Gold Value – Gold Appraisal vs Gold Worth

Gold Value – Gold Appraisal vs Gold Worth

One of the questions I get asked all the time is “Where can I get my jewelry appraised without getting taken”? Another question people ask is “What is my gold value”? or “How much is my gold worth?”

For the sake of this article and the purpose of it I am going to only cover jewelry, and that the persons reading this are interested in their gold value, or how much they can get for their gold. The problem with the question of appraisal is its most likely not what people want when they are asking it, instead they want to know “What is my gold value and how much can I get for it?” So lets address that issue, and that is how to determine your gold value!

From Websters Dictionary we find

ap-prais-al

noun ə-prā-zəl

: the act of judging the value, condition, or importance of something : the act of appraising something

Gold value - whats my gold worth

: something that states an opinion about the value, condition, or importance of something

Based on the definition we can determine that an appraisal is

  1. A judgement
  2. An opinion
  3. Based on condition or importance

So, looking at the factors of an appraisal they do not take into consideration the actual raw  material costs and worth of used, scrap, old, damaged, no longer wanted jewelry. For these items we need to look at their “worth”

From Websters Dictionary we find

value

noun val-yü

– the amount of money that something is worth : the price or cost of something

– the monetary worth of something – market price

Based on the definition we can determine that worth is

  1. Is Specific
  2. Lasts for a specified amount of time
  3. Has a value based in $

Looking at these factors what we then take into consideration is the price of gold or silver at the time of quote, value of the diamonds or stone based on market value, the cost of refining (or scrapping of) or repairing of an item to resalable, profit for the company.

Some jewelry may fall into the category of Antique, 1 of a kind, rare because of the maker etc, but for the most part when people are asking for an appraisal they are asking what their item is “worth” when they go to sell it. Appraisals are generally used for insurance purposes, replacement values or taxable value if donated to museums etc

I hope this clears up questions about that for you and if you have any questions feel free to comment or use the Contact Us page

  • I understand that value and appraisal are different. However, don’t you need an appraisal to find out the value of a given piece of jewelry? I think that a major part of what makes jewelry valuable is how other people see it or their opinion of it. Yes, it should have a basic value based on the gold weight and purity, but any additional value would have to come from how it is perceived by the buyer, their opinion or appraisal of the jewelry.

    • Mlgdave says:

      One has to take into consideration the rarity, desirability and what comparable items have sold for as well, its a subjective analysis and when buyer and seller can come to terms a deal is struck.

      Hope this helps

  • sell gold says:

    thanks for great post!

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