Pawn Value | Pawn an Engagement Ring
So you want to know the pawn value of an engagement ring?
The first thing you should consider is the reason you want to pawn it.
Depending on the situation you find yourself in, you may want to sell it. If you’ve experienced a break-up and want to part with the ring, most pawn shops pay you slightly more to sell your jewelry outright. This option may help forget the baggage that comes with your engagement ring.
If you need to hold on to the ring, pawning is a great option to get a short-term, non-recourse loan. Non-recourse means you don’t have to pay back the loan and there is no penalty for defaulting, like a bad record on your credit report or collections activity.
Pawn shops don’t require good credit since you are leaving your item(s) as collateral to guarantee the loan, and cost you less than payday loans or car title loans.
Engagement rings usually get you a great loan amount. Please note that pawn shops loan money based on wholesale jewelry value, and the loan amount will be roughly 20-30% of what you paid for at marked-up retail price at a traditional jewelry store.
The two major components that give your engagement ring pawn value at the time of pawn are:
1) the metal composition and its weight
2) the diamond count, weight, and quality
Engagement rings are usually made of 10kt or 14kt gold, white or classic yellow. Higher end rings could be made of 18kt, 22kt, or Platinum.
To figure this out check the inside of your ring because authentic precious metal jewelry is generally labeled with a stamp of its composition. The higher the metal’s purity the higher your pawn offer will be. Most pawn shops do not take in plated jewelry unless it has real diamonds. Additionally, size does matter.. in the sense that a larger ring usually weighs more, and therefore has more gold in it (or other metal).
The highest value of your engagement ring usually comes from the ring’s center stone.
If it’s a 1ct diamond or larger, it’s often worth more than the precious metal the ring is made of. Use the Pawn Offer Calculator and select Jewelry to enter the engagement ring’s weight in grams after selecting the purity of the metal, and add the center stone’s properties to get a good idea of what a pawn shop should lend you (if you have accent diamonds around the center stone, you can use the jewelry calculator in two steps, separate of the the engagement ring’s item weight and center stone).
Click here to learn how to evaluate your diamond before using the calculator.
It’s a good idea to bring the item clean to increase its appearance and appeal.
If you have jewelry certification you should bring that too, as it could increase your loan amount and make it easier for the pawnbroker to estimate the value of your collateral accurately. Items like engagement rings usually help you get a higher loan amount at a pawn shop since the pawn shop can easily recuperate their loan money in the event you don’t return to pay back the pawn loan.