Engagement rings are difficult to part with because they hold immense sentimental value. They are also often among the most valuable items in many peoples’ jewelry boxes. In unexpected financial situations, such as medical or business expenses, it can be tempting to sell them.
Did you know you can use your engagement ring to get the cash you need while retaining ownership? It’s called a collateral loan, and it works by using your engagement ring as security for a short-term loan. You’ll get instant access to cash while your ring stays secure in a high-tech vault in one of the safest buildings in America. Please read on to find out how to pawn an engagement ring.
Ready to pawn your engagement ring? Book a free appraisal today and secure the best loan offer!
Step 1: Understand the Value of Your Engagement Ring Before Pawning
It’s smart to determine how much your engagement ring is worth before securing a jewelry loan. You don’t have to be a jewelry or diamond expert, either. You just need a general idea of what influences diamond ring values:
- Materials: Precious metals, such as gold and platinum, add value.
- Brand: Brand recognition also plays a part in engagement ring value, particularly recognizable brands with exclusive designs or a high level of prestige.
- The Four C’s: The Gemological Institute of America created the Four C’s method, which many appraisers use to establish diamond value. The four C’s are color, clarity, cut, and carat:
- Color: Color rating is based on the lack of color in the diamond. It ranges from D to Z, with D representing colorless stones.
- Clarity: Clarity is based on the diamond’s number of surface blemishes or internal inclusions, ranging from flawless to included.
- Cut: Rated from excellent to poor. The cut, not to be confused with the shape of a diamond, refers to the facets of the stone and its overall brilliance.
- Carat: Carat distinguishes how much a diamond weighs.
Still unsure how much your diamond might be worth? Our team of diamond appraisers can help you determine its value with a free, no-obligation quote. Book an appointment or call/text us at 212-287-5257 to get started.
Step 2: Preparing Your Ring to Pawn for Maximum Value
Clean your diamond ring before the appraisal, either at home using mild soap, warm water, and a soft brush or at your local jeweler. Documentation associated with the ring, such as the original sales receipt and accompanying certificates, is also helpful, as it might help authenticate the ring. If you have them handy, bring them with you to the appraisal.
Step 3: Where to Pawn a Ring in NYC
Finding the right lender is also important. One of the most trusted lending firms on the secondary market is Qollateral. We are committed to helping customers secure the funding they need with the highest loan-to-value ratios on the market. Pawn shops can’t compete.
What You Can Expect When Pawning an Engagement Ring at Qollateral
You’ve done your due diligence and have decided to trust Qollateral with your prized engagement ring. What is the next step?
How to pawn a ring:
- Schedule an appointment for an engagement ring appraisal
- Receive a loan offer
- Sign the loan terms
- We will store your assets in a monitored vault in NYC’s International Gem Tower
- Receive your cash loan
- Repay the loan within the loan terms
- Reclaim your engagement ring
We want you to keep ownership of your valuable and sentimental assets. That is why we prioritize transparency in the lending process with a clear loan agreement that details everything you can expect from the loan. There is no pressure to commit, and the entire process is completely confidential and secure.
Qollateral is the best place to pawn a ring because we make securing a loan simple and safe. We are highly rated by customers and are committed to helping you get the best offers on engagement ring loans.
Contact our team today to discuss your options and arrange a complimentary engagement ring appraisal.
