Pawning A Wedding Ring: Is It Safe?

Shopping Blog

After a divorce, you're probably ready to get rid of all of the memories of your former marriage. One of the biggest reminders is your engagement ring which you probably see every day. Removing your engagement ring is a big step in the process of healing from a breakup, but you shouldn't just let you ring collect dust in a drawer, especially considering the financial toll that going through a divorce can have.

You can sell or pawn your engagement ring, but is it safe? That depends on the pawn shop. Sure, there are plenty of disreputable pawn shops that you should steer clear of. But don't let a few bad eggs deter you from potentially getting cold hard cash in exchange for your ring, you just need to find the right pawn shop.

The first thing you need to do if you're considering visiting a pawn shop is to decide whether you want to pawn or sell. Pawning is a good option if you need money, but aren't sure that you're ready to completely let go of your ring. Pawning allows you to pay back your loan within a certain timeframe to get your item back. You should note that in this case, you'll probably only get 70% of the value of your ring.

Next, you need to have your ring appraised by a reputable jeweler. You should know how much your item is worth, so you don't end up getting ripped off. If a pawnbroker offers you a ridiculously low price, you can walk away sure that they were either trying to rip you off or not knowledgeable. Most reputable pawn shops should have someone who is an expert in appraising jewelry.

You should visit a few different pawn services in person as well as online to locate the best deal for yourself. Since you have had your ring appraised and weighed, you know its value. This should empower you to feel comfortable negotiating with the pawnbroker. You should, however, let them make the first offer and adjust from there.

Parting with jewelry is never easy, especially when it's something as emotional as an engagement ring, but if you're genuinely cash-strapped, pawing your engagement can be a good option to keep in mind. If you've just gotten divorced, getting rid of your engagement ring might even be an important part of your healing process. Sell your engagement ring and take yourself on vacation, or pay off those lawyer fees. 


3 November 2017

Learning How to Shop

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