How To Sell Your Engagement Ring To a Pawn Shop

Are You Wondering How To Pawn Or Sell An Engagement Ring?

Most people know that pawn shops love diamond rings. There is a big market for both buying and selling diamond rings at pawn shops. Selling to a pawn shop is a good way to get some quick cash, and a great place to find a deal on a nice diamond ring. When you sell a diamond engagement ring to a Scottsdale pawn shop, you’ll be able to get closer to market value than you would on almost any other item. Before you get ready to sell or pawn your engagement ring, follow these tips to get a good deal.

Should I Pawn, Sell, Or Keep My Engagement Ring?

If you’re having a hard time deciding whether you should pawn, sell, or keep your ring, ask yourself these questions.

• Is the precious metal the ring is made from at a high or low value right now?
• Does the ring hold sentimental value to me?
• Is there a chance I’ll want the ring back at a later date or that I’ll regret selling it?
• If I pawn the ring and can’t pay back the loan, will I be upset that I can’t get the ring back?
• How will I feel about someone else wearing the ring?
• Am I making a good financial decision with the money I’ll get from pawning or selling the ring?

Is It Better To Pawn Or Sell?

Before you head to the pawn shop, learn the difference between pawning and selling.

Pawning

When you pawn your engagement ring at a Mesa private pawn shop, you are using it as collateral for a cash loan from the pawn shop. The pawnbroker will look over your ring, make you offer, and give you cash for it. You’ll be required to pay back the balance of the loan along with any interest and fees that you agree to, within a certain timeframe. If you don’t pay, the pawn shop can keep and resell your ring.

Selling

This is a much simpler process. The shop will keep the ring for good and give you cash for it, no strings attached.

Will I Get More Cash For Pawning Or Selling My Ring?

Usually, pawning your ring means more money for you, because there is less risk to the pawn shop, plus the benefit of the interest you’ll be paying them. When you sell your ring outright, the pawn shop needs to resell the item in order to make any money, leaving them with a higher risk.

Getting Your Ring Ready To Pawn Or Sell

Get It Clean

Before you try to sell  your diamond ring to a Mesa pawnbroker, make sure it’s in marketable condition. First, get it clean by soaking it in a solution. A specialty jewelry cleaning solution is best, but you can make do with warm soap and water or a mix of windex and hydrogen peroxide. Vinegar with baking soda is another inexpensive option. Gently apply a soft bristled toothbrush to get all the dirt out of the crevices of your engagement ring. Rinse it carefully under cool running water, and dry with a microfiber cloth. Be careful not to snag your cloth on any of the setting arms.

Check For Hallmarks

Look over your ring for the indication of how many karats are in the gold. This value tells you the amount of gold inside your ring – the higher the number, the higher the percentage of gold, which means more value. 10K, 14K, and 18K are the most common numbers. A silver ring will have engraving of three numbers indicating the purity of the ring. Platinum rings will usually be marked PT or PLAT along with a number. Silver and platinum rings can easily be calculated to learn how much precious metal they contain – for example, 925 means 92.5% silver. The more precious metals in your ring, the more value it has.

Check For Completeness Or Damage

Collect any original pieces that came with your ring, such as the box and any paperwork. Complete sets will usually get you a higher price at the pawn shop. If there is damage to your ring or it needs repairs, you can expect it to have a lower value.

Take It To a Mesa Pawn Shop To Get Cash In Hand

When you’re ready to sell, take your ring to a East Mesa pawn shop for an offer. You’ll need to know if you want to pawn it as collateral or sell outright. If you decide to pawn it, ask questions about the conditions of the loan and don’t sign until you feel confident you understand the terms and are comfortable with them. If you want a simpler process, hand the ring over for a direct sale. Remember that selling your ring won’t mean more money in hand; it just means a simpler process.

Sell Your Diamond Ring To a Friendly Mesa Pawn Shop

Save yourself the hassle and risk of a private sale and bring your engagement ring to a Private Pawn in Mesa for quick results. As a trusted local pawn shop, we have a reputation of getting results. We are ready to help you find the right buyer for your valuable diamonds! Stop in one of our convenient locations today to discuss the sale of your diamond ring and to get cash in your hands.

Private Pawn – Robert Johnson