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How To Pawn A Wedding Ring

Should You Buy A Wedding Ring From A Pawn Shop

An Easy Guide to Pawning Your Ring

If you have seen an amazing ring at the pawnshop, but you arent sure about buying it, wed recommend that you actually go ahead and get it. All you need to do is to make sure that the quality of the ring is actually great and that you get your moneys worth.

Below are the top reasons why buying the wedding ring from the pawnshop is an excellent idea:

Great savings most of the time, a wedding ring sold at the pawnshop is worth so much, but its sold at a considerably lower cost compared to the prices at the retailer stores. So, if you are all about savings, or if you just want to start your marriage journey on a healthier foot, financially, getting that ring from the pawnshop might be the best decision you make. Expenses pile up real fast after the wedding, and you want to do all you can to save up. If that means buying a cheaper set of wedding rings from the pawnshop, then that would be a great idea for you.

You can negotiate prices at the pawn brokers. You hardly ever get the chance to negotiate the prices of high-end jewelry at the high-end retailers, and since you will be looking for the same quality pieces of jewelry but from a pawnshop or broker, you have a great opportunity of saving. Also, the pawnshop owner will not laugh at you for negotiating a much lower price.

How Much Is An Engagement Ring Setting Worth

The gold or platinum setting of an engagement ring is typically worth its weight in scrap metal costs. Any side stones, unless they are more than .3 or .4 carats, are called melee diamonds, and may be worth a few hundred dollars if they are high quality.

Except in rare cases when side stones are large or high quality, or the ring is by a name-brand jewelry designer jewelry and diamond buyers will remove the center stone to repurpose, and melt down the ring setting for scrap.

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When you fall on hard times, a wedding ring is one of the most valuable items you can pawn for fast cash. Regardless of whether youâre going through a divorce or just need to temporarily pawn your wedding ring to pay a bill, itâs not always easy to part ways with your ring permanently.

This makes pawning a wedding ring a great option for those who donât feel comfortable with selling it.

If you want to learn how to pawn a wedding ring for the most money possible near you, please continue reading. The few minutes you take to read this article might help you get more cash than you anticipated.

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How Do I Sell My Engagement Ring

Here are the basic steps for how to sell your engagement ring:

1. Gather all the information you have about your ring: if you have a GIA or other lab report, the box, receipt, any appraisal or documentation of the size and quality of the stones and metal.

2. Decide where you will sell your ring to a jeweler or diamond buyer near you? A marketplace like Etsy or eBay? Or an online jewelry buyer or marketplace like Worthy?

3. Get offers from some of the top online jewelry buyers, including Worthy and CashforGoldUSA.com. Just share some basic information with the seller either online or on the phone, then they will make an estimate. From there, a quality online buyer will send a free FedEx, UPS or USPS mailer that includes insurance, and you should be able to track your item all the way to the buyer, through their specific selling process.

This same process applies if you plan to sell your gold or platinum wedding ring.

How To Sell Engagement Rings In San Diego

Buying A Wedding Ring From A Pawn Shop

If you do not want to have any kind of debt, you might get the best value out of our pawn shop by selling your ring. In that case, you will not lose cash and instead will get more money from your second-hand jewelry. Risk-free and fast, the process of selling will take place within a 24-hour period.

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Can Engaged Or Soon To Be Engaged Couples Save Money Buying Antique Engagement Rings At A Pawn Shop

I’ve heard both the good and the bad about pawn shop diamond shopping. Some have saved money, but just about as many people have gone on to regret their decision.

If you are really looking for a true vintage or antique diamond, you are better off to work with a jeweler who deals in estate or antique jewelry, or one who has access to estate or antique pieces.

If you plan to shop for your diamond at a pawn shop for any type of diamond, be prepared to do some extra work. Here are 9 steps you can take to protect yourself if you choose to go the pawn shop route:

How Much Will A Pawn Shop Give For A Wedding Ring

As weve already discussed, a pawnshop owner is out to make a profit, so good luck getting a decent amount of money pawning your ring.

Still, aside from profit, the owner also considers the value of the wedding ring itself.

As a rule of thumb, a pawnshop owner will pay an average of 30-60% of the actual value of the diamond. The actual amount you get will be affected by various factors.

One factor is the overall condition of the ring, that is, how the ring has aged and how long youve had it. Additionally, the value of the materials used will also determine the value you get for it.

Aside from the value of the type of metal used, the pawnshop owner will also gauge the value of the diamond used. He or she will look, at the size, shape, and cut of the diamond. The quality of the diamond will also be considered based on the color, clarity, and carat of the diamond.

The better the shape the ring is in, the more you will get for it. Also, the more valuable the metal and diamond used, the more money youll receive. The exact amount can only be determined after examining the ring physically.

Keep in mind, however, that whatever amount you get for the ring will not be what you bought it for. The amount is bound to be less because the ring has been used and is no longer brand new.

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Your Engagement Ring With A Previously Owned Or Antique Diamond

I encourage people who have gotten their ring at pawn shops to consider re-setting the diamond into a new design. People will ask you, where did you get your ring? whether its pretty or not, because its what we do.

If you and your fiancé have chosen a new ring to put it in, your story is, we picked it out together at The Wedding Emporium and really liked the curvy design. Or We had my ring custom designed by Calla Gold Jewelry or whatever. You shouldn’t make the pawn shop part of your story. Thats just your shopping secret!

If you purchased your ring at a pawn shop, by putting your previously owned diamond into a new design, youve made it your own. Its now part of your happy story, not someone elses history that you know nothing about.

How To Pawn Your Engagement Ring

Man Pawns Wedding Ring to Pay for Prostitute

When your personal finances are in a strain, sometimes you have find quick methods to get extra money. One method is to pawn valuables. The best items to pawn are usually articles of jewelry or other high priced items. In a real bind, turn to items that you know have high inherent value, such as your engagement ring. The pawning process allows you to recover your items, so you don’t necessarily have to lose your belongings forever.

Bring your ID and engagement ring to the pawn shop.

Allow the pawn broker to appraise the value of your ring. Show him the photo ID upon his request.

Consider the terms that he offers you. The pawn broker will appraise the possible resale value of the ring, and offer you a percentage of that as a loan. He will keep the ring as collateral. If you come back within an agreed upon time period, you can purchase your ring back for an agreed upon amount. It is usually the value of the loan plus an interest fee.

Negotiate with the broker if you need more time. Brokers will often charge a greater interest fee in exchange for more time to pay back the loan.

Tips

  • Have a third party appraise the value of your engagement ring before you take it to pawn broker. Then you can accurately judge the fairness of the deal he offers.

Warnings

  • If you are unable to pay back the broker’s loan, he will own your engagement ring. You can return and still purchase the ring, but you will have to pay the price he is reselling it for.

References

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How To Pawn Jewelry

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Pawning jewelry for money is not typically an ideal situation since pawn shops offer high interest rates and price jewelry at a fraction of its true value. However, if you need a quick loan, pawning jewelry might be your only option. By taking the time to have your jewelry appraised, shopping around for the best loan deals, and getting your loan paid back on time, you can safely get the money you need and still get your jewelry back!

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:

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

    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.

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    Jewelry Stores That Buy Diamond Rings Near Me Will A Jeweler Buy My Ring

    Ask your friends or colleagues for local jewelry stores they trust, and check with your local Yelp or Google listings, as well as the Better Business Bureau and Chamber of Commerce. Many if not all jewelers in your town may be closed temporarily or permanently.

    Especially during todays pandemic lockdowns, selling online can be a good option for sake of convenience, and the fact that there is more competition on the Internet, inspiring online diamond buyers to pay the highest price, and most online jewelry buyers send a FedEx or other mailer right to your door.

    Where You Could Sell Your Engagement Ring

    Show me your bargain/ebay/pawn shop rings!

    When selling your diamond jewelry, you have a few options that likely wont get you the most money for your engagement ring:

  • Sell to a jeweler or diamond exchange near you. You may have a relationship with a trusted jeweler, or find someone on Yelp. This may be a quality choice, though keep in mind that a local retail business has high overhead in rent, staff and advertising, and less competition than an online diamond or jewelry buyer so they may be more likely to take a higher commission.
  • Pawn shops typically buy all kinds of gold and diamond jewelry, but expect to pay a very high commission. Pawning your jewelry may get your immediate cash, but a pawnbroker will nearly always pay far less than a reputable jeweler or online gold or diamond buyer.
  • Online consignment store or marketplace like Etsy or eBay.
  • Google or Yelp will lead you to many choices of where to sell your engagement ring for the most money both online, as well as jewelers and large retailers near you, pawn shops, gold buyers, vintage and estate jewelry stores, and auction houses.

    While selling to a local jeweler or pawn shop may give you quick cash, brick-and-mortar jewelry buyers typically pay less than online buyers, so I recommend finding a reputable jewelry buyer online.

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    How Much Do Pawn Shops Pay For Diamond Rings

    There are many potential reasons to sell your diamond ring. Sometimes your life plans have changed, you want to replace it with a better one, or it is an inheritance that doesnt go with your style. The sure thing is that you want to get the amount of money closest to the real ring value.

    Unfortunately, a pawnshop deal generally means that you get a much smaller amount for the ring than you expect. Lets see how much do pawn shops pay for diamond rings depending on their estimated value, diamonds quality, and your negotiating skills.

    The State Of The Ring

    The state of your ring or other jewelry can affect the price drastically. If the ring is broken, scratched, or a piece misses, that will significantly decrease its value.

    Pawn shops will often give you a lower price for the rings that are not in presentable state as they cant sell them immediately without reparation. Rarely, a few of them will melt it to something else. Most of them will calculate the cost of repairs or cleaning and decrease the amount you asked for.

    Therefore, make sure to clean and polish your ring if you are skilled or have extra time. If not, check how much the repair is and calculate if it is payable to fix your jewelry before selling it.

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