How to Pawn a Wedding or Engagement Ring

pawning wedding engagement ring

When you’re in a financial bind, pawning a wedding or engagement ring is a quick and easy way of getting your hands on emergency funds. But before you rush out to the nearest pawnshop in Gaborone, Francistown or Maun, there are a few pros and cons to consider.

Sell or pawn: which is the best option?

Selling an engagement or wedding ring can be a viable option, provided you’re prepared to part with the piece for good. The only problem is trading second-hand jewellery in Botswana can be a tough proposition.

Online marketplaces like Jumia and bidorbuy feature pages upon pages of wedding and engagement rings for sale. Prices are consequently driven downwards, and the average time it takes to make a sale becomes progressively longer. That puts paid to any idea of quick access to cash.

However, if you’ve got a buyer lined up, selling is by far the best option. You’ll get a price that outweighs what a pawn broker will offer you.

Pawning the ring, on the other hand, allows you to retain ownership. It also means the funds you so urgently require are handed over, in cash, in exchange for the ring.

How much do pawnshops pay for wedding or engagement rings?

Pawning a wedding or engagement ring in Botswana may be quick and convenient, but there’s a downside – and that’s the amount of money you can expect to get for it.

It doesn’t matter where you are in the world; pawnshops assess the individual components of jewellery when determining how much they are willing to pay you.

The quality of the stones, purity of the precious metal, and the weight of the ring are key factors when it comes to price determination.

Quality of the stones – pawnshops usually only pay extra for rings that contain diamonds. The pawnbroker evaluates the cut, clarity and colour of the stone or stones, and calculates the carat value into the end price. Tip: you can get an estimate of your stone’s current value by using the Diamond Corporation’s online diamond calculator.

Purity of the precious metal – the easiest way to assess the purity of a wedding or engagement ring is by the stamp on the inside of the band. It will either be two numerals followed by a K – denoting carat – or three numerals. The higher the value of the numerals, the higher the percentage of gold there is in the metal, and the more money you’ll get. Tip: take a look at the Gold Karat Information Chart to determine the carat value and purity of your ring.

Weight – pawn brokers pay by gram weight. By simply weighing your ring and multiplying the gram weight by the average commodity price pawnbrokers are prepared to pay for gold or platinum, you’ll have a reasonable idea of the approximate value of your ring.

Have the ring professionally appraised

Rather than relying on online calculators and domestic scales, we suggest you have your ring professionally appraised. Most reputable jewellery stores in Botswana offer reasonably priced appraisal services.

Once you have a clear idea of what your ring is actually worth, you can use this information to negotiate a better deal from the pawn broker.

Opt for an asset-based loan from lamna Botswana instead

Although you’ll find pawnshops in Botswana’s major cities, not all of them are honest, or even legal. Select the wrong pawn broker and you’ll get a fraction of the ring’s actual value. You’ll also be charged outrageously high interest rates.

Instead of running the gauntlet of dodgy pawnshops and brokers, why not consider a short-term asset-based loan by lamna Botswana? We’re an accredited finance provider with offices in Gaborone.

Simply share as much information about your ring with us online, and we’ll immediately respond with an initial offer of a cash loan.

At lamna Botswana, you’ll benefit from flexible terms, reasonable interest rates and same-day loan processing. Once you’ve paid back what you owe, your wedding or engagement ring is returned to you as it was.

At lamna Botswana, we offer fast, discreet loans against the value of a wide range of assets, from luxury watches and jewellery to vehicles or valuable works of art. For more information about using an asset to secure a short-term loan, contact us on 71 388 088 or simply complete and submit our online application form.


Complete our Online Application Form