How Much is My Ring Worth?
Understanding the different jewellery values...
Have you a gemstone ring in your jewellery collection that you would like to know how much it's worth? A question which may seem straight forward, that is to you, can make it seem a little confusing when asked at the counter of your local jeweller.
Before placing yourself in this confusing dilemma or paying money out for the wrong type of appraisal certificate, or, in which you may not need. Ask yourself two important questions:
What 'worth' are you wanting to know?
- Retail Replacement value. Replacement estimate for a relevant geographical area in a traditional bricks and mortar retail outlet, which includes goods and services tax where applicable. A value which can be used if you wish to insure the ring.
- Fair Market value as a second-hand item. A broad value that takes into account the condition, desirability and collectability of the item. A value which can be used for resale, without any time contraints.
- Cash/scrap value. A value worked out on metal value + gem value based on current market rates. This value is potentially a forced sale scenario and generally based on below wholesale cost.
What are you wanting to do with the ring?
Sell it, insure it, proof of ownership, verify the authenticity of gemstone & gold ?
Does my ring hold any value?
The quickest way in finding out if your ring holds any type of value is to take it into a reputable gold buyer, pawnbroker or jeweller. Doing some homework before entering the store may help as alot of chain retail jewellers do not buy. Example, jewellers which sell estate/second-hand jewellery, more than likely, buy from the public. If the ring you have holds any sort of value an 'offer to purchase' value will be worked out for you. An 'offer to purchase' value is worked-out using the cash/scrap market rate, which is a great way to go if you're in a hurry to sell your ring. Ideally, recieving several offers would be sensible as you're more than likely to find different results from the varying establishments.
Tip- it maybe wise to have some sort of an idea of what you want for the ring.... after all you wouldn't sell your home or car without doing a little market research first, the same should apply with your ring.
So, you think your ring is worth more than just a scrap value?
Having time on your hands to sell your ring is an advantage and so one of the best things to do is conduct your own market research. But firstly, research what you're selling and get to know the correct nomenclature of your ring by identiyfing the setting style and overall design, material and colour, gemstone colour & cut, distinguished hallmarks, stamps, weight etc. What is the overall condition like? Does it look like it's had a hard life or is it still gleaming like new? Is the design old fashion and no longer desirable or is it in vogue? These factors will play a part in how saleable your ring will be, based on a 'fair market value' as a second-hand ring.
A researched assessment of your ring or better still having an Accredited Valuation Certificate carried out by a Gemmologist and Registered Valuer aids in fair trade as well as a positive and self-assured outcome, whether selling online, on a consignment arrangement, privately or auction reserve. Selling in an assured manner to a willing buyer = more money for you.
Formal Valuation Certificate, for your peace of mind
Let's say, you have a hunch the ring you have is valuable and you have a clear grasp of what you want to do with the ring, or perhaps you just dont know and need a valuation for reassurance? Having it formerly assessed and preferably by a Gemmologist or Registered Valuer- rather one with accreditation such as the National Council of Jewellery Valuers (Australia) should give you the peace of mind you need. There are several different types of valuation and assessment reports a Registered Valuer (NCJV) can carry out. For instance a Retail Replacement valuation would be logical if you have no plans of selling the ring but perhaps insuring the ring. This type of valuation holds 'the most worth' and should not be confused with a 'cash /scrap value' which is often only 10%- 25% of the Retail Replacement value.
Discussing the right type of valuation for your purpose can be done with a jeweller which uses a Registered Valuer (NCJV) or going direct to one.
So, how much is your ring worth? It is definitely worth it's cash/scrap value. Every other value just depends on the purpose. Take into account the current market rates when selling your ring or jewellery - the gold and dollar value can increase or decrease which will determine the value.
Alternately, and perhaps a more uncomplicated way to go, would be to remodel? that is utililise the gemstone and gold to re-produce a new piece of jewellery that would appeal to you or a gift for a special friend.....
If you're wanting to sell or remodel, Beryl Lane can help,