Buying an Engagement Ring: Pawn Shops vs. Jewelers

Ready to pop the big question? Choosing an engagement ring is the first step toward creating a beautiful future together with your special someone. However, before you run out to the nearest jeweler, consider the benefits of shopping with a pawnbroker. Did you know that the average price of a new engagement ring costs upwards of $4,999? When buying from a pawn shop, you can get that exact same ring for as little as $1,500.

Why are jewelers so much more expensive? This is because they are faced with hefty business costs that often require 300% markups over the suggested retail price. Meanwhile, pawnbrokers only pay about 10-20% of the suggested retail price, leaving you with a much better deal.

Think about it this way: weddings are costly. When you save on an engagement ring, that gives you literally thousands of more dollars in your pocket to put toward your special day. It just makes logical sense to save! For more information on deciding whether to buy from a pawn shop or jewelry, check out the infographic below.

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