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3 Reasons Why Diamonds Are Great For Pawning
Jul 03, 2020
Sell Your Used Jewelry For Cash
Approaching a pawn shop is one of the quickest and easiest ways to have cash-on-hand when you’re in a pinch. Many would attempt to dissuade you from doing so, saying that pawnshops will rip you off. This is, in fact, a myth—they will actually give you a decent price for most things, for as long as you’re pawning the right thing.
No matter what anyone says, however, this is still the quickest and fairest way to get the money you need. If you’re looking to pawn something, then it’s best to go with things that are both valuable and easy to turn around, such as a diamond ring.
Why diamonds are the best
Diamonds are some of the most valuable things you can pawn and is one of the items that can fetch the highest of prices. When taking anything to a pawn shop, however, set your expectations to obtain a price lower than what you got it for. It is only in very particular situations in which you’ll get the same, or even higher, pricing—but it should come at least a bit close if it’s a diamond ring.
There are very good reasons for this, which is why diamond rings are some of the best you can pawn when you need a big amount of cash. Here are three of the reasons why diamonds are the most sought-after in pawnshops:
It hardly devalues
Diamonds, in general, hardly devalue in price. Unlike a majority of other goods in the world, diamonds are considered some of the best investments to pour your money on because their prices don’t fluctuate.
Luxury cars, for example, fetch a high price upon being bought, but will severely devalue once being re-sold. Diamonds, on the other hand, will stay at roughly the same price—baring the fact of a heavy extraneous situation, such as a huge economic downfall, of course.
Since it’s price hardly devalues, this makes it lucrative for pawn shops to hold on and re-sell them, as these can fetch a decent price even when sold second-hand.
It won’t degrade
The beauty of diamonds is that they don’t degrade, which is also another reason for it not devaluing. Unlike other items such as electronics, for example, these can stay stocked for a prolonged period of time without getting outdated or decomposing. This makes it great for pawn shops, as they won’t be in a rushed timetable to sell it off before it loses value.
It has a high turnover
The biggest reason for pawn shops offering a relatively decent price for it is because diamond rings are quite easy to sell. Many individuals actually prefer approaching pawn shops to buy diamond rings, as they tend to offer these at more reasonable prices. This makes it easy to turnover diamond rings—which is the ultimate goal of a pawn shop buying anything, after all.
Conclusion
If you’re strapped for cash and in need of a huge amount of money, then your best option is to pawn a diamond ring. In doing so, you won’t just get a quick and easy offer, but you also get a decent price for a second-hand item.
Are you looking for a pawn shop near Kentucky to pawn off your used jewelry? At the River City Pawn, we give you a quick cash offer for a majority of sellable used goods. Get in touch with us today!
