Do you have an engagement ring from an ex-partner and you’re not sure what to do with it? Maybe you have older jewelry that was gifted to you and it’s not really your style. Instead of letting your unwanted jewelry collect dust, you may be able to turn it into cash very quickly. But where is the best place to sell engagement rings, gold chains, and other valuable pieces? Your two main options are a pawn shop or a jewelry store. Keep reading for the pros and cons of selling your engagement ring and other jewelry to a pawn shop!
There are several benefits of selling an engagement ring and fine jewelry to a pawn shop. The most obvious benefit is that you’ll probably be able to sell it quickly. With more than 30 million Americans buying, selling, or pawning items at pawn shops, inventory like jewelry tends to move quickly. That means that your local pawn shop is likely always looking to replenish their inventory!
Another benefit of selling your necklaces, watches or engagement ring to a pawn shop is that you’ll be supporting a small, often locally owned and operated business in your own community. For our environmentally conscious shoppers, everything in a pawn shop is a resale, and there’s no packaging, or extra carbon emissions from shipping items or making new ones! Those who are concerned with sustainability and environmental impacts of their purchases often prefer conducting business with pawn shops.
Additionally, an incredible benefit of selling unwanted jewelry to a pawn shop is that unlike a jewelry store that is only interested in certain styles or designs, pawn shops cater to a diverse customer base. Pawn shops aren’t particularly concerned with what year your engagement ring was designed, or what style your gold necklace is. They may be less picky about the shape or mount of a gemstone, or the background of an older watch.
You can also get a great price for your jewelry at a pawn shop. Pawn shops generally purchase items for approximately 50% of the value. Moreover, you can often sell it and find another amazing piece of jewelry in your preferred pawn shop to trade in.
How to Get the Most Money for Your Engagement Ring & Other Jewelry at a Pawn Shop
To get the most money for your jewelry at a pawn shop, follow these simple steps.
You can use a gentle dish soap and a cloth, or you can likely take it to a jewelry store and have it cleaned. Clean jewelry will sparkle and shine, which can increase your price.
Learn About It
Be sure you know the karat if it's gold. If it has diamonds, research the price of the karat you have online. Spend some time looking up other jewelry until you find some comparable to yours. Find ballpark pricing and remember that a pawn shop will only pay a percentage of the full retail price.
Bring the Original Packaging
If you still have the box your jewelry came in, bring it in the box. This helps to present it more attractively to the broker.
Bring any Appraisals
If you’ve had your jewelry appraised, bring that paperwork with you when you come to the pawnshop. If you happen to have the receipt for it, bring that as well.
Check the Current Price of Gold, Silver, or Platinum
You’ll be a more educated seller if you know the approximate value of precious metals. You can check the current price of gold, silver, or platinum online anytime.
Don’t Shy Away from Negotiations
Pawn shops welcome negotiations. When you get an initial offer, don’t be afraid to ask the broker how they arrived at the figure they offered. Allow them to make their case, then make your case for why they should pay you more. Most times you’ll meet somewhere in the middle.
Do Not Act Desperate
Even if you can’t wait to get that piece of jewelry out of your life, don’t let the pawn shop know that. Instead, keep a cool head, and use the knowledge you’ve learned to make good decisions, and be a strong negotiator!
Are you ready to sell your old jewelry like an unwanted engagement ring? Remember the Alamo, on Transmitter Road in Panama City! Selling or pawning your valuable items with us is safe, easy and faster than doing it yourself. We are always looking for new stock and our staff is knowledgeable in a wide variety of items!
To see what kinds of jewelry we have available at Alamo Pawn Shop, visit our store on Transmitter Road or shop online! We're always getting new items in and will be happy to help you find what you are looking for at an affordable price.
If you are interested in a loan, we provide quick, confidential loans on just about anything of value. Remember when you sell your item to us you can not pick it up later like a pawn loan.