Pawn shops typically pay a fraction of the retail value for diamond rings. The amount pawn shops are willing to pay depends on factors such as the quality, size, and condition of the diamond ring.
Expect to receive around 20% to 60% of the appraised value when selling a diamond ring at a pawn shop. It’s important to have realistic expectations about how much you can get for your diamond ring at a pawn shop. You might be surprised by how much lower the offer from a pawn shop is compared to what you initially paid for the ring. Pawn shops need to make a profit when reselling items, so they will offer less than what they believe they can sell it for.
The actual dollar amount will depend on the following factors:
- Age of ring
- Type of metal
- Quality of diamond
- Carat of diamond
- Size of diamond
- Overall condition
- Clarity of diamond
- Cut of diamond
- Shape of diamond
- Color of diamond
Before selling a diamond ring to a pawn shop, look at what could influence the amount you will receive. Read on to learn more about how much you can make by selling a diamond ring.
What Should You Keep in Mind When Pawning a Diamond Ring?
It’s important to remember that you won’t get back what you originally paid for the diamond ring. Even if it’s in great shape, it’s not brand new.
Unfortunately, this means that you will walk away with less than you originally spent on the ring. You will still get some money, of course.
If you don’t repay the loan from the pawnbroker, they will resell the item to get back the money that they loaned you. The loan amount you receive will be less than the pawnbroker can make by selling the item. This is because the pawnbroker needs to make a profit.
What Factors Affect the Resale Price of a Diamond Ring?
As mentioned, many things go into the amount a pawn shop pays for a diamond ring. For this reason, it can be difficult to put a dollar amount on the ring without seeing it.
It’s always a good idea to go to a pawn shop and have the diamond ring evaluated to see what it’s worth. This will help you to get the most accurate estimate.
Your particular pawnbroker may look for other things when buying your diamond ring. These are some of the most common factors though.
Naturally, a clearer, larger diamond will sell for more than a cloudy or small diamond. Think about the diamond ring you have as you think about how much you could get for it.
How Can You Estimate What You Will Get for a Diamond Ring?
When you’re trying to decide where to sell a diamond ring, money is likely a top priority. You want to get as much money as possible for the ring. You would hate to sell it to one store and realize you could have gotten more money by selling it elsewhere.
Using a calculator will help you to predict what you can get for the ring. Pawn Bat offers an estimator that you can use to calculate the value of nearly any item.
Keep in mind that the estimate you receive is based on market prices. You may make more or less depending on the other factors.
It’s also important to fill in all the details when using the calculator. This will help you to get the most accurate estimate.
You will need to know a little bit of information about the ring to answer the questions. This includes the type of metal, the weight in grams, and more.
To get an idea of what you might be able to get for the ring, you can use the calculator. For example, if you have a 14K gold 1-carat diamond ring that weighs .200 grams, the estimate is $770. According to the calculator, this is 95% accurate.
You can use that example to help you understand what you might get for your diamond ring in particular. If you know you have a 2-carat diamond ring with similar specs, you can make a little bit more than $770. If your diamond is only .5 carats, you will likely make less than $770.
There are many factors that influence the value of a ring. This is why it can be difficult to pinpoint a specific range. That’s why the calculator can be helpful.
Determine the amount pawn shops pay for diamond rings
When it’s time to sell a diamond ring, consider heading to a pawn shop. To help you get a ballpark idea of what you can get for the diamond ring, calculate 20% to 60% of what the diamond is worth. This gives you a big range, but it’s a starting point.
Be sure to try Pawn Bat to help you come up with an estimate based on market prices. This is another way to estimate what you might get.
