The value of gold has increased by 569% and silver has increased by 885% over the last ten years, just two of the many results of a flailing world economy. Investors have spent billions of pounds on precious metals over the decade viewing it as a safe haven for their cash when stock markets have been fluctuating and business growth has been feeble. Whatever the cause the fact is that if you own gold or precious metal jewelry you need to consider having it valued or re-valued.
The metal value has increased so sharply that any valuation is likely to be significantly underestimating the value of your jewelry. If something was to happen to your jewelry then you would not be able to replace it with a similar item if the value of your insurance claim did not cover the value of the item. One of my customers bought in a heavy gold chain the other day, on his insurance the new replacement value was given as $500, but to buy a similar item today would cost $1800. This example demonstrates the necessity of having up to date valuations.
Do not forget that a gold watch will also have increased in value as well as any jewelry. If you have never had a valuation on your jewelry you may be surprised at how much it is worth in today’s market. Many of our customers have been bringing in scrap gold for us to purchase and most of them have been amazed by the amount of money that we have been able to give them, and that is only the scrap price! This is particularly true if some of the jewelry is of a high carat, 18 or 22ct. 18 carat gold contains twice as much gold as 9 carat, so the value is twice as much. Before the 2nd world war the vast majority of wedding rings were made from 22 carat gold, just one of those in your collection could be worth a lot of money. It may not look like much but it could have a high intrinsic value, seek expert advice immediately if you are unsure and especially if you have never had a valuation on any of your items.
If you are unsure about the value of your jewelry, go and visit your local jewelry and ask for some advice. They may be able to offer a valuation service, if not they may be able to recommend a valuer or at least give you some guidance about which items have particular value.
This is a guest post by April May, regular fashion and jewelry writer and jewelry buyer. April is currently involved in buying and valuing vintage jewelry for online retailer Find Jewellery. She has a particular interest in pre-war gold and as such encounters the issues with outdated valuations frequently.