As gold prices rise, jewelry should be reappraised
Akron Beacon Journal
With gold topping out at more than $700 an ounce last month — a record price — you may be wondering if your jewelry, watches and other gold valuables have gone up. They have, though how much varies.
Since prices are high, it makes sense to be sure you are properly insured for the full market value.
“A lot of people probably should have their jewelry reappraised,” says Nancy Stacy, a master gemologist appraiser based in Walnut Creek, Calif.
When it comes to jewelry, she says, price depends on many things.
The cost of a diamond engagement ring is mainly in the diamond, and recent rises in price are being passed on to the consumer very quickly. On the other hand, the value of a mass-produced gold chain resides mostly in the amount and purity of the gold in it. That means that machine-made, gold-heavy products will rise significantly in value when the price of gold goes up, although consumers can expect some lag time before seeing higher prices.
