Can You Sell or Purchase Wedding Rings at Pawn Shops?
No one ever wants to sell their wedding ring. When that happens it’s because they’re in need of money immediately. Oftentimes, people are also in need of purchasing a wedding ring quickly. If you’ve ever been in either of these situations and wondering how to resolve the issue, you may want to give pawn shops some consideration.
This post will help you to know if you can sell or purchase wedding rings at pawn shops.
Can I Purchase a Wedding Ring at a Pawn Shop?
Purchasing the perfect wedding ring can be a daunting task. You want to make sure the ring will be pleasing to the recipient. You want it to have the right look, but you also need for it to have the right price point. Pawn shops are a good place to look for a wedding ring. People often sell their rings to pawn shops because they’re in need of quick cash. So, it’s possible to find the perfect wedding ring at the pawnshop.
Tips for Purchasing Wedding Rings at a Pawn Shop
It’s true a pawn shop may have a good number of wedding rings to choose from. However, it will require a bit of patience, luck, and knowledge to pick the right pawn shop wedding ring for you. So, here are some things you should know when it comes to purchasing a wedding or engagement ring at a pawn shop.
Research in Advance
Learn as much as you can about diamonds before going to the pawn shop to look for the perfect ring. Go to a local jeweler, ask questions, feel the different weights of the diamonds and their classes, etc. Feel empowered enough to be able to ask the right questions and make comparisons when you get to the pawn shop.
But you don’t stop there. Do a thorough review of the pawn shops you may want to consider. Google your best options and read up on all their reviews. Your research should be so thorough that you feel confident about the pawn shop(s) you visit.
Be Prepared to Negotiate
One thing you can do at a pawn shop that you’re not able to do at a jewelry store is to negotiate your price. So, take full advantage of this opportunity. You never know what wonderful bargains you can get considering pawn shop jewelry prices.
Authenticate Before Purchasing
Real diamond accessories usually come with a legitimate record from a gemologist. These records are to certify that these products are original and worth a higher sum. You should ask for proof of authenticity when you walk into a pawn shop. Not all high-quality pawn shop diamond rings have this type of proof, but you can always arrange to have a piece you really like appraised. The pawn shop may not appraise, but you can bring in a third party to do so.
Take Your Time
The more pawn shops you visit, the more beautiful diamond rings you will see. Don’t be quick to make a decision. When you’re searching for the perfect wedding ring, it’s best to take your time. Allow yourself the time you need to visit different shops and go through their inventory. Being in a rush will sometimes lead to frustration in the end.
Stick to Your Budget
Looking at so many different rings can sometimes make you do things you’ll later regret. If you go shopping with a budget, it’s always best to stick to that budget — no matter what. Keep your purchasing impulse under control. Use a pawn shop jewelry calculator if you have to. The best way to stick to your budget is by taking your time. Buying too quickly can easily take you over budget.
Use What You Have to Get What You Want
Remember that one of the good things about pawnshops is that you can also sell stuff yourself. In fact, you can trade your old jewelry and add a little of your own money, if you have to in order to get the pawn shop wedding or engagement ring you want. After making a selection, the seller will assess your old piece and tell you how much more money you will need to deposit for the new piece.
Choose a Reputable Pawn Shop
Make your research count. Only do business with a pawn shop you feel you can trust. You may even come across some good online pawn shops for wedding and engagement rings. Pawn shops that are reputable will never pressure you into making a purchase and will be happy to work with you to verify the authenticity or show paperwork.
Can I Sell a Wedding Ring at a Pawn Shop?
When it comes to selling a wedding ring, a pawn shop may be a good place to go if you’re in need of quick money and are willing to take a major cut from the value. If the ring is of lesser value (less than $1,00) a pawn shop may be a good option for you, but it’s not the only option because pawn shop jewelry prices will be less than other options when it comes to selling jewelry.
The key to getting the most money when trying to sell your wedding ring is to find the right buyer for you, which will depend on the category your ring falls into. Does the ring have a large center stone (above one carat), a smaller stone (smaller than one carat), is it a designer ring, or is it a set?
Selling a Wedding Ring Above One Carat
Diamond Dealer
If your ring has a significantly sized center diamond, you want to ensure you receive the most for your ring. You won’t be able to do that at a pawn shop. To get the most for your money, go to a local diamond dealer. Do your research to find the best one. In most situations, you submit a description of your ring and receive a quote within days. Of course, they will need to actually see your ring to give it a thorough inspection. That’s when you get your final offer, which should be within the range of the quote. You usually receive payment within a day or two.
Online Marketplace
Online marketplaces are also a good place to sell your diamond. They connect you with a network of professional jewelry buyers. The advantage here is that your ring can be put out in front of many people, who will then bid against each other to win it. The benefit of this is that if several people want your ring, they’ll have to compete against one another to get it. That means driving up the price of the ring. The disadvantage of an online marketplace is that they charge a commission for their service, unlike the diamond dealers.
When you review their sites, see if you’re able to view past auctions to get an idea of how much items sold for. If so, you may be able to even see how rings with similar size and quality as yours achieved at the auction. Just remember, those prices likely don’t include the commission price that was paid to the marketplace.
Selling a Wedding Ring Below One Carat
Online Marketplace
Online marketplaces are also a good place to sell your diamond if the caret is smaller than a carat. They connect you with a network of professional jewelry buyers. The advantage here is that your ring can be put out in front of many people, who will then bid against each other to win it. The benefit of this is that if several people want your ring, they’ll have to compete against one another to get it. That means driving up the price of the ring. The disadvantage of an online marketplace is that they charge a commission for their service, unlike the diamond dealers.
When you review their sites, see if you’re able to view past auctions to get an idea of how much items sold for. If so, you may be even able to see how rings with similar size and quality of the diamonds you’re trying to sell achieved at the auction. Just remember, those prices likely don’t include the commission price that was paid to the marketplace.
Selling a Designer Diamond
If you have a designer diamond ring with a luxury name attached to it, it will command a premium compared to a ‘regular’ diamond ring, even if the diamond has similar specifications.
Jewelry from these brands is known as ‘signed’ in the jewelry trade as they include an engraving of the maker’s name on the inside of the ring.
So, if you have a diamond branded from places like Tiffany & Co, Bvlgari, Van Cleef, Cartier, Harry Winston or the like, there’s a good chance that you will be able to recoup significantly more than a ‘generic’ ring with a diamond of similar quality. As with larger diamond rings, it’s best to refer to a good diamond dealer to get the best price.
Selling a Wedding Set
If you have a bridal ring set, these tend to do well with diamond dealers also, as you can usually get more for the set than with the individual pieces. There’s also the added bonus that you don’t have to try to sell the two separately, making the transaction much easier for you.