How Much Is Appraised Jewelry Really Worth?
Appraising jewelry is one of the best ways to find out its monetary value.
You may want to check out if what you paid for your jewelry matches its actual fair price, or it can help you with getting the right insurance to protect your jewelry from possible damage or loss.
Getting jewelry appraised can be a tricky process, so we’ve gathered all of the information you need to know before going for one.
Where to go for a Jewelry Appraisal?
You can try to find out the intrinsic value of your jewelry on your own through various tests and comparisons.
However, without a background in gemology and jewelry appraisal, it can be difficult to find the right numbers.
A certified professional will know how to check and report on the 4Cs of your jewelry’s gemstone.
Nevertheless, there are still few things you can try at home to get an estimate of its value:
- Look for a purity marking on your gold jewelry such as a carat number (14k, 22k) or percentage (585 or 58.5)
- Search for signs of branding in the metal or gem
- Compare prices of your jewelry with those you see in jewelry online stores
- Even then, you most likely won’t have peace of mind unless you have a background in the field. It’s better to approach a professional.
The Jewelry Store
The best type of appraiser to find
Most of these appraisers will charge somewhere between $50 to $160 an hour for their services. Not all of them will be trustworthy.
Here are some signs you should look out for:
- A percentage-based charge: Appraisers should not be charging on a percentage rate basis. They could prolong the ring appraisal to increase their profit.
- Low rate: Lower charges indicate the possibility of inexperience. The appraiser may not have certification, and you could be running into an appraisal scam.
- Some appraisers may have an ulterior motive. They could try to lower the value of the jewelry to sell you something else.
- Others will increase the value to get a significant cut from their deal with a partner insurance company.
- One of the best ways to avoid this is to use the GIA’s list of appraisal associations. Those on the list are sure to give you an unbiased GIA appraisal cost.
- Jewelry stores are also capable of appraising rings. The cost to get a ring appraised, must undergo examination.
- To determine its ring appraisal online value, they will examine the quality and carat weight of the gemstone on it.
Aside from that, they’ll also look at the metal value of the setting.
Other aspects that could influence the qualified appraisal value include brand and place of manufacture.
Can you sell Jewelry at the Appraised Value?
Often, the value of your appraised jewelry is much higher than what you would buy it for.
It isn’t uncommon to get appraisals that are double your jewelry’s retail value.
This inflation serves as a way for you to pay a higher jewelry appraisal cost on insurance.
On the bright side, you can get more in the event that you do have to file an insurance claim.
It’s very rare to find someone who will pay for the appraised value. You shouldn’t be surprised if you get a much lower offer, or even in a trade-in.
You can expect someone to pay 25% more than you paid if you purchased the gem from a reputable store.
If you bought it from a typical large brick and mortar store, you most likely bought your jewelry at a marked-up price.
The profit margin increases if the gem has certification and if it is a rare kind.
Jewelry also tends to increase in value over time thanks to inflation and the increase in demand.
This is why we recommend that you have your jewelry appraised every five years to make sure that it’s up-to-date with the current market value.
Aside from the 25% profit, you may also be able to get more depending on the current market price.
To Pawn or Resell?
Pawn shops only buy items at cheaper prices. They won’t go anywhere near the price you intend to sell it at unless they can justify it.
The only exceptions to this are if they know they can sell it at an even higher price or if there’s a strong enough demand.
They have to sell products at a lower price to compete with other stores, which is why they’ll buy your jewelry at a low price.
A jewelry store also isn’t the best option.
Unless you have a rare piece on hand, they won’t show interest in buying it unless you offer it very cheap.
The reason for this is that these stores already have contacts with wholesalers whom they can buy from at a much cheaper rate.
The only way they’ll buy from you is if you offer lower than the wholesaler, and that isn’t ideal.
The best way to determine the diamond appraisal cost is to use reputable companies that offer to sell your product through their platforms.
It’s the best way to sell to a wider audience provided that you have already had your jewelry appraised.
An Appraisal is a key Aspect in Increasing Your Jewelry’s Value
Without a proper appraisal, you’ll never know how much your jewelry is worth.
You could be holding on to an expensive piece without knowing it.
If you want to protect your jewelry or plan to resell it in the future, getting jewelry appraised should be your approach.
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