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.
Give it back
Now let's talk about noble manners when questions arise about what a woman should do with an engagement ring after a divorce. If you want to close the marriage book, then offer to return the ring to your ex-spouse. It so happens that a man buys jewelry for an engagement and wedding, so it would be fair if you give him the jewelry as a sign of respect and honor.
This gesture looks especially generous when the guy gave the ring as a family heirloom, rather than buying it from a jewelry store.
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:
- Choose a suitable pawnshop.
- 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.
- 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.
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.
How to calculate the price of yellow metal per gram in rubles
During 2017-2018, the maximum cost of 1 ounce of gold reached $1,363.45, the minimum price was $1,151.05 per unit of weight. The official accounting value of the yellow metal, established by the Central Bank of the Russian Federation as of February 10, 2018, amounted to 2,461.36 rubles. for 1 year
How is the price for 1 gram of gold determined in a pawnshop? The price for precious alloy scrap varies up to half the price set by the Central Bank. Before selling an old ring or earring without a pair, it is recommended to conduct monitoring to compare prices in other buying centers.
The cost of 1 gram of gold in a pawnshop depends on the purity. When selling alloy products today, they are guided by the following prices per 1 g:
- 375 sample - up to 930 rubles;
- 585 - up to 1450 rubles;
- 750 - 1820-1850 rubles;
- 958 - 2400 rub.
Pawnshops cooperate with jewelry factories, factories, and workshops, so the purchased material is sold for recycling. Antiques are sold through auction.
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:
- 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.
- 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.
With peace and quiet
If you go through life with positivity and fun, then you will definitely like this method. What to do with an engagement ring after a divorce? Perform a funeral ceremony.
Order a small coffin for your ring, wear bright clothes, grab your best friends, and then take it anywhere and bury it. After the ceremony, be sure to go out and have fun. This is a harmless way to take control of the situation and begin to move forward. But it will be extremely difficult for you to do this if you don’t want to simply throw away the precious jewelry.
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.
Create a work of art
Collect other old jewelry or buy some costume jewelry from a thrift store and then dismantle it. Remove the stones and rhinestones from the rings and use hot glue and canvas to create a beautiful mosaic look made entirely from jewelry.
You can melt the metal and turn it into a tiny sculpture. Of course, creating a work of art takes time. But it is during this period, when you engage in creativity, that you can let go of all fears, resentments, pain and disappointment.
Pros and cons of loans secured by a ring
Borrowed funds issued by a pawnshop have their pros and cons. The benefits include:
- 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.
- Employees do not check your credit rating and do not contact debt collectors if you do not return for the pawned jewelry.
- The only documents you will need are a passport. No proof of earnings is required.
- 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:
- The interest rate is calculated daily. Usually it is higher than banking, but lower or at the level of microfinance organizations.
- 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.
- 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.
Signs and superstitions
It is believed that wearing a wedding ring after a divorce or death of a partner is a bad omen. But is this really so? It's all about the state of mind of the divorced person. Imagine how bad he feels morally when he sees this decoration.
- It is believed that if a ring brings suffering, then it should never be kept near you. The best way to get rid of it is to sell it, give it away, melt it down. This also applies to other wedding attributes.
- Traditionally, the wedding ring is wrapped in a scarf and placed in the farthest corner. According to legend, this is necessary so that the jewelry does not fall into the wrong hands. Many believe that objects store the energy of the owner, so some people can use them to cause damage.
- Selling is not recommended, because it is believed that you cannot purchase and wear used jewelry. Many people believe that if they take a used ring and put it on, the life of the previous owners will be passed on to them. And since the jewelry was sold, it means their marriage did not work out. Nobody wants to repeat the fate of their former owners, so such people prefer to buy new rings, even if they cost them a pretty penny.
- Another sign is that jewelry passed down from parents can be worn. But if you decide to melt down or give your ring to a friend or acquaintance, then it can make their life miserable.
How true this is is up to you to decide. In most cases, all signs are associated only with the undermined emotional and mental state of people after a divorce. Some people don’t believe in omens, but prefer to keep the ring because it is often quite expensive and made of precious alloys and stones. When a difficult period in life comes, a person can sell it or take it to a pawnshop at any time. But if you are in unbearable pain, then get rid of the jewelry without even thinking about it.
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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Author of the article: Klavdiya Treskova
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