How much can I get when pawning a diamond ring?
So you’ve been divorced or maybe even remarried, but don’t wish to hold on to your precious ring. If you wonder how much a pawnshop can give you for your diamond ring, there are a few things you will need to consider before making any decisions.
How the value of diamond rings are determined at pawnshops?
Just so you know, there isn’t a straight answer on how much exactly should you expect from assessors once they are done evaluating your item.
What we want you to focus on are the two characterizing elements for pricing a ring: the metal and the diamond itself.
Furthermore, pawnshops will usually determine the cost by the factors mentioned underneath, yet in addition will offer bidding possibilities, allowing them to make a profit when they display your item for resale. All traditional jewellers use this method as well.
Valuation process for diamonds
The heaviness of the diamond serves a major purpose in valuing the ring.
How the diamond is physically cut or molded influences its worth. For example, round cuts are the more requested ones since they display the best brilliance, thus they are evaluated higher than distinctive cuts such as the princess cut or emerald cut.
The level of pureness of the diamond (nonappearance of blemishes) adds to the estimation of the ring.
The definite color of the ring can indicate authenticity and in this way having a higher worth. Blue and pink diamonds are greatly uncommon, thus being significantly valuable. Hue is additionally a factor. For example, the clearer the white precious stone, the more pricy it would be estimated. On the off chance that there is a grayish yellow shade to the white diamond, it is viewed as less valuable because of its debasements.
Weighing the sentimental value attached to your ring
Sometimes, the emotional bond one can have towards a diamond ring could be more than what they are worth due to strong memories and other feelings of nostalgia associated with it. In the event that you are heading off to a pawnshop to pawn your wedding band, you ought to be certain about the price you are getting for it and made sure you’ll be prepared to pay back the loan inside the agreed time period.
In case you are unable to keep up with the installment, your options are narrowed to either rebuying it from the pawnbroker on the concurred cost or even losing it totally in the event that they recoup their deficit shelving your ring.
Making sure you get the best price
Once you’ve cleared your checklist and went over everything we’ve mentioned above, you can enter your desired pawnshop with confidence. During this process, if you know what you possess, don’t settle for less and have assurance that the item you are about to pawn is matching its condition.
The pawnbroker may value your item in light of its future cost contingent upon how much time you need to pay back your loan. They will also estimate how in-demand your item could be in the local market. So again, if you have done your homework right, you’ll get the big picture on your item and bargain the best value for it.