Whether you've ended an engagement and have an unused ring on your hands or you have never even made a proposal, you might be wondering how to make some money off that engagement ring you purchased not so long ago. Pawning the ring is a good option! Here's what to consider when deciding whether or not to pawn or sell engagement rings:
Could a Ring Be Needed Again?
If you have a feeling that you might need an engagement ring again in the near future, as in you are actively dating or you expect to win your lover back, you should think about pawning the ring instead of selling it outright. Doing so will provide you with a cash flow and relieve you from having to watch over the ring, but you can get it back within the next few months if you end up wanting to make a proposal.
If you don't end up needing the engagement ring back, you can let your pawn contract expire and keep the money you got for it with no strings attached. It's a win-win situation! Even if you choose to propose to a lady later down the line, you can buy the ring back from the pawn shop for a fraction of the cost that you'd pay at a jewelry store – given that the ring hasn't been sold to someone else.
Where Was the Ring Purchased?
You should also consider where the ring was purchased and whether you can return it to that outlet. Check your return policy and call the outlet to find out what your options are. If you're sure you won't be using the ring anytime in the near future, you can compare the return options to the pawn options that are available to you in your area and decide on which avenue will get you the best bang for your buck. And if the place you purchased the ring from won't accept it back, you'll know that you should be spending your time trying to make the best deal with your local pawn shop that you can.
What Kinds of Safeguards are in Place?
You should also find out what kinds of safeguards will be in place to keep your engagement ring safe from theft or damage while it isn't in your custody. Remember that you still own the ring as long as you pawn contract is good for.
It isn't until after you default on the payments you are expected to make that you will lose ownership of the ring. So, you need to be sure that the ring is in good hands until you decide to let go of ownership or pick the ring back up after making your payments. Are security guards or cameras used? Where will the ring be kept while it's waiting to be sold or go back to you?