Wondering how to pawn or sell a ring? At PawnGuru, we break the pawning process down for you so that you are equipped with the necessary seller’s knowledge to get the highest possible appraisal for your ring.
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Whether you’re looking for advice on how to pawn an old wedding ring or sell an antique thrift store treasure, you can count on us to help you prepare for the process.
How to Pawn or Sell a Ring: The Preparation Process
Clean the Ring
The first piece of advice we’ll give you on how to pawn or sell a ring? Make sure you clean it.
It might surprise you that the reason for this is actually less about giving it a “newer” appearance and more about revealing markings that indicate value. For instance, if your ring is 14 karat gold vs. 10 karat gold, you’ll want to make that clearly visibly to the pawnbroker by cleaning the dirt out of the ring. Make sure that you don’t use any brushes or materials that are too abrasive.
Learn about Markings
Now that you’ve revealed any potential hallmarks on your ring by cleaning it, we’ll give you our second best piece of advice for how to pawn or sell a ring.
10K, 14K and 18K are the most common karats for gold jewelry. The value goes up as the number does, because it indicates a higher percentage of gold being used in the jewelry. You will also see numbers, abbreviations and acronyms that indicate other types of metals such as silver and platinum. Read up on these before you go to pawn or sell a ring.
Check for Completeness
Collect any original pieces that came with your ring. This includes the ring box and any paperwork or stones that had fallen out of the setting. The more you have of a complete set, the better your appraisal will be.
How to Pawn or Sell a Ring: The Transaction Process
List Your Ring Online
It’s easier today to pawn or sell a ring than it was five years ago, thanks to technology. List your ring online at PawnGuru to alert all pawn shops in your area that your ring is available for bidding. This is free and only takes a couple of minutes!
Collect Pawn Shop Offers
Once your ring is listed online at PawnGuru, you will begin to receive bids on your ring from local pawn shops. You can compare these offers from the comfort of your couch or on-the-go. You aren’t required to accept any of these offers, but you are likely to get fantastic offers from these pawn shops.
Go to the Highest-Bidding Pawn Shop
Once you have accepted an offer on your ring, you will need to enter the pawn shop to make the transaction happen.
Get Cash in Hand
If you’re looking to pawn the ring as collateral for a cash loan, you will need to come to an agreement with the pawnbroker about the terms of the loan. The pawnbroker will hold your ring in a safe place until you pay back the loan, as long as this is within the window of time you both agreed to. If you don’t, it is theirs to keep or sell to another customer. Otherwise, you will get your ring back.
If you’re looking to sell the ring with no loan involved, you just hand the ring over and get your cash in hand.