How To Resell The Diamonds Pawned At Your Pawn Shop To A Diamond Broker Properly


Diamonds require an expert gemologist to tell you the value of your diamonds. If you are going to be reselling  diamonds that customers pawned to you in your pawn shop, you need to know how to do this right. Otherwise, you will end up with less than what the diamonds are worth, or lose money because you paid the customers too much for diamonds that are not worth that much at all. It is smart to resell the pawned diamonds you bought to a diamond broker, but even the diamond broker wants a fair deal. Here is how you can resell these diamonds out of your pawn shop to a diamond broker and do it properly.

1. Make Sure You Have a Diamond Expert on Staff

Be picky about how you purchase diamonds. Only accept diamonds and make offers to customers in your pawn shop when you have a diamond expert or gemologist on staff. Only this employee (or consultant) will be able to examine the diamonds and give a very accurate evaluation prior to you purchasing the diamonds from customers. It is this professional and accurate valuation that will help you resell the diamonds to a diamond broker. (Your own personal evaluation of how pretty or large the diamonds are is not enough.)

2. Ask for an Explanation on Anything Your Diamond Expert and the Diamond Broker Say

If you have a 1-carat rock, but your diamond expert says it is not worth much, ask why. There may be some flaws in the surface of the diamond, or the color or clarity is off. The diamond broker can confer and confirm what your on-staff diamond expert has stated.

Only near-perfect diamonds will receive a higher valuation, and when there are some more serious flaws, you cannot sell it for a larger price (regardless of size!). Once you understand why you cannot sell a diamond broker this 1-carat diamond for an expected $2,000, you can either pass on it because of its flaws, or you can just sell it in your pawn shop. Most diamond brokers only want the best diamonds and the biggest diamonds, because smaller diamonds or diamonds with flaws are a dime a dozen.

3. Remove Diamonds from Jewelry Settings and Sell Them Separately

Before you sell the diamonds to a diamond broker, remove the diamonds from their precious metal settings. That way, you can sell the gold and silver to a gold buyer, and sell the diamonds to the broker separately. It becomes double the profit on all diamond jewelry that comes into your pawn shop and passes muster with the diamond broker. (The diamond broker is not going to be interested in the mounts and precious metals anyway.)


31 December 2017

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