How To Pawn A Diamond Ring: Step By Step

There are several things that you need to consider if you plan to pawn a diamond ring. Pawning the ring can give you instant access to quick cash, but you'll have to be careful you don't lose your jewelry. This article will discuss the steps involved to pawning a diamond ring.

Determine the amount of money you want to borrow - Pawn shops are a good option for getting money quickly because they can offer you around 70% of the real value of your diamond ring. That's the reason why you need to know how much you want to borrow in order to determine the jewelry you want to pawn.

Get your diamond ring appraised - Before taking your diamond ring to the pawnshop, you need to take it a jewelry appraiser to know its real value. This is because many pawn shops don't always pay for the real value of the jewelry if they don't have an expert on hand themselves. Therefore, take the diamond ring for a free assessment so that you can know its worth.

Search for a pawnshop - It is important to understand that all pawnshops are not equal and they all have different terms. Therefore, you need to research early in advance to find the pawn shops that offer terms that you like. Some pawn shops will give you a good deal as well as a longer time to pay your loan, while you will have a challenge in negotiating with others, even if the value of your diamond ring is high.

Pawn your diamond ring - Once you find a pawnshop that has suitable terms, make sure that you negotiate before making the final deal. At times, the staff at the pawnshop can give you a decent counter offer, but this should not make you agree to any offer they give you. As you negotiate, always allow let the pawnshop to give you the first offer. In addition, you should be ready to walk away when you do not get the terms that you expected.

Make sure that you sign a contract - You should never pawn your diamond ring to a pawn shop that does not give you some kind of agreement or contract to prove that they are in possession of your jewelry. Therefore, you should make sure that the terms you agreed for when pawning the diamond ring are outlined on a piece of paper, and it should be signed. In addition, the description of your jewelry should be included in that paper. You can even take a photo of the diamond ring lying next to the signed contract in case any disputes arise in the future.

For more information, reach out to local pawn shops.