For many, diamonds are a popular first choice when it comes to owning a piece of luxury jewelry. We can’t blame you. They are beautiful, versatile and very desirable. And if you are looking for ways to get some cash quickly, pawning or selling your diamonds is one of the best ways to quickly raise funds. But what happens when you put your diamond as collateral for a pawn loan or when you sell it outright?
There are many factors that influence the value of your diamonds. In order for you to have an idea about its value, you need to determine its size, color, cut and clarity. On top of that, you need to find a reliable and trustworthy buyer for it.
With this in mind, have you considered pawning your diamonds to get fast cash? Read on to find out how you can get a fair valuation and money quickly & easily.
First of all, the great thing about pawning your diamonds is that you will not lose ownership over them, as long as you will submit your payments on the due date. Within the loan period, you are simply handing over the custody of your valuable item on a temporary basis. If you are in a financial bind and you need money as soon as possible, pawning your diamonds will serve as a short term solution. This will eliminate the need to sell your valuable items in exchange for cash.
Selling diamonds in NYC?
If you live in New York and you are looking for ways to raise funds using your diamonds, there is no better place to go than GEM Pawnbrokers! Aside from the fact that we are New York’s largest buyer of diamonds and we have 24 branches that are strategically located across New York, we have more than 70 years of experience in handling valuable items such as precious metals, precious gemstones and authentic diamonds.
We can provide you with an excellent service for either pawning your diamonds or purchasing them outright to raise the funds that you need. It doesn’t matter what variety of diamonds you have, so whether it’s diamond rings, diamond earrings, diamond necklaces or diamond bracelets you have, let us take a look and provide a valuation. We are also very interested in a wide variety of the shape:
- canary diamonds
- oval diamonds
- pear diamonds
- princess cut diamonds
- round diamonds
- and many more
When you visit Gem Pawnbrokers, one of our certified diamond buyers will assist you. They will assess your diamonds and appraise its value. After that, a fair price will be offered to you based on its overall condition, size, cut & quality.
If you choose to sell your diamonds to us, we will give you the entire second hand value of the diamonds for you to keep. This means that choosing us will give you numerous benefits:
- Get more cash out of your jewelry and diamonds
- No debt or loan is involved in the transaction
- The process is so simple and easy that it can be completed in less than 24 hours
- The process of selling your diamonds will not involve loans or financial risk on your end
Diamonds are one of the best things you can pawn or sell in a pawnshop as they can fetch a premium price. However, you should set realistic expectations when you take your diamond item into a pawnshop. It is more likely that you will get a lower price than what you bought the item for. There are only particular situations where you can get the same or higher price for your diamonds. If you have a diamond ring, the price may well be close too, or as much as, what you originally bought it for. Which is why diamond rings are considered one of the best items to pawn when you are in need of fast cash.
Why are Diamonds so sought after?
There are many reasons why Diamonds are a sought-after item in most pawn shops;
- Diamonds rarely depreciate. The value of diamonds rarely devalues in price. Unlike the majority of the consumer goods in the market, diamonds are considered good investment because their prices don't fluctuate. For instance, luxury cars may fetch a high price when purchased but lose value when it is driven off the lot and being re-sold will see its value dramatically depreciate. Diamonds will stay at roughly the same value, except when there are unforeseen situations such as economic recessions. Due to the fact that it rarely depreciates, diamonds are considered worthwhile investments for pawn shops as they can hold on to it and re-sell it whenever they want. Even as second-hand items, diamonds can still command a decent offer.
- Diamonds do not deteriorate. Diamonds are very tough and they don’t degrade. That’s the beauty of it. This is why they rarely devalue in price. Unlike other items with perceived value such as electronics, they can be kept for long periods of time without decomposing or becoming outdated. Pawnshops love diamonds as they don’t need to be sold off immediately before they will lose their value.
- Diamonds can produce a quick outturn. Diamonds are very easy to sell. Which is why pawn shops offer them at great prices. Investment-savvy individuals often approach pawn shops when buying diamond rings because they can buy at reasonable rates. This contributes to the high turnover of items, which is the goal of pawn shops that buy anything with value.
What do we look for in the diamonds for sale?
When you bring your diamonds to us, we will assess the weight, clarity of SI (which determines the quality of your diamond), color grading (by looking at the pigmentation) and colorlessness. If your diamonds are attached to a jewelry, we will also determine the condition of the metal and give you a thorough appraisal of your valuable item. If you own diamonds with at least half a carat in weight, with an SI clarity and color grading within the near colorless or colorless category, we pay top dollar.
As we mentioned earlier, the price of diamonds depends on a lot of factors; its color, cut, clarity and carat will be evaluated upon appraisal. After giving your diamonds a thorough inspection, they will give you an offer based on the quality of your valuable item. Keep in mind that you won’t get the full price of your diamonds as pawn shops need to make a profit too.
Before taking your diamonds to a pawn shop, make sure that you:
- Know it’s real value. It’s always better to have an idea on what you are about to pawn or sell. You can take your diamonds to an independent appraiser before selling it to a pawn shop so you will know what prices will be offered to you.
- Set a realistic expectation. Almost always, you won’t get the full price of your diamonds when you bought them. If you are willing to part with your diamonds, make sure you are emotionally ready so you won’t have a hard time selling them.
- Explore your options. Find a reliable pawn shop that you can deal with. After all, it’s not always about the price but the overall pawn shop experience.
Sell diamonds or pawn diamonds?
With Gem Pawnbrokers, we will give you the option to sell or pawn your precious diamonds. If you don’t want to part with them, you can always choose to pawn them to raise needed funds and buy them back at the end of the loan agreement.
The process of pawning them is very easy and straightforward. In fact, it is way simpler than getting a loan in a bank or other financial institutions. We won’t be checking your credit rating and we won’t be making any credit checks too. We will simply offer you a value that is based on the items that you have brought to us, along with a term and interest rate that will allow you to reclaim your items once repaid. After that, you can continue to enjoy your precious items!
Here at Gem Pawnbrokers, we offer competitive and fair deals for your diamonds. In the instance that you cannot repay the loan amount at the end of the loan term, we can extend it as long as you will pay the loan interest.
If ever you find yourself in need of cash and you need it fast, one of your best options is to pawn your diamond ring. Not only will you get a quick and easy offer, you will also get a decent price in return for a valuable second-hand item.
Why choose GEM Pawnbrokers?
GEM has been New York’s greatest Pawnbroking business for more than 70 years with a culture that enforces a total customer satisfaction experience along with safe and secure financial solutions. So, if you are currently in New York and you are looking to sell or loan your diamonds, drop by at any Gem Pawnbrokers branch nearest you.
Whether walking into a branch or calling the customer service number, our customers are sure to encounter capable, knowledgeable, and friendly GEM team members. They are well equipped to assist with a wide range of pawnbroking services including finalizing loans, testing gold purity, classifying diamonds, and authenticating luxury goods.
We work diligently to redefine the stereotypes and misconceptions of what the pawnbroking industry is and strive to always maintain an unmatched level of transparency, honesty, and integrity in all our customer interactions
Feel free to visit any of our 24 branches strategically located across New York City. All of our branches can buy and sell items and offer pawn loans. You can also give us a call at (718) 596-5626 to enquire or schedule a visit - we’ll be waiting at a branch nearest you today!