How Much Is My Ring Worth at a Pawn Shop? (Guide 2024)

In terms of obtaining a loan, pawning a ring is one of the easiest ways. The pawnbroker will simply appraise it and give you an amount.

You either take it or leave it. However, it can be confusing how a pawnbroker comes up with the price.

So you might be wondering, is pawning the only choice for you? In this article, I’ll be discussing factors pawnbrokers look for in a ring and things you should look out for.

How Much Is My Ring Worth at a Pawn Shop?

Factor #1: Type of Metal

Metal ring band

Pawnbrokers will not give top dollar without considering the type of metal your rings have. Naturally, the more expensive metal you have, the better price they will offer.

The most expensive metal ring is platinum.

Platinum costs more because it is rare and mined less than gold. So, a pure platinum ring can cost you on average $800, while a pure gold ring of the same volume can cost you $150.

Gold and sterling silvers are pawnbrokers’ favorites.

Why? These rings are faster to sell than other rings in auctions. Pawnbrokers don’t typically care that you have an expensive ring to pawn.

They want to know whether the ring pawned is quick to sell. So, they can be picky when checking the ring.

Stainless steel rings are valued the lowest. Some pawnbrokers don’t accept stainless steel rings. They are not only cheaper, but people also are not that interested in purchasing them at auctions.

Factor #2: The Ring’s Gemstone


Aside from the metal band, the pawnbroker will check what gemstone your rings have. Pawnbrokers will give the highest appraisal for diamond rings, regardless of their metal band.

Quartz and topaz, on the other hand, do not receive high appraisals. The gems’ color and form made them low-value gems.

There are even pawnbrokers who will not accept low-value gems. These gems are not desirable on auctions like gold and silver.

The color of the gemstone also affects the pawnbrokers’ appraisal. A red diamond is more expensive than an ordinary clear one.

Imperial topaz is worth more than a transparent blue topaz. Why? Because pawnbrokers always consider the rarity of the color. 

Also, don’t forget the carat weight. Pawnbrokers will give a higher offer for higher carats. 

Author’s note: On average, a one-carat diamond ring will cost you between $1,800 and $12,000. However, the price may cost more depending on the diamond itself, the metal band and the intricacy of the design.

Factor #3: Overall Condition of The Ring

How Much Is My Ring Worth at a Pawn Shop

Pawnbrokers consider this as the most crucial factor in appraising your rings.

Even if you have a diamond platinum ring, pawnbrokers can give you half as much as you would expect. They don’t want a diamond looking like a dud. 

Pawnbrokers are particular to the clarity of the gemstone and the build of the ring band. As for clarity, the highest grade is FL (Flawless), while the lowest grade is I3.

The clarity is usually based on whether there are cloud inclusions in the diamond.

Also, take note that scratches on the ring will also decrease the value more. Pawnbrokers tend to avoid pieces of jewelry that need professional help and cleaning.

So, if you’re planning to have your ring pawned, at least clean it up first.

How Much Will Pawn Shops Typically Pay for a Ring?

Pawnbrokers will pay around 30% to 60% of the ring’s fair market value. However, it still depends on the pawnbroker on how much they are willing to give.

It is a case-to-case basis considering all the factors mentioned. Some pawnbrokers can give you a fixed rate depending on the type of ring you pawn. 

In exceptional instances, a few pawnbrokers can give you as much as 80-90%. An example of this instance is when you pawn a rare red diamond ring. Also, pawnbrokers and pawners can agree to a higher value subject to conditions. 

Can you ask for a lower percentage? Yes, you can actually ask for a lower value. You may wonder why to ask for a lower loan value. When pawning items, you intend to get your item back.

Most people ask for the amount they only need. Of course, you can ask for the whole amount appraised by the pawnbroker. But it also means a heftier amount to pay back.

Author’s Note: The biggest diamond ring owned by a celebrity belongs to Elizabeth Taylor. It has a whopping 33.1-carat diamond. The diamond ring was reportedly worth $11.4 million at the time of sale. How much do you think the ring’s worth when pawned?

How Long Do Pawn Shops Hold Items Before Selling My Pawned Ring?

pawn shop

On average, pawn shops hold onto items for 30 days. Some pawn shops have a longer holding period when it involves more expensive items. Pawnbrokers give extended periods because of the amount of money loaned. 

Pawn shops can give more than a month based on an agreement between them and the pawners.

But, this also means that the pawners are subject to certain conditions. These conditions are to ensure that the pawners will make good of the agreement. 

After the end of the holding period, pawnbrokers will notify the pawners that it is their last day to pay the loan.

Failure to comply, pawnbrokers will prepare the items for auction. They will publish a notice indicating the date, time, and place of the auction.

Author’s Note: Jordan Tabach-Bank, the owner and CEO of the Loans Companies – Pawnshop, shared in a Vox interview that people started investing in gold. In 2020, people began buying gold in pawn shops even with the increased price. It seemed that people found stability in investing in gold during the pandemic.

Are There Any Alternatives To Pawning A Ring?

Yes, there are alternatives to pawning a ring. You know that by pawning your ring, you will not receive 100% of the value.

Instead, you will receive only a certain percentage. But, there are alternatives available for you when you want to receive the fair market value of your ring. 

The following are your choices:

Directly transact with a jewelry broker – A jewelry broker is like a pawnbroker, except that they offer a higher value for your pieces of jewelry.

Selling the Ring – Usually, selling the ring is the last choice for most people. If you intend to get the full fair market value, then this is your best bet.

Selling means no loan and interest to think about every month. You can sell your ring to a jewelry broker or a direct purchaser.

To find people interested, you can visit a local jewelry store or a consignment. You can also start posting about the ring online. But, be careful when posting an expensive ring online.

When planning a transaction, make sure to ask them to meet you face to face. But if this is not possible, try to take extra steps.

Ask for identification cards, write a binding contract of sale, and stipulate conditions to place both of you at ease.

Determining the exact value of your ring can be tricky. I suggest that you visit many jewelers and have your ring appraised.

I highly recommend you check in with more than one jeweler. Consulting with at least three jewelers will help you find the average price for the ring.

Frequently Asked Questions

Engagement ring

Where to look for reliable pawn shops near me?

Searching online is the easiest way to find a pawn shop near you. If you want to learn more about them, check their websites or social media pages.

More likely than not, there are customer reviews on their pages. 

However, if you are unlucky to find one, you can ask family and friends. If they have any recommendations, try visiting them all to receive different appraisals.

In considering which pawn shop to pick, choose the one that gives you the best value for reasonable terms and conditions.

How much interest do pawnbrokers charge for a ring?

The average interest rate is 10% a month. However, the rate still varies from state to state based on the law regulating the pawn shop interest rates.

So, if you do not need to pawn your ring, I advise you just to avoid it. As you can see, the rates are ridiculously high. And, if you fail to pay on time, corresponding fees apply. 

Can I sell my ring to a pawn shop?

Yes, you can sell your rings at a pawn shop. However, I advise you not to sell your rings to them. Some pawnbrokers leverage your desperation to offer the lowest price for your jewelry.

In the end, you may not receive anything close to the amount you originally paid. There is a high chance of you getting ripped off.

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