How to Pawn Your Engagement Ring

by Ilya Kovic ; Updated July 27, 2017

Items you will need

  • Engagement ring
  • Government issued photo ID

When your personal finances are in a strain, sometimes you have find quick methods to get extra money. One method is to pawn valuables. The best items to pawn are usually articles of jewelry or other high priced items. In a real bind, turn to items that you know have high inherent value, such as your engagement ring. The pawning process allows you to recover your items, so you don't necessarily have to lose your belongings forever.

Step 1

Bring your ID and engagement ring to the pawn shop.

Step 2

Allow the pawn broker to appraise the value of your ring. Show him the photo ID upon his request.

Step 3

Consider the terms that he offers you. The pawn broker will appraise the possible resale value of the ring, and offer you a percentage of that as a loan. He will keep the ring as collateral. If you come back within an agreed upon time period, you can purchase your ring back for an agreed upon amount. It is usually the value of the loan plus an interest fee.

Step 4

Negotiate with the broker if you need more time. Brokers will often charge a greater interest fee in exchange for more time to pay back the loan.

Tips

  • Have a third party appraise the value of your engagement ring before you take it to pawn broker. Then you can accurately judge the fairness of the deal he offers.

Warnings

  • If you are unable to pay back the broker's loan, he will own your engagement ring. You can return and still purchase the ring, but you will have to pay the price he is reselling it for.

About the Author

Ilya Kovic is the owner and founder of his own business: The Magic of Ilya Kovic. He began attending the University of Florida in 2010 and holds an Associate of Arts from Edison Community College in Naples.