Common Reasons To Sell Your Wedding Ring
You’re not alone in wanting to sell your wedding ring or sell your engagement ring. In fact, there are some reasons people sell that can give you some good ideas for what to do with the money.
Common reasons include:
- To pay legal expenses for your divorce
- To rid yourself of an object that reminds you of a past relationship
- To pay for major debt with high interest
- To invest in yourself
- To get rid of ex’s jewelry and move forward in your new marriage/relationship
- etc.
Selling your wedding rings can actually bring about relief. Kylie from KylieTravers.com.au, says that selling her wedding rings,
was a relief. They were the last things hanging around from that time really. He was abusive and it was amazing to have all that energy gone.
Pawnshop Engagement Rings: Myths Facts And Why Its A Wonderful Option For Your Proposal
When people get engaged, they naturally want to buy the biggest and best ring that symbolizes their love for each other. Unfortunately, reality quickly sets in the moment you start shopping.
Engagement rings cost a fortune, and for a lot of couples, prohibitively so. In fact, some stores have been known to mark up rings by as much as 300%, or in many cases, even more! Pawnshop engagement rings offer a more affordable, yet equally beautiful and meaningful, alternative to a brand-new diamond ring.
Still on the fence about buying a pre-owned engagement diamond ring? We get it. Here at Clark Pawners and Jewelers, we want you to be happy and confident when buying jewelry from us especially when its something as momentous as an engagement ring.
In this article, well be dispelling some of the most persistent myths about pawn shop rings, as well as the advantages of buying from a pawn shop instead of the usual jewelry store.
But before we dive into that, why are engagement rings so important anyway?
The Beautiful Symbolism Of An Engagement Ring
An engagement ring is a symbol of the beautiful journey that two people embark on when they decide to spend their lives together. It represents the dedication, love, and commitment between partners as well as all those who witness it.
No matter what style you choose for your own proposal traditional or modern- this precious band will be cherished forever, with its significance only growing deeper over time:
- Its a tangible token of a couples commitment.
The circle is a symbol of completion, eternity, and promises. Worn as a betrothal ring to represent a lifelong commitment, the most powerful expression of this promise comes from a proposal ring.
It tells the world that a wearers heart belongs solely with someone who has committed himself to be loyal in sickness and health, in a way thats both visible and tangible.
- Its a wonderful reminder of the proposal.
A diamond engagement ring is a physical representation of the moment you said yes to your future spouse. When they proposed, it was not just a formality but also one that came with a beautiful and unique gift for both parties: A reminder of how much they care about each other, and the promise of starting a life together.
- Its an heirloom that can be passed down through the generations.
Nothing says forever like a diamond ring. Diamonds are the strongest material known to man, and symbolize your unbreakable bond for eternity.
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Can I Pawn My Wedding Ring
Wedding rings hold a significant meaning in a marriage. They are a symbol of the love and affection you share as a couple. They are also proof of the oath you took to be loyal and committed to one another.
Given its meaning, its no surprise that you may have spent a lot of money to get the perfect wedding ring.
What happens, however, in a not-so-perfect situation when you think of pawning off your wedding ring? Is it possible, or right?
In this post, we answer all these questions as well as discuss the difference between pawning and selling your ring.
What About Other Markings
Well, that covers the meanings of 750, 585, 417, and other gold markings on jewelry.
Most fine gold jewelry is clearly marked or stamped. In which case, it will display one of the markings discussed here. Some jewelry is marked with something else, instead of, or in addition to, those mentioned above.
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Know The Market Value Of Your Ring
If you know the actual market value of your engagement ring, you can immediately counter a low initial offer. Mention that you had the ring appraised by a jeweler and the resale value is not the $500 hes offered but more like $1,200. You understand that he needs to make a profit, and youd be willing to take $1,100 but not a cent less.
When he tries to explain that this isnt actually the case and the jeweler misled you, or didnt take into account the fact that. You can produce your GIA certificate and point out that the 1.5-carat diamond has the following gradings
Your goal is to control the conversation and politely cut off all opportunities to undermine your price. Be quietly assertive and confident and dont waste words. Either hell make an offer that you can live with, or youll leave the store.
If you have a friend with you your friend can play bad cop and hint that youre wasting your time. A little bit of impatience is a nice touch, but dont be aggressive with it. You can act like you are ready to defer to your friends judgment.
If things go well and the pawnbroker is coming towards your minimum price, there may be a stalling point where he makes his final offer. If you memorised the names of a couple of local rivals, nows the time to use them. Thats too low, We Buy Gold offered me $1,050 and OLeary offered me $1,100.
I Picked Out My Own Engagement Ring At A Pawn Shop
This post may contain affiliate links. Please read my disclosure for more information.
If theres one thing I love almost as much as my husband, its getting a sweet deal on something I was going to buy anyway.
While Ive always been averse to parting with my paycheck, Im not the most responsible with my money and I never considered myself frugal until recently.
But through paying off $78,000 in debt, I know for sure I married the most frugal man Ive ever met.
There are a lot of ways to save money. Here are some of my favorites:
- Open a high-interest savings account at Axos Bank to get your emergency fund making you money
- Open a Roth IRA at M1 Finance to save a boat-load on taxes in retirement
- Use the free Investment Fee Checker at Personal Capital to make sure youre not overpaying fees in your IRA and 401.
- Shopping through Rakuten when making any purchases online will get you cash-back from virtually any retailer.
- Connect your card to Dosh to get cash back all over the place
- Use Blink to save on prescriptions.
- EyeBuyDirect to save on prescription eyewear.
- Energy saving methods like low-flow showerheads to reduce our utility bill.
- ThredUp for nice secondhand clothing at steep discounts from retail.
But when youre making big purchases, sometimes you have to pull out the big guns. When Travis introduced me to pawn shops I learned they are the big guns.
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Do Wedding Rings Keep Their Value
If you do decide to go the route of making some extra pocket money off of your jewelry, be aware that its unlikely youll be able to sell your rings for the same amount you or your partner paid for them.
The original retail price included the profit margin the jeweler or boutique needed in order to make a living. By selling the ring back to them youre filling the role of wholesaler and can expect to make, at best, wholesale prices.
If your ring is particularly unusual or attached to a luxury brand name you may be able to sell it as a complete piece. Most of the time it will be valued based on a breakdown of its individual parts:
- The scrap value of the metal to be melted down and turned into something new, and
- The diamonds or other stones after theyve been removed
Jewelers are particularly interested in large center stones of exceptional quality over 1ct. A stone of .97 carats will be indistinguishable from a 1ct to the naked eye but is worth significantly less. Fantastic for you when youre buying your new ring, a bit more problematic when youre trying to sell it.
A quick note on TCW : many beautiful diamond engagement rings are made up of several glittering stones, then sold by TCW. This means that a ring with a .82ct center stone surrounded by a circle of smaller diamonds that add up to .21cts has a TCW of 1.03cts. When reselling it, be mindful of the fact that jewelers will be looking at their value as smaller individual pieces rather than one large piece.
A Survey Of 400 Women Reveals The Ingenious Ways They Dealt With Their Rings
What is the meaning of a wedding ring? As a universal symbol, those few ounces of fine metal and precious stone are supercharged with significance. You received it at a pivotal moment, the heart of your relationship, when you were filled with love, excitement, and anticipation. And every day after that, every moment if you wore your ring constantly, it signaled your position as a wife and as someone who is loved. Your ring proclaimed a primary fact of your identity youre married.
For some women, a wedding band has a sacred significance. It represents the promise spoken at the ceremony to love, honor, respect, protect forever. It represents a covenant. The ring absorbs that meaning and continuously radiates it.
For others, the rings loveliness expresses the beauty of the love that surrounds it. The fact that it is a pleasure to the eye fills your heart with joy. The ring itself is great to own. Youre proud of it. It makes you happy.
Yet to still others, its primary significance is the message it transmits to the world. Youve accomplished one of lifes valued milestones you are part of something bigger a family. When you meet someone new, they glance at your left hand and instantly know that youre married. Your ring says it youre not alone.
I consider myself married until I’m divorced . At the same time, I will likely remove my ring once I’m legally separated.
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Tips For Pawning Your Wedding Ring:
If you are planning on pawning your ring, you should complete these steps before taking it to a pawn shop:
What Does A 750 585 Or 417 Gold Marking Mean
Here’s the quick answer:
- 585 means 14-karat gold
- 417 means 10-karat gold
But there’s more to know about gold markings on jewelry. These letters and numbers indicate an item’s purity. They stand for different varieties of gold, and some types are worth more than others.
Isn’t your ring or necklace pure gold? If not, how much gold is in it? If your piece is stamped with other markings, then what do they mean? Keep reading to find out.
These earrings aren’t pure gold, nothing is!
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Alternatives To Selling Your Diamond Ring At A Pawn Shop
As we explained in our guide to selling diamonds, unless you have an exceptionally rare stone , you will always lose money when you sell a diamond ring.
This is just a simple reality of the jewelry industry. Lets say you bought a loose diamond from a jewelry store for $5.000. Assuming the jewelry store sold it with a 25% markup , this means it cost the store $4,000.
Even if diamond prices have risen 10% since you bought the diamond, the market price for your diamond is still lower than what you paid.
Now, theres also the fact that no store is going to buy a pre-owned diamond ring at the market price when they could purchase a new diamond and setting from a supplier either at the same price, or on consignment at no immediate cost.
The end result of this is that regardless of how and where you sell your diamond ring, you wont receive its market value and will always lose at least some amount of money compared to what you or your fiancé originally paid.
However, there are a variety of options for selling a diamond ring, some of which will cause you to lose less than others. Based on all of our secret shopping, selling your jewelry to Abe Mor was the easiest and most profitable course of action.
The first of these is selling the diamond privately on eBay, Craigslist or another platform. This is probably going to recoup you the largest percentage of the diamonds original price. However, it can be a slow process and finding buyers for a used engagement ring isnt always easy.
Be Prepared With Your Own Appraiser To Swiftly Get Your Diamond Choice Checked Out
When you go to have the diamond checked by an appraiser, don’t use the one the pawn shop broker recommends. This article is about an unethical practice between appraisers and sellers in New York. If they can do it there, they can do it anywhere. I recommend that you find your own respected certified appraiser picked out ahead of time.
You dont need tell anyone what appraiser you will be seeing. But do tell them that you will be seeing an appraiser. If there is anything they are uncomfortable with about the diamond, like a treatment they havent disclosed, they should mention it at this point.
Since you are keeping your business to yourself, which is wise, I would recommend against mentioning the pawn shop’s name to your appraiser. Just say a private party wishes to sell the diamond ring. Id bring the ring in without the price tag attached, because the price tag might tell the appraiser who the pawn broker is and if they have a relationship then it will be better for the pawn broker than for you.
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