Have you found yourself in the process of selling an engagement ring? Nobody enjoys the reality of selling a piece of jewelry like this. An old ring can remind you of your past life that has brought you to who you are today. For that reason, you may want to hang onto your ring – often keeping it hidden away in a drawer or cabinet.
However, many people find the sale of old jewelry an almost therapeutic way of saying goodbye to the past. After all, that ring is just sitting unused and unacknowledged most of the time anyway. Why not consider selling it?
While you have many options when it comes to selling, this guide will help you with one of the easiest ways to sell: a pawn shop. Selling an engagement ring at a pawn shop is usually the quickest and easiest method to say goodbye to your old jewelry. We’ll help you with all the following aspects of the sale:
- Deciding whether selling is right for you
- The benefits of a pawn shop sale
- What to expect at the pawn shop
- Deciding which pawn shop to choose
We understand that this is a tough decision to make. That’s why this guide is designed to help you really take the time you need to consider your options. From there, you can learn everything you need for a smooth and stress-free sale to a pawn shop.
Why Sell Your Ring?
You’ll usually have some difficulty with the idea of selling an engagement ring. Parting ways with such a symbolic piece of jewelry says a lot. For one, it cements the pain of a past relationship ending – often ‘making it real’ in your mind. And it is usually easier to remember the good times than to focus on the bad ones.
As you already know, though, your relationship did not end because it was all good times. This is why many people finally decide to sell their rings.
If you’re still on the fence about selling, consider these points:
I Don’t Want to Sell Because of its Sentimental Value
Sentimentality is a very powerful feeling. It’s what helps us remember all our wonderful memories while passing over the not-so-wonderful ones. And it’s what often convinces us to keep old jewelry that we’ll never wear again.
Many people attach symbolic value to their diamonds and rings. In the end, however, that symbolism does not mean much when a ring is stuffed in the back of a jewelry drawer.
If you decide to sell your ring, you’re not abandoning the memories of your past. You’ll still have those memories (both good and bad). You just won’t surround yourself with objects that remind you of a divorce or a failed relationship.
I Want to Give this Ring to a Family Member
This point remains a little controversial in the overall conversation about engagement rings. Many people hang onto their old engagement rings because they want to give them to their children or other relatives. But there is quite a bit of superstition surrounding such a gift.
Many people believe that the passage of a ring represents a new chapter for an exciting marriage-to-be. Despite a ring’s past, its future is not determined by what happened before. The ring can instead represent a loving gift from you to your family member in celebration of their future.
This line of thought is common with people who hang onto their old engagement rings. But many other people do not see it this way.
Following this idea, you should never give a ring from a failed marriage to a family member. Why would you give a ring that represents a failed relationship to someone else? The negative energy of the object could affect the new couple and cause more harm than good.
Whether or not you believe in karma or this concept of an object’s energy, the stigma probably does not bode well for a couple-to-be. As the lore goes, however, selling a ring does not harbor the same negative karma as giving the ring to a family member does.
I’ll Get Less Money than the Ring is Worth
Any first-time seller of a pricier piece of jewelry like an engagement ring may not understand how it works. This holds especially true when it comes to the value of the ring itself.
The first thing you need to know is the concept of an engagement ring’s value or worth. You must understand the following:
The Value of Your Ring is Exactly How Much Someone is Willing to Pay for It.
The used jewelry market may work differently than you presume it does. This holds especially true for engagement rings and other ‘big ticket’ items.
The truth of the matter is that you will not be able to sell the ring at the same price you bought it. But think about your ring the same way you would with other used items like cars or electronics. Would you expect these items to sell at the same price you paid when you first bought them new?
Always remember that the true worth of your ring is what a buyer is willing to pay for it. Now, this does not mean you should allow yourself to get ripped off when selling. Your best bet is to stick with reputable pawn shops that are trustworthy and well-reviewed.
Consider What You Really Want
Weigh the pros and cons over keeping a piece of jewelry you’ll probably never wear again. If the sentimentality and nostalgia remain important to you – then, by all means, keep your ring for your own personal reasons! If nostalgic memories don’t have this effect, perhaps selling your engagement ring will bring you some peace of mind.
Benefits of Selling an Engagement Ring at a Pawn Shop
You probably already know that you have many options when it comes to selling an engagement ring. Some people resell at jewelry stores. Other people opt for private sales typically done online. And many people decide that a pawn shop is their best bet for a simple sale.
Below, take a look at the Pros and Cons of choosing to sell at a pawn shop.
Fast and Simple Selling Process
Pawn shops are experts at selling merchandise such as jewelry. Their staff make it easy for you to come in, get the details ironed out, and get paid for your ring. There really is no faster way to convert your old engagement ring into cash on the spot.
If you’re looking for a quick and simple sale, a pawn shop is your best bet.
No Legwork or Extra Selling Effort
Selling jewelry on your own takes time. It also takes quite a bit of effort to find the right buyer and complete the transaction. Do you want to take all the time and energy to sell your ring?
While you may get a little more cash for a direct sale, there is no guarantee. On the other hand, a pawn shop handles all the nuts-and-bolts for you. You typically will not make as much money at a pawn shop sale as you would through other methods. However, all you need to do is go to the pawn shop, have your ring assessed, and take the cash-in-hand.
Pawn shops are the best choice for a seller who wants a fast and convenient sale. Many sellers prefer this ease of sale over the extra money they could have made through other selling methods.
Worry-Free Sales Experience
Private or auction sales make some people nervous. This is especially true if you’re selling an engagement ring through a site like Craigslist. Who knows what type of person may be on the other side of the potential sale.
A trustworthy pawn shop removes many of these potential fears. When you work with a well-rated shop, you’ll feel safe from start-to-finish. You can also rest easier knowing you’ll get a fair assessment of the ring’s value.
Again, the price you get at a pawn shop will probably be lower than through other selling options. For the peace of mind, however, the price difference is well worth it to many sellers.
What to Expect at the Pawn Shop
If you’re considering selling to a pawn shop, this may be your first experience at such a place. Pawn shops often have a less-than-stellar reputation as seedy locales with scary people on both sides of the counter! The good news is that this conception is far from reality when you’re dealing with a reputable shop.
Are you ready to sell your engagement ring? Here is what to expect at the pawn shop. This includes before, during, and after your visit.
- Research Your Ring to Understand the Value Range
Take some time to learn about your ring. Hopefully, you still have the details on how much you spent when it was first purchased. However, this amount will likely vary quite a bit from how much it sells for on the market.
Always remember that a pawn shop may not give you a value based on what you find online. Remember, their goal is the same as yours: to sell the ring and make money. As a result, the amount they offer will vary based on your ring’s potential to sell.
- Research Potential Pawn Shops
You want to sell to reputable pawn shops that will give you the fairest price for your ring. But how do you know which store is the best?
The answer, of course, is to do your homework!
Researching pawn shops may sound like a lot of work. But it’s time well spent. You can learn which shops are best-suited for jewelry sales – and which ones to avoid. A little knowledge now will save you a lot of stress and anxiety later.
- Set a ‘Walk Away’ Price
The last thing anyone wants is to be low-balled on an offer. Know your limits when it comes to a ring’s value.
You should set a minimum price you’re willing to take when selling an engagement ring. If the pawn shop remains unwilling to pay that much, do not be afraid to walk away from the sale. You can always return at a later point – or sell to a different shop.
Negotiation for a sale can easily scare you away from a pawn shop. But the truth is that a negotiation does not have to scare you! In the end, it may help you get even more money from the sale.
Many sellers choose to first spend a little bit of money for a professional appraisal. This gives you an expert’s opinion on the true value of a piece of jewelry. You can use this appraisal as leverage because a pawn shop typically does not employ a jewelry expert to give a professional assessment.
The best negotiation tactic you have is knowledge. Give the pawn shop all the necessary details to show your ring in its best light. That way, you’ll receive the highest possible sale price for it.
- Read the Details of the Sale
Never rush into a sale when it comes to an expensive item such as an engagement ring. You’ve had the ring for quite some time as it is. Why would you want to rush through a sale without verifying the details first?
Take all the time you need to review the details of the sale. Again, you can rest easier during this process if you deal with a well-rated, trustworthy pawn shop from the start.
Deciding Which Pawn Shop is Right for You
As mentioned, choosing the right pawn shop is paramount to getting the most for your engagement ring. What factors should you use when making this decision?
- Positive Reviews: A well-reviewed shop means a better selling experience. Take the time to read the reviews as some of them may be biased or from people who do not understand how a pawn shop operates.
- Safe Locations: Choose a shop with a location that is convenient to you and in a safe neighborhood. If you feel unsafe driving around the area, you probably won’t feel safe in the shop either.
- Strong Reputation: Ask friends and family who have sold their jewelry at pawn shops for recommendations. These personal experiences can help guide you to the right choice.
Monte de Piedad: Pawn Shops You Can Trust Across San Diego
With locations across the greater San Diego region, Monte de Piedad is your source for trustworthy, convenient pawning options.
Take some time to read all about our shops – including our initiative to give back to the community through the Monte de Piedad Foundation. We’re sure that our fair pricing, convenience, and investment in our neighborhoods will make you a customer with us for life.
To learn more or to get in touch, contact Monte de Piedad today.