3 Jewelry Appraisal Myths, Debunked

Whether you have a bracelet or ring passed down to you through the family or you received a beautiful new piece of jewelry you feel is valuable enough to be insured, having the pieces professionally appraised is smart. Unfortunately, most people do not understand how the appraisal process works or what factors influence the value of their jewelry. By learning the truth behind a few common myths, you will understand jewelry appraisal in more detail.

Appraised Value Should Always Be Higher Than Purchase Price

Many people are surprised when they bring a piece of jewelry in to be appraised. They may believe the jewelry is worth much more than what they paid for it. Even though a higher appraised value is ideal, you probably paid more for the jewelry than it is actually worth.

It is important to remember a jewelry or even discount store will not sell you a piece of jewelry lower than it is worth because most retailers want and need to make a profit. Therefore, do not be alarmed if the appraised value is less than how much you purchased the piece for.

Appraisals Are Only Necessary for Insurance Purposes

There are many reasons for investing in a professional appraisal of your jewelry piece. While most insurance companies require one, a professional appraisal is beneficial for other reasons, too.

Knowing how much your jewelry is worth will ensure you care and store for it properly, since you will want to maintain its beauty and value for many years to come.

A professional appraisal will also be helpful in cases where you are divorcing and dividing assets/property. Or, if you are selling the jewelry and want to prove its value to potential buyers.

Diamonds Are the Most Valuable Part of a Jewelry Pieces

Finally, most people believe diamonds are the one and only thing that brings value to a piece of jewelry. While shocking to learn, diamonds are not nearly as valuable as the actual metal of your jewelry piece, especially if the diamonds are less than perfect quality.

On average, gold sells for $1700 per troy ounce. Even if the market is flooded with gold, the value of this metal will not drop. Diamonds, on the other hand, may be valuable, but their value will drop quickly in certain market conditions.

No matter if your jewelry piece of flooded with diamonds or not, the gold will still be the most valuable. 

For more information, reach out to jewelry appraisal services near you.

About Me

Jewelry for the Holidays

I love the holiday season. I enjoy attending Christmas parties, eating holiday cookies, and making my home look festive. During this special time of the year, I also wear a ton of red and green colored clothing. I like to add interest to my outfits by putting on red and green gemstone jewelry. Do you enjoy dressing up during the holiday season? Consider purchasing stunning ruby and emerald jewelry. For instance, think about buying a ruby pendant designed to look like a Christmas tree. On this blog, I hope you will discover the most beautiful types of gemstones to wear during the Christmas holidays.

Search

Latest Posts

23 May 2022
Numismatics is the study or collection of currency, including coins, paper money, and medals. Numismatists are often passionate about their hobby and

23 March 2022
Your wedding day is one of the most important days of your life. You are joining your life with that of the person that you love. You want your weddin

16 December 2021
In the past several years, basketball shoes have become one of those things that could be considered one of your most valuable assets. Pairs from cert