Is it possible to sell an engagement ring to a pawnshop?

Price of a ring sold to a pawnshop

People donate wedding rings to pawn shops not only for the money. They can get rid of it in this way if the marriage turned out to be unhappy, or after a divorce, the decoration can remind of unpleasant situations. In addition, the ring may not fit or may be broken. It could also be inherited jewelry that is misshapen or no one will wear it.

When evaluating a wedding ring at a pawnshop, the following are taken into account:

• weight of precious metal in jewelry;
• try;
• presence of precious stones;
• defects.

The appraiser will announce the final cost of the product only after a professional inspection. Typically, pawn shops keep the returned jewelry for about a month in case the client wants to return the ring. After a certain period, the ring can be melted down or sold to another person.

Let go of old things, make room for new ones

Most people don't know if they can wear a wedding ring after a divorce. Answer: of course you can. There are no prohibitions or laws that would reproach people for keeping the ring and not removing it. But think about whether you really want this.

Let's give an example. The man had been married for 30 years, after which he and his wife decided to divorce. There could be many reasons: a lack of common interests, disagreements, and exhausting work. The man understood that nothing would bring his wife back, so after the divorce he could not come to terms with the separation, but decided to wear a wedding ring as a sign of fidelity to his love. Such a gesture was very important for him, because every time he reminded himself of the wonderful moments in marriage, of the mistakes he had made and that he did not need anyone but his wife.

Some people find it much more difficult to come to terms with divorce, especially if it was provoked by betrayal, tyranny, pain, humiliation and insults. Those things that are associated with some difficult moments in life can bring a lot of suffering, so why keep them? Constant negativity makes you a vulnerable and closed person, and the presence of a wedding ring turns you into someone who does not in any way try to give himself a second chance at personal happiness.

Loan secured by an engagement ring

Another option for using jewelry is to leave it as collateral when applying for a loan. Each pawnshop sets its own interest rate for the use of money issued in exchange for a mortgage, usually about 0.2-10% per day. To hand over an engagement ring to a pawnshop as collateral you will need:

1. Choose a suitable pawnshop.
2. Approach the specified working hours of the master. The appraiser will advise on the value of the product and the amount that will be given for it.
3. Sign an agreement and receive a loan.

When concluding a transaction at a pawnshop, they will be sure to issue a sheet of collateral loan, which must contain the following information:

• personal information about the person to whom the money is given;
• information about the institution that issues the loan;
• loan amount;
• address of the pawnshop branch;
• date of conclusion of the transaction;
• a detailed description of the jewelry that is left as collateral, including defects revealed during inspection;
• interest rate.

You can return the jewelry on the day of redemption. To do this, take with you the entire amount of the debt with accrued interest, an identification document and a loan agreement.

Sell ​​your gold ring to a pawnshop

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Is it possible to take broken jewelry to a pawnshop?

Most often, jewelry that is collected dust in boxes and that no one uses is sold to a pawnshop. You can pawn an engagement ring and get a certain amount for it. As a rule, there are no problems with whole products. But not everyone can find the money to repair a broken piece of jewelry, and handing over a defective ring to a pawnshop remains questionable. Some companies do not work with such collateral, others pay much less attention to this, only lowering the cost and taking the product at the price of scrap.

Broken rings with a certain defect can also be accepted by appraisers in jewelry stores or antique shops, especially if the ring is rare. Obvious deformations affect the final cost, but the main evaluation criteria still remain the material and the net weight of the jewelry. The pawnshop can accept the brought product for melting, then integrity does not play any role.

If you compare a whole ring and a product with a defect, you can get a smaller amount for the latter. This is due to the fact that a ring in good condition is easier to sell. And you will have to spend a certain amount of money to make it look marketable and repair it.

For jewelry with a defect, the appraiser will give no more than 50% of the cost of the product. And a loan with such collateral will not be issued for a period of more than a month. If the engagement ring is not redeemed within the specified period, the pawnshop will return it for repair or melting down.

Places for buying scrap gold - price per gram

Entrepreneurs who specialize in purchasing products made from precious alloys are guided by fluctuations in the exchange rate of gold on the market. In order not to make a mistake with the sale of jewelry and sell scrap at a favorable price, it is better to contact specialized collection points.

Before selling jewelry, it is recommended to collect a larger number of items. Antique jewelry that has lost its appeal has a low value, but its value among collectors increases. You can sell antique items profitably through auctions and consignment shops.

Banks accept gold in bars and coins with a certificate. The exchange of scrap precious alloy is carried out in pawnshops and jewelry stores. If scrap is available, melting it down into jewelry is considered a profitable option.

The price of 1 g of precious metal depends on the conditions of sale, point of acceptance, degree of wear of the product and the availability of documentation confirming the authenticity of the material.

Pawnshop

In many buying points, the price for 1 gram of gold in a pawnshop is determined after a specialist evaluates the alloy from which the jewelry is made. In this case, the delivery and evaluation of the material occurs at the cost of products of the common 585 standard.

Regardless of the pricing policy, reception at the pawnshop is carried out according to a single scheme. In accordance with current legislation, persons who have reached the age of majority can hand over gold for scrap. A passport is required when visiting a financial institution.

Depending on the category of the pawnshop, the assessment takes into account the artistic value of the jewelry, examines the manufacturer's marks, and identifies the sample. The client has the right to be present during the product assessment and weighing procedure.

The transaction is documented. The agreement specifies the terms of the loan and provides for the conditions and possibility of purchasing the product. Payment of the corresponding monetary reward is made directly at the institution.

Exchange fund

Jewelry made from a noble alloy of a commercial (non-commercial) type, if sampled, can be exchanged for a finished product in a jewelry store with an additional payment. The delivery of jewelry is carried out in the presence of the buyer. The jeweler determines the sample, removes the inserts, weighs the material and announces the cost.

Native gold, orders and medals, technical products, semi-finished products of the dental prosthetic industry and the jewelry industry are not subject to exchange.

Jewelry repair shop

Submission of secondary raw materials to the workshop for re-melting is carried out in the presence of an assay mark. This is a profitable option for those who want to make jewelry according to their own sketch.

What else can you do with a broken ring?

If it’s a pity to take your wedding ring to a pawn shop, the broken jewelry can be used in another way:

1. Send it for melting down and make another product. This way, a broken ring can be given a new life. Some families have a tradition of melting down old jewelry and using it to create wedding rings for newlywed family members.
2. If the ring is made of silver, it can be used to purify and ionize drinking water. To do this, the ring is placed at the bottom of a container into which water is poured.

Broken jewelry can be given to younger family members who can use it for more interesting and creative purposes. There is a sign when you pawn a wedding ring that is being worn - the marriage will soon collapse, and the connection between the spouses will disappear. Therefore, many are afraid to hand over their jewelry and wear it without taking it off. But the most profitable and optimal option, if you urgently need money, is to hand over the jewelry to a pawnshop.

Repurpose Jewelry

Should you keep your engagement rings after a divorce? Unless their presence causes you inconvenience and suffering. Believe me, some people find it much easier if any items associated with a bad marriage are eliminated or modified.

Let's find out where to put a woman's engagement ring after a divorce. Take the jewelry and take it to the jeweler. Have the precious metal melted and then molded into a new ring that you can put on your little finger. This will show potential suitors that you are available. Instead of turning your engagement ring into a typical necklace or pendant, consider other options such as an anklet, pin or brooch.

What not to take to a pawn shop

Pawnshops will not be able to accept items prohibited by law as collateral, even if they are valuable from a jewelry point of view.

The following are not accepted as collateral:

• weapon;
• Food;
• poisons;
• orders, medals, badges for success in military service;
• objects that emit radiation;
• cultural and historical values.

Also, pawnshops will not accept real estate or any buildings as collateral. Such institutions are prohibited from engaging in any business activities. They can only provide jewelry loans as collateral and advise clients. We do not issue loans secured by a wedding ring to adults. Only the citizen with whom the pawnshop made the transaction, or another person with a notarized power of attorney, can pick up the jewelry.

You cannot enter into new transactions with jewelry pawned in a pawnshop, rent it out, or re-pledge it. If a ring or other piece of jewelry is damaged due to the fault of a pawnshop, the organization will have to reimburse the cost of the damage.

Ceremonial farewell No. 2

If the idea of ​​burying a ring doesn't appeal to you, then how about the idea of ​​sending the jewelry floating down the river? Make a small raft or buy a toy boat, cover the jewel with flower petals and light candles on the shore. Send your engagement ring on a long voyage, imagining that you have said goodbye forever to the pain, suffering and heavy feeling of divorce.

Pros and cons of loans secured by a ring

Borrowed funds issued by a pawnshop have their pros and cons. The benefits include:

1. Cash is issued in the shortest possible time. As soon as the collateral property is assessed, they can immediately issue a set amount of money and conclude an agreement.
2. Employees do not check your credit rating and do not contact debt collectors if you do not return for the pawned jewelry.
3. The only documents you will need are a passport. No proof of earnings is required.
4. Availability of pawn shops. They are even in small towns, usually within walking distance. Some branches operate 24 hours a day, 7 days a week.

The disadvantages of loans from pawnshops include:

1. The interest rate is calculated daily. Usually it is higher than banking, but lower or at the level of microfinance organizations.
2. There is a high risk of losing an engagement ring pawned at a pawnshop. If there is no money on the day of redemption, you can forget about returning the jewelry. Pawn shops do not give any deferments. Although some can be negotiated individually, compensation for the amount of accrued interest and asking to extend the storage period will not be for some time yet.
3. The amount that a pawnshop can give rarely exceeds 50-70% of the actual cost of the item.

When choosing, you can easily stumble upon not a pawnshop, but a second-hand shop or a moneylender. You can only check the type of activity using the constituent documents, but organizations always provide clients with such information.

Secured loan in Moscow and the region

1992-2021 Lombard Citycredit LLC INN/KPP 7714845743/770501001 OGRN 1117746565496 Legal entity. Address: 115172 Moscow Goncharny proezd 8/40 premises I floor I Serial number in the Register of pawnshops of the Bank of Russia 828 dated July 19, 2011 All information presented on the site is for informational purposes only and under no circumstances constitutes a public offer as defined by the provisions of Article 437( 2) Civil Code of the Russian Federation In accordance with clause 1.1 of Article 2 of the Federal Law of July 19, 2007 N 196-FZ “On Pawnshops”, a pawnshop carries out professional activities in providing consumer loans in the manner established by the Federal Law of December 21, 2013 N 353- Federal Law “On consumer credit (loan)”. On the minimum and maximum repayment periods for a consumer loan

In accordance with Art.
2 of the Federal Law of December 21, 2013 N 353-FZ “On Consumer Credit (Loan)”, the period for providing a typical consumer credit (loan) is determined by the General Conditions of the Consumer Credit (Loan) Agreement, which are established by the lender (pawnshop) unilaterally for the purpose of repeated use and posted on a website on the Internet. At Lombard CityCredit LLC, the repayment period for a typical consumer loan is 61 days from the date of conclusion of the loan/transfer agreement. In accordance with Article 10 of the Federal Law of July 19, 2007 N 196-FZ “On Pawnshops,” if the loan was not repaid by the borrower within the period established by the loan agreement, the pawnshop does not have the right to foreclose on the pledged item within the grace period of one month. During the grace period of one month and further until the day of sale of the pledged item, the pawnshop does not have the right to increase the interest rate on the loan provided for in the loan agreement, worsen the storage conditions of the pledged item, or charge a fee for its storage. Thus, the maximum repayment period for a typical consumer loan is 90 days from the date of conclusion of the loan/provision of funds agreement. Early repayment of a consumer loan is possible from the 1st day of using funds without changing the interest rate, charging penalties, fines, commissions, penalties and any other additional expenses of the borrower. About the maximum interest rate
In accordance with clause 8 of Art. 6 of the Federal Law of December 21, 2013 N 353-FZ “On consumer credit (loan), the maximum (marginal) rate of a consumer loan provided by a pawnshop is established by the Bank of Russia QUARTERLY and published on the Bank of Russia website in the corresponding section in the category “Market average values ​​of the total cost of a consumer loan (loans) determined for pawnshops" In Lombard CityCredit LLC, the maximum rate of a consumer loan provided by a pawnshop corresponds to the Limit values ​​of the total cost of consumer loans (loans) of the corresponding categories of collateral established by the Bank of Russia for the specified quarter. In case of early repayment, the interest rate specified in the individual terms of the consumer loan (loan) and the pledge ticket does not change; no commissions, fines, penalties and/or any other additional costs for the borrower are charged. To conveniently calculate the amount of interest payable for early/partial repayment, use the calculator.

How to choose a pawnshop

Before contacting the most suitable pawnshop, check the reviews of customers who have already collaborated with the chosen organization. Reliable organizations value their reputation, and therefore you can be sure that the pawnshop will fulfill its part of the obligations under the contract. But not all pawnshops have such information publicly available. If there is no copy of the license and other documents at the special customer stand, contact another organization.

Also pay attention to whether the pawnshop has the right to terminate the agreement on the pledged property ahead of schedule. This can happen if the Department of Internal Affairs presents documentation of the confiscation of collateral property. The pawnshop must notify the borrower of what happened within 3 days. If the notice to the mortgagor is not specified in the conditions, then you may be left without a mortgage.

about the author

Klavdiya Treskova - higher education with qualification “Economist”, with specializations “Economics and Management” and “Computer Technologies” at PSU. She worked in a bank in positions from operator to acting. Head of the Department for servicing private and corporate clients. Every year she successfully passed certifications, education and training in banking services. Total work experience in the bank is more than 15 years. [email protected]

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Donate it to a worthy cause.

So, you have considered many options, found out whether you can wear a wedding ring after a divorce or not, tried to send it on a voyage, but nothing worked out. Now think about how you could contribute to a good cause. For example, a woman might sell her jewelry at an event to raise money for a breast cancer foundation.

You can also give it to a friend or family member who is delaying an engagement or marriage due to the high cost of precious metals. Allow strangers to use your decoration as they please, but remember that with such a gesture you have done something useful and pleasant.

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Author of the article: Klavdiya Treskova

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