Before all the exaggerated pageantry and expense of the wedding, the most emotional purchase for the happy couple is the engagement ring. It's a big deal for both the bride and groom. More often than not, tradition holds that she wants large and sparkly, while he delicately straddles that treacherously razor-thin line between pleasing his fiancee without draining his bank account. Those worries aren't unwarranted when you consider that, currently, consumers spend an average of $5,978 on engagement rings, according to research by The Knot. That's a big chunk of change for a rock.
But, the good news is that there is a way of saving a substantial amount on those rings. Before you head to the mall or your local neighborhood jeweler, consider a pawn shop. Today's pawn shop offers far more than banged up guitars, power tools and dusty televisions. In fact, some are as spruced up as that tony jeweler in the mall.
Push through the doors of The Silver Dollar pawn shop in Roswell, just a step or two from the Alpharetta city line, and it won't take a lot of imagination to picture yourself in a fine jewelry store. Although the store has been in business about three years, owner Joseph Ellis cut his teeth on the pawn business.
"The Ellis family has been serving the Atlanta area for over 60 years combined. My grandfather owned a pawn shop in St. Pete Beach, Florida, in the 50s," Ellis says.
In 1969, Ellis' father, Joe, opened a coin store in Buckhead. In the 80s, he moved his operations north to Alpharetta, and expanded the business to Cherokee Pawn and Coin, securing a stellar reputation until he closed up shop about three years ago.
"I worked with my father since I was 10 years old, and after dad retired, I wanted to continue the tradition, so I moved right down the street and opened The Silver Dollar," he said.
If you decide to look for fine jewelry at a pawn shop, it's important to find one with an exemplary standing and staff members with credentials.
"I am a GIA (Gemological Institute of America) alumni - Diamond Graduate. Though we don't have a certified gemologist on staff, we still guarantee every colored stone we sell. All of my employees are trained by a GIA graduate," Ellis says.
How much can you save in a pawn shop?
"We recently had a ring come in from a chain store that still had the receipt in the box. The gentleman paid $5,500, and it was just outside of his return policy when his engagement ended. The ring was sold at our store for $750, depending on the retail store mark-up you, could save over 75 percent."
That's an extraordinarily fantastic deal -- for the last buyer -- but not an everyday occurrence. However, more often than not, your money will buy more in a pawn shop. A 25 percent savings is pretty much the average. And, remember, it's a pawn shop, so you can try out your negotiating skills.
But, will an old, used ring really look new?
Think about what you're buying: diamonds and precious metals. Clean or remount them, and they'll sparkle as brilliantly as when they were new. You're not going to buy a pitted ring with chipped stones. And don't think old, think vintage. By the way, plenty of buyers specifically look for vintage or estate pieces and, according to Ellis, they're hot commodities and don't last long in the case.
You want to look for a pawn shop that offers options. For instance, you might fall in love with a stone but hate the setting.
"We allow the purchase of any stone out of a mount. Our shop is full service and we can mount or custom make any ring or design. If an individual is leery of wearing a ring that has been worn before, we can order brand new mountings and bands from the same distributors as most chains. The difference is that we charge 10 percent over wholesale versus their markups," Ellis says.
Will a pawn shop guarantee my purchase?
If you wander into a pawn shop that won't, walk out and find another store.
"Everything we sell is 100 percent guaranteed to be exactly how we describe it. We encourage everyone who buys a piece of jewelry -- whether wholesale or retail -- to obtain a full money back return policy, and always have a third party inspect the piece."
Know before you go.
While Ellis says that it is imperative that shoppers educate themselves -- even a small amount of research can save thousands of dollars -- there is a far more pressing piece of advice to heed before you consider purchasing wedding jewelry in a pawn shop.
Under no circumstances should you buy an engagement ring at a pawn shop -- no matter how massive and shiny -- before getting the shopping venue approved by your significant other. If she's not on board, it's highly possible that you'll be hearing about it on every wedding anniversary.
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