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The Jewelry Box Blog

Defining Heirloom Jewelry and What You Can Do with It

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Pearls and other jewelry in a box

So, you have what you think is heirloom jewelry! While not many do, a recent survey by Jewelers Mutual shows that today, an overwhelming majority of people (96%) are buying jewelry with plans to pass it on to the next generation. These pieces will become heirloom jewelry in the future since they are defined as any valuable piece of jewelry that’s passed down from generation to generation. The key word here is “valuable.”  

 

What is Heirloom Jewelry?

Heirloom jewelry generally contains precious metals and gemstones like rubies, emeralds, sapphires and of course, everyone’s favorite, the diamond. And it doesn’t matter how much you paid for it when you bought it. What matters is that the design of the piece marks the age in which it was purchased and holds sentimental and real value, or may even appreciate in value over time thanks to the quality of the precious metals and gemstones embedded in it.

One of the most popular pieces of heirloom jewelry that made its way into the media in recent years is Kate Middleton’s (the Princess of Wales) engagement ring. Prince William proposed to her in 2010 using his mother’s (Princess Diana) engagement ring, which featured an 18-karat oval, royal blue sapphire surrounded by 14 round diamonds set in 18-karat gold. Whew. What a piece! Having now been passed down from Princess Diana to Princess Kate, some people are already conjecturing whether it will end up on Princess Charlotte’s hand down the road, or even Prince George’s or Prince Louis’ fiancé's finger! For the Royal family, heirlooms mean everything and represent tradition and family.

While you may never have something that valuable, you still may have an heirloom if it meets the criteria noted above. Now the question is, what do you do with it? 

 

What to do with Heirloom Jewelry?

If you were lucky enough to inherit some jewelry from grandparents or great-grandparents, or even if your parents have already gifted you with something they wanted to pass down while they are still alive, the question is: do you love it enough to wear it frequently? Since times—and styles—change, chances are that you may not be in love with the piece you have in your possession. If you inherited your grandmother’s filigree necklace or even her filigree diamond engagement ring, you may appreciate the intricate patterns and design from the 1920s era, but just not love wearing that style a century later. And even if you want to wear it, the next question is...can you? Is it too big or small? These are all things to consider before deciding what to do with it. 

So, what can you do with heirloom jewelry? Here are three options:

  1. Redesign it. Gasp! Can you do this? Of course! It’s not disrespectful to take this route. Your grandmother might appreciate that you updated it to keep the tradition alive! Think about the variety of tasteful ways you could accomplish this. You could have a jeweler use all the pieces (metal and gemstones) to create something entirely new and updated out of the original parts. Just don’t underestimate the cost of an endeavor like this. When you ask for something entirely new, many jewelers will classify this as a “custom” design, which can be very pricey. Be sure to shop around and get some prices and ideas from various trusted jewelers in your area on how they would do it and what it would cost. It’s a process that may take some time after all. Or you could add something to the piece to update it. Or you could take either the precious metals or the gemstones and have something entirely new made from one of those. For instance, some people may want to turn a ring into a necklace, or vice versa. Imagine if you had multiple diamonds in your grandmother’s filigree engagement ring that could be made into two or three new rings for your daughters or future daughters-in-law. Although this is not passing on the exact heirloom, you will still have a wonderful story to share that they will surely appreciate.
  2. Sell it. While heirloom jewelry is a connection to the past, sometimes the present can be more challenging than our ancestors may have ever imagined. If times are tough financially for you, selling an heirloom can provide a nice infusion of cash just when you need it most. Maybe you’ve lost your job or are struggling to make ends meet with the one you have. Whatever the case may be, your family will be happy to know that what they provided you with is being put to good use.

    But before you sell, be sure to have your heirloom jewelry appraised by a reputable jeweler. While most appraisers do have training in gemstone grading, appraising is more comprehensive than just evaluating the gemstone. For a list of qualified appraisers, check out American Gem Society, the National Association of Jewelry Appraisers or Gemological Institute of America. Once you have a solid appraisal, then you can begin to post your item for sale, either on online marketplaces or perhaps even consider consignment at a local jewelry store. These can all be great ways to get the value you deserve for your heirloom piece. Be sure to ask for a fair market appraisal or resale appraisal to get the number you will need for this effort.

  3. Keep it. If you choose to keep it, there are still options for what you can do with an heirloom piece. The obvious option is to wear it if it fits, and you like it!

Family heirlooms are sentimental and sometimes can be extremely valuable, too. Once you have yours appraised, if you intend to keep it, be sure to secure personal jewelry insurance for it. With an insurance appraisal in hand, you can get a quote for yours online from Jewelers Mutual in just a few clicks! A personal insurance policy from Jewelers Mutual will insure your precious piece against damage, theft and even against natural disasters like floods and earthquakes that aren’t typically covered by homeowners insurance, all for a reasonable price. Check your rate today!

 

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About Jewelers Mutual Group

Jewelers Mutual was founded in 1913 by a group of Wisconsin jewelers to meet their unique insurance needs. Later, consumers began putting their trust in Jewelers Mutual to protect their jewelry and the special memories each piece holds. Today, Jewelers Mutual continues to support and move the industry forward by listening to jewelers and consumers and offering products and services to meet their evolving needs. Beyond insurance, Jewelers Mutual’s powerful suite of innovative solutions and digital technology offerings help jewelers strengthen and grow their businesses, mitigate risk, and bring them closer to their customers. The Group insurers’ strong financial position is reflected in their 37 consecutive “A+ Superior” ratings from AM Best Company, as of November 2023. Policyholders of the Group insurers are members of Jewelers Mutual Holding Company. Jewelers Mutual is headquartered in Neenah, Wisconsin, with other Group offices in Dallas, Texas and Miami, Florida. To learn more, visit JewelersMutual.com.