Pawning a Wedding or Engagement Ring

Wedding rings have a deep meaning. They are a symbol of ones commitment and a pledge to love, cherish, be loyal, forsake all others and betide to one person for the rest of your life. They are a big deal. However, life happens and you might find yourself in a financial jam that you need help with. Look around you, at the things you have that are valuable. Do you need them? Can you afford to lose them forever? A wedding ring can have a deep sentimental value but when you need quick cash, they can be the most valuable things you may own that can help you get the cash you need.

When you go to a pawnshop, you need to ask yourself if you really need the ring or if you can afford to lose it. This is what makes pawnshops special. You can pawn a wedding ring which means you are using it as collateral that you will redeem when you repay the loan.  If you have no further use for the ring, you could just sell your ring outright.  When you sell, you opt to part ways with the ring permanently.  Pawning vs. Selling which option will give you the most cash.

Second-hand markets for gold jewellery tend to be saturated. Gold jewellery can be unique and be beautifully crafted the one thing that matters to most gold buyers is the gold content. Pawnbrokers Melbourne look at gold jewellery differently in that they value beautiful design and craftsmanship.  They will even offer more for vintage pieces and one of kind designer brand jewellery.

You could try to sell your gold jewellery on the online marketplace but this often takes time. It could take weeks or months for someone to find your online advert.

The important thing you should keep in mind is that you cannot expect to get the same amount of money you paid for it. It is second-hand, it has been worn and has lost its value (Pretty much like a car loses its value when you drive it out of the lot). The pawnbroker will offer you no more than 60% of what the jewellery is worth and that is being generous.

How much can you get for pawning your ring?

A pawnbrokers will take into account the condition of the ring and some key factors:

The metal

Most wedding rings are made of gold. It gold be the traditional yellow, white or pink gold. The different colors come from the metal alloys that are mixed with pure gold. Wedding rings are also made of other precious metals like platinum. In the case of gold the purity of gold is important. This is expressed as karats and varies from 9 karat to 18 karat. 24 Karat is the purest gold quality that is used in making jewellery. Jewellery is never made from 22k to 24K because at that quality gold is too soft and not as durable as it should be.

The weight

The weight of a typical woman’s engagement ring is around 1 to 7gram. You can weigh your ring at home and work out its melt value by multiplying its weight by the going rate that pawnbrokers Melbourne pay for the yellow precious metal.

The stones

A lot of women walk around with rings that have these big stones that they may have thought to be diamond but Cubic Zirconia. And then they get to find out and their hopes dashed when they take their wedding rings to a pawnbroker. Pawnshops offer more for diamonds, cleverly cut and the color and clarity of the diamonds.

Get an appraisal

You can work out a rough estimate of what you can get from a pawnbroker for your ring but the best thing is to take it for an independent appraisal either from a gold buyer or a pawnbroker.  See what the best price is you can get and haggle your way to a price that is close to what’s being quoted.