the testimonials from previous customers and learn whether the pawnshop is a good match or not. You can even find out more about the pawnshop’s dealings and business practices to make sure they will not sell your diamonds if you plan on going back for them.