How Much Do Pawn Shops Pay for Diamond Rings [Wedding & Otherwise]

If you are interested in pawning a diamond ring, a pawn shop is a quick solution to cash in on your jewelry.

While it may be the fastest option for money, you need to be sure you are getting the best price. So exactly how much do pawn shops pay for diamond rings?  

In general, the average pawnshop will pay $550 for a diamond ring. However, this average will always be 35-70% less than the diamond ring’s actual value. That means for the average $1,000 ring, a pawnshop will pay between $300-$650. Many factors determine the exact amount a pawn shop will pay for a diamond ring.

The time has come when you need to pawn your diamond ring. Finding a pawn shop you can trust and getting the best value for your diamond ring is essential before deciding to sell.

Before we go into more detail, let’s first take a look at how pawn shops work.

How Much Do Pawn Shops Pay For 1-Carat Diamond Rings?

Diamond rings sell for more than other types of jewelry in pawnshops but still fall well short of expectations.

Ring pricing also depends on the color of the stone. Colors for round cut diamonds run as either D, E, F, G, H, and I. D is the highest quality diamond color and is priced accordingly. 

The average market price for a 1-carat, round cut, VS1 diamond ring with a diamond color I is between $5,000 to $7,000.

In good condition, a pawn shop would offer between $2,500 to $4,500 for this ring. The higher end of this range would be considered a generous offer. 

There are better ways to sell your diamond ring for more money.

How Much Do Pawn Shops Pay for a Wedding Ring? 

Pawnshops set the rates they are willing to pay based on the quality of the ring, the size of the ring, and the type of ring.

Wedding rings can vary greatly in each category and the age of the wedding ring will help determine the offer you get. 

Does your wedding have a diamond? Pawnshops pay very little for no diamond rings. Traditional gold or white gold wedding rings would sell for up to 90% less than retail value.

For example, this Bvlgari ring retails for $1,350 right now. Based on the evaluation strategy of pawnshops, they would offer between $175-$300 for this ring.

Offers for jewelry without diamonds fall well short of expectations and below the fair market value. 


How Do Pawn Shops Work?

Pawn Shops receive negative criticism due to the stigma around pawning off your items like a diamond ring.

The truth is they are not a shady business and operate around federal regulations. There are also state laws they must abide by too. The process is carefully monitored to protect both the pawnshops and customers.

A pawnshop transaction can work in two different ways. The first is when a seller will ask the pawnshop for a loan and use their diamond ring as collateral for the loan.

If they are interested, then a loan amount will be offered, and they keep your item until the loan is repaid.

The second option is to sell your diamond ring directly to the pawnshop for a cash payout.

Pawnbrokers offer this less than the traditional loan method because it is much more profitable. However, it is still a widely available option to consider for quick cash.

After your deal is brokered, you will receive cash instantly if you sold your time outright.

If you put up your item as collateral for a loan, the pawnshop will provide you with a pawn ticket. This is very important and contains all relevant information like fees, interest, etc. 

Most loans will also come with an expiration date for when you must repay the loan in full. Pawn Shops differ from personal loans.

A personal loan does not require collateral, and the process will be more difficult for approval than a pawnshop loan. 

Are Pawnshops Safe To Use? 

Pawnshops are absolutely a safe place to both buy and sell items. They implement strategies to protect your items and offer the best services. 


Reputable pawn shops have high-level security systems with cameras and alarms to prevent break-ins.

They also use safes and insurance policies to give you a better sense of security when leaving your item with them. 

It can be argued that your jewelry could be even safer in the hands of a pawnshop than in your own home.

The next time you enter a pawnshop, look around and notice the security measures in place. We also recommend asking what security is in place during your visit. 

Item and Jewelry Screenings

Another benefit for pawn shops is their industry expertise. They routinely analyze jewelry and check the authenticity of each item.

Item and Jewelry Screenings

They perform specific tests on diamond rings to ensure the quality too. Don’t worry. They perform the same test when they give you your ring back, too. This is done to prove they did nothing to alter your ring.

Laws and Work With Law Enforcement

A misconception about pawnshops is that they buy jewelry from thieves. This is not true anymore with new laws and regulations in place. 

Pawn Shops now require anybody obtaining a loan on an item to provide a government-issued ID.

This is to make sure all names are tracked and scares away any thieves from selling to a pawn shop. 

Pawn Shops all report their inventories to local law enforcement. This is a newer practice to keep everything more secure and accurate. 

How To Repay The Loan?

Repaying your loan on time is extremely important, or else you will not get your diamond ring or other items back.

Pawn Shops offer a price that they would be willing to pay outright for the item if you do not pay back the loan. 

There are two approaches to repayment: 

1.Pay the entire balance fully plus interest before the deadline. Deadlines are anywhere between 1 to 6 months after the initial agreement.

2.Do not pay the balance. If you choose to do this, you lose your item, but there are no other consequences. There are no collections, and it does not impact your credit score. 

The majority of people will return to make the payment. Estimates say that 80% of all pawnshop customers return with payment before the end of the deadline.

How To Repay The Loan?

If your deadline is approaching and you still do not have the cash, you can try to file for an extension.

It may result in extra charges, but it could be a better option than losing your item completely.

Is It Worth Selling To A Pawn Shop?

Before selling to a pawn shop, you must remember this is a business that needs to turn a profit.

You will not get back the original amount you paid for your diamond ring. Expect to get anywhere between 35-70% less than the original price. 

The pawnbroker loans you money with your diamond ring as collateral under the impression you may never come back to pay the loan.

Therefore, the price in this money loss and consider what they could resell the diamond ring to a new buyer. 

The loan amount will be less than what the pawnbroker can resell your diamond ring in their shop. Consider all of your options before pawning an item.

If you are stuck and need quick cash to hold you over, it may be the best option if you can repay the loan quickly without incurring too much interest. 

What To Expect?

Expect to be screened thoroughly at the start of the process. Your items will be reviewed carefully too.

Pawn Shops are competent in their inspections and will not pay for a fake item, worn out or broken. 

The pawnbroker is also legally obligated to identify the owner of the property they are about to handle.

Expect a handful of questions about the item to help confirm this is genuinely your property. Don’t be alarmed by the questions and simply answer everything honestly. 

Always bring your government-issued ID too. It is a newer law to make sure all transactions can be traced to scare away thieves from selling stolen property.

When you return to pay the loan and retrieve your item, perform a careful inspection to ensure everything is intact.

There have been incidents in the past where things were damaged or mixed up for borrowers. It might be wise to take photos at the start for reference in the future. 

Pawn Shop Alternatives 

Selling to a pawn shop should be considered in very unique situations. If you are looking to try and put together some extra cash, there are better options to get more money for your diamond ring.

However, if you are in financial trouble and need a quick option for cash, then a pawn shop is available. 

Alternatives to consider to get closer to the actual value of your items include Craigslist, eBay, Facebook Marketplace, Letgo, and other similar online marketplaces.

Posting your items on social media can also get you offers from friends and family who could be interested.

Facebook Marketplace and Craigslist are the two best choices to avoid paying any shipping or fees. They require in-person sales where cash is given quickly.

It can take a little while to sell, but overall the marketplaces have many users, and you will reach a broad audience when posting your items for sale.

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