In a desperate need for fast cash, pawning valuable items has always been a simple way to resolve it. Throughout history, pawnbrokers have provided monetary loans in exchange for precious objects owned by people. According to History, more than 12,000 pawnshops are operating in the United States today.

Diamonds are one of the most valuable things people own. They are also among the list of items that fetched the highest prices in pawnshops. However, the scenario varies depending on the pawnshop people go to. It’s better to set lower expectations on the price estimate rather than expecting too much for a rock. But overall, diamonds are still one of the best items to pawn for their excellent return and value in the market.

Diamonds Do Not Devalue

Diamonds are expensive. Between the years 1960 to 2016, the value increased by over tenfold over a 50-year period. The average price of diamonds capping at $2,700 has risen to $29,650 in that time. The value of diamonds varies based on many reasons, such as cost of labor, yield, financing inventory, sorting and cutting, and the stone’s grade.

Unlike most other goods in the world, diamonds are one of the best investments as their prices don’t fluctuate. Compared to luxury cars, a diamond does not devalue after a few years from when it was bought—instead, the price increases over time. However, they are not exempt from adverse economic circumstances, of course. Because the price hardly devalues, pawnshops hold on to them and sell them for a reasonable price if the original owners fail to claim them.

Diamonds Do Not Degrade

Diamonds are rare, naturally occurring minerals composed of carbon. Although they look sparkly in stores, they are made out of four carbon atoms connected by a strong covalent bond. Diamonds do not degrade. Unlike electronics, storing them for a long time does not make them rot, corrode, or develop unwanted stains. From the perspective of pawnshops, diamonds are of excellent quality because they do not lose value or degrade.

Diamonds Have a High Turnover

The most significant selling point about diamonds is their high turnover price. Although diamond rings are quite easy to sell, pawnshops can offer them for a reasonable price. More people approach pawnshops to buy forfeited diamonds embedded in rings, necklaces, and bracelets as the shops sell them at more affordable prices.

Conclusion

Investing in diamonds is a no-brainer. They are precious stones that increase in value as time passes by. However, before buying a diamond from reputable shops, take time to check the stone’s value and grade if it matches the asking price.

Meanwhile, pawning precious diamonds is a great idea to acquire instant money if you’re short on cash. The best item to pawn is a diamond ring, as it has a high value because of the embedded diamond and the easy-to-sell aspect since it’s a piece of jewelry worn every day.

If you’re new to pawning, it’s vital to set low expectations for your item’s value. If possible, set a reasonable price depending on your item’s quality and age. Before sending an item to the pawnshop, ensure that it is clean and free of any substance that might devalue it in the eyes of the appraiser.

River City Pawn is a pawn shop serving the community of Murray, KY, and surrounding areas. If you’re looking for a place to pawn your precious diamonds embedded in bracelets, necklaces, or rings, we offer the lowest interest rate in town. Check out our website to learn more about our services.