Calling off a wedding and an engagement is an event that happens quite often, and it is probably better to call it off than to go through with it if you are having major doubts or problems in the relationship. After doing this, though, you might be left with the engagement ring you either received or gave to your partner, and what should you do with it? One of the best options is to pawn the ring, and here are several things to know about this.
Why Pawning Is A Good Option
In most cases, when you purchase a ring from a jewelry store, you will not be able to return it, especially if it was a special order. If you are not sure if you can return it, contact the jewelry store and ask them. If they tell you that you cannot return it, how else could you sell the ring for a decent value?
One option is to post an ad, but a lot of people will not buy rings through ads, primarily because it is hard to prove a ring's authenticity and value. This is why many people turn to pawn shops. A pawn shop will buy your ring with no questions asked. They buy all types of jewelry items, and this method offers a fast and easy way to get cash for the ring you no longer need.
Pawn shops buy items and sell them, and they pay cash on the spot for items of value, such as engagement rings.
How Much You Can Get For The Ring
The next question you will probably have is how much the pawn shop will pay for the ring you have, and there is no specific answer for this as it depends on multiple factors. The first thing to understand is that the pawn shop that buys your ring will sell it after purchasing it, and they will need to make a profit on the sale. Because of this, they are not likely to offer you the true value of the ring. If they did, they could not make a profit when selling it.
To determine how much your ring is worth to them, they will appraise it. Appraising it will involve carefully examining the ring to see what type of gold was used to make it and to see how big the diamond is.
In addition, they will look closely at the diamond to see the cut of it, the clarity, and the color. These factors all affect the value of a ring, and they must do these things to find out what the true value of the ring is.
Pawn shops also clearly understand the going rates for engagement rings, so they know the amount they will need to put on it as the price tag in order for them to sell it and still make a profit on the sale of the ring.
Once they factor in all of these important details, they are likely to offer you a price that is fair but also that is lower than the true value. You are free to accept the offer and take the cash for the ring, or you could forget the deal and try to sell it with a different method.
Just keep in mind that selling a valuable diamond ring is not an easy task unless you sell it to a pawn shop.
Pawning is a great way to get cash for things you own, and you can find out how much your ring is worth by visiting a pawn shop in your city today.