Pawn shops are a business after all, the price that you will get for your diamonds will not be the same as the retail value in most circumstances. One of the reasons behind it is that the potential buyers of diamonds are more likely to buy new jewelry than settle for a used one.
However, there are ways to get a higher payout when you pawn for your diamond jewelry.
Compare Pawnshops and Negotiate
One price and loan terms from one pawn shop could differ from another. Options are always good when it comes to pawning because you can select which one has the most comfortable terms and pricing. Furthermore, with each visit, you can earn leverage by knowing how much more or less that the previous pawnshops were offering, and then negotiate.
Besides from getting leverage, you also familiarize yourself with which pawn shops you can entrust your jewelry with in case you are planning to buy it back.
Provide Quality Jewelries
If you happen to have the option to pawn between jewelry, pick the one that has a higher value. Pawn shops may shun or give very low prices for items that have little or no resale value. With the more valuable item, there is a higher chance that you can get a better markup. In some cases, it reaches up to 75% of the market value of the item.
Share Emotional Stories
Pawnshops have grown deaf to sob stories. What catches their interest (hence possibly give out more cash) is the emotional value that is attached to the item being pawned. For them, this translates to the chance that customer will come back and pay for their loan.
If you are currently employed and is just currently short on cash, let the pawnshop know because it tells them that you are capable of paying for the loan eventually.
Diamond pawn shops can be a great solution to a temporary financial problem, especially if you are more aware of how they think and how to benefit from them.