Selling At A Pawn Shop
For many people, selling items to a pawn shop can seem risky.
Before going in, it is a very smart move to do your research.
Find out all the same information you would as if you were selling it yourself.
Find the melt value of the gold and diamond value.
Do not let the pawn shop offer you less than the melt value.
This should be the lowest value you go.
What Is The Average Cost For An Engagement Ring
Based on www.theknot.com poll, the average spend for an engagement ring in 2015 was approximately $5,800. The price has probably gone up in 2017 and we estimate that the average is about $6,800.
Your financial means should determine your budget rather than a worldwide average. No one should go into debt in order to pay off their engagement ring.
Pros: Extremely simple system. You both feel that you paid a fair or average amount.
Cons: Most people fall far below or far above the average. There are couples who cant afford to spend $4,000, and there are couples who want to spend $100,000s. Limiting the budget to a national average is a really bad idea.
For a better understanding of the 4cs and how they effect the price, click here.
We strongly recommend picking a budget that is tailored to your personal requirements. Using a number generated based on the entire country is not suggested.
What Style Of Wedding Ring Do You Want
Once you’ve locked in your budget, it’s time to figure out how you want to spend that budgetand what type of wedding ring you actually want.
Material and the wedding bands weight will largely determine its cost. Yellow gold, white gold, and rose gold are less expensive than rings made of platinum, which is the most expensive metal.
The cost of white, yellow, or rose gold rings will depend on how many karats they are the more karats, the more expensive it will be. However, its important to keep in mind that white gold needs to be rhodium-plated every few years, as it will eventually yellow.
For budget-conscious couples, tungsten is a more affordable option and is a very strong and scratch-resistant metal. Wood, ceramic, and silicone are also popular for their unique style, and they are typically less expensiveespecially silicone, which only costs around $30 per ring.
Your wedding rings width will also play a factor in how much it costs. A thin band is one to three millimeters, a medium band is four to six millimeters, and a thick band ranges from seven to 10 millimeters. The thicker the band, the more material is needed, thus increasing the cost.
Wedding rings with diamonds that are highly rated are going to cost more than a ring with lower-quality stones. You may also prefer pre-owned or vintage wedding ringsand the prices of these unique pieces can greatly vary.
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What If I Dont Have Any Information On My Ring
The good news is that you can find most of this information out at no cost. You should not pay for an appraisal a local jeweler should able to answer your questions free of charge. Even if they only give you an approximate idea of the details of your ring, this information will help a ring buyer provide you with an initial price range.
Where Can I Sell My Engagement Ring For The Most Money
If your ring has at least a half-carat center diamond and will likely sell for more than $1,000, it can be sold on Worthy.com, an online marketplace where hundreds of qualified buyers can bid for your item with the promise to drive up the sale price. Worthy has an A+ BBB rating and insures up to $100,000. Get a free GIA lab report estimate and sell on Worthy.com now > >
Maybe you have a wedding ring to sell instead or an engagement ring worth less than $1,000? If you have a gold or platinum wedding band or engagement ring with a smaller stone, we recommend selling to CashforGoldUSA, including if it is embedded with diamonds or other gemstones.
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Your Overall Wedding Budget
How much to spend on a wedding ring depends on your wedding budget. There isnt a wedding ring cost rule. On average, couples spend three percent of their budget on wedding rings. For example, if your wedding costs $25,000, three percent would be $750.
You might decide you want to spend five percent of your budget on rings, and a little less on dessert or music. Each couple has to decide how to breakdown their wedding budget. Discuss with your fiancé how much of your budget youd like to put toward rings. Find an amount you both feel comfortable with.
The Origin Of The Two
Why do we think we need to spend thousands of dollars on an engagement ring? Easy: Marketing.
International diamond titan De Beers controlled most of the diamond market in the early 20th century. Following the Depression, they promoted the idea that a diamond ring was an important investment. This helped to justify the price at a time many Americans were down on their luck.
In the 1930s, DeBeers suggested a diamond engagement ring should cost a monthâs salary. They upped the ante a few decades later. One ad from the 1980s featured a photo of a glamorous woman wearing a diamond ring, above the words: âYou canât look at Jane and tell me sheâs not worth two monthsâ salary.â
Donât fall for it! You canât put a dollar amount on your future spouse. Buy a ring that you and your fiance think is beautiful, and then start saving for the wedding.
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The One Two Or Three Months Of Salary Rule
The most popular wedding or engagement ring myth is the X number of months salary rule. It has become common to calculate the best cost for a ring based on one, two, or even three months worth of salary!
Nowadays, this could lead to quite an expensive ring. If you intend to follow this tradition and are in the market for a lab-grown diamond, you will get an impressive diamond.
For example, say you make $5,000 per month. According to the months salary rule, the best price of a ring for your sweetheart is $5,000 by the one-month standard, $10,000 by the two-month standard, and so on.
Bottom Line: Im A Fan Of Selling Your Engagement Ring
Overall, I am a huge fan of selling your engagement ring in the event that your relationship ends, and I did so myself about five years ago.
I only received a fraction of what my now ex-husband and I paid for it, but I felt I got a fair price and used the proceeds to fund a trip my kids took to Europe with their dad to visit family which, again, I felt good about.
The real value in selling bridal jewelry, or other jewelry you dont wear, is that it frees up all that negative energy attached to the item, stewing indefinitely in your jewelry box.
Even if you loved the ring, loved your ex, loved being married , it is time to move on and free the mental energy attached to the ring not to mention the money!
How about you? Do you still have your engagement ring? Or did you resell your wedding ring, give it away, turn it into a necklace, or throw it out the car window into a ditch on the way home from the court date finalizing your divorce? Do you feel you understood the true resale value of your jewelry? Please share in the comments
Did you know you can sell your wedding dress for cash?
Where can I sell my engagement ring for the most money?
After researching this topic for years, I am confident that you stand the best chance of getting the highest price if you sell to an online ring buyer.
How much do you get for selling an engagement ring?How much can you sell an engagement ring for?
Your engagement ring is worth the current market rate for the diamond and metal.
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Advantages Of Getting A Platinum Ring
- Platinum is an incredibly rare metal. It is thirty times rarer than gold. The only reason gold is more expensive is that it has a higher demand. But that is slowly changing with a shift in trends. Your platinum ring will only become more valuable with time.
- Platinum is hypoallergenic. They are a great choice for anyone who suffers from metal related allergies.
- Platinum rings are also heavier than other rings of the same volume. Most people prefer its heavier weight on their fingers.
- Platinum is incredibly fashionable these days. So if you like keeping up with the latest trends, a platinum ring is definitely the way to go.
- Platinum is an incredibly strong metal. So these rings are built to last, adding a nice symbolic gesture to them. They also wont require any sort of special or frequent maintenance. A platinum ring is less likely to dull or fade compared to rings made of White Gold.
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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.
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Where Does The Cost Come From
The majority of wedding rings will inherit their cost from which type of metal that is being used. Most people opt for precious metals for their wedding rings not just because of appearance but also because of the practicalities of wearing the same ring virtually everyday for decades. While its common practice for most women to take off their engagement ring for everyday situations most wedding rings are worn in everyday situations, so this is one the main reasons that people use expensive metal to have their wedding ring made.
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Determining Diamond Market Price
The most straightforward way to figure out the market value of a diamond is to check the prices of stones with the same carat weight and of the same clarity, cut, and color grades.
For example, if the stone in your ring has G color, VS2 clarity, Good cut, and weighs 0.75 carats, look up a number of loose diamonds with the exact same characteristics and average their prices.
This is how you will arrive at a reasonable estimate for the retail price of your diamond.
More:Learn about diamond prices and pricing factors.
Whats The Difference Between Gold And Platinum
Platinum is more expensive than gold but it is not necessarily better. Both materials are considered precious metals and have been standards in jewelry for over a century. In the early part of the last century, platinum was the preferred metal for wedding bands, but the US government controlled its use during the Second World War because it had military value. Today, platinum is seen less often than gold, but is an increasingly popular choice.
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How Much Is My 14k And 18k Gold Ring And Jewelry Worth
Do you have old gold rings and jewelry? If so, you may be curious about how much they cost and what you can get from them.
Knowing the value of your jewelry can be very helpful, so you know what to expect from people who will make price offers.
For instance: how much does a 14k piece of gold jewelry cost?
Determining the exact value of gold rings can be difficult without a professional opinion. For reference, reselling a womens 14K gold ring with no jewels can vary between $34-$500. A womens 18K gold ring with no jewels can be around $50-600. Value varies depending on weight and the gold demand.
There are several factors that play into a piece of jewelrys value.
Below, well cover some aspects that will help you determine how to find the specific value of your gold jewelry.
How Much Is My Engagement Ring Worth
It is important to understand that the bulk of the value for your ring will be determined by the center stone. However, as engagement rings come in an array of styles with diamonds of various quality, there is no one set value for pricing engagement rings. Much like the price of a house, it depends on a myriad of factors.
The best way to get a price for your diamond ring is to consult the diamond experts. Diamond pricing is complex: it requires a thorough understanding of the current second-hand diamond market as well as a detailed analysis of a stones characteristics.
Get your bespoke price quote from our team of GIA trained gemologists today by clicking the button below.
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Shop For Simple Engagement Rings And Wedding Bands
A simple classic solitaire diamond ring is always in style. Beautiful simple gold bands will signify your love forever. If your soon-to-be spouse wants something minimal, its easy to keep the cost low. But, even large stones and complicated designs can work with a tight budget.
