The Jewelry Box

FOR SMART, STYLISH JEWELRY LOVERS EVERYWHERE

The Jewelry Box Blog

How Much is Gold Worth?

on Feb 17, 2017 10:18 AM

Gold and white gold rings. How much is gold worth?

Those who wonder how much gold is worth likely fall into two camps:

  1. Gold buyers and sellers
  2. Curious gold jewelry owners

This article is for the latter.

How Much is Gold Worth?

The price of gold, much like any other stock, changes day-to-day. You can follow these changes with trackers from companies like JM Bullion. Check out the tracker below to see today's price as well as recent trends.

 

 


Why Jewelry Owners Should Keep an Eye on Gold Prices

Since you don't buy and sell gold for a living (or even a hobby), what do these changes mean for you, the casual gold jewelry owner?

Even casual jewelry owners need to protect their investment. Learn about jewelry insurance with a free Buyer's Guide. <>

Listen to this:

When Adam, a member of our Customer Care team, bought his wife’s engagement ring, he did his due diligence and had it appraised and insured.

One day he was looking through paperwork and saw that four years had passed since his last appraisal.

When Adam had the ring re-appraised, he was shocked at how much the value increased.

Not only was the diamond more valuable, but the white gold setting was too.

When he bought the ring, gold prices were around $650/oz. Four years later, his updated appraisal noted a gold price of $1,421/oz. Knowing that, it certainly made sense why there was such a substantial change in the ring’s value.

If Adam's wife wanted to upgrade her ring, she could potentially get more than they paid for it, and be able to upgrade without paying any extra!

Not Planning to Sell Your Jewelry? The Change in Value Still Matters

Even if you're not trying to sell your jewelry, you still want to know if its value has changed, particularly for insurance.

Had Adam's wife’s ring been damaged or lost before he had it re-appraised, his insurance coverage wouldn’t have been enough to cover the full value of the ring and he wouldn’t have been able to get an equal replacement.

This is why it's so important to keep jewelry appraisals up-to-date.

Since market conditions can change so dramatically from year to year, Adam's now paying extra attention to appraisal dates to make sure their most valuable asset is properly protected.

How to Protect Against Fluctuating Gold Prices

Most jewelers and appraisers recommend getting a new appraisal every other year, if not annually.

To be sure your insurance coverage is worth its weight in gold, ask your jeweler about getting a qualified appraisal. Then, update your coverage accordingly.

While watching gold markets can be riveting ... updating your appraisal every other year should be enough to keep you covered.

Get a Quote

 

Comments

Interesting info

Judy Colling

Jessica VandenHouten your artical is very usefull

Geeta Mathur

In reply to by Anonymous (not verified)

Thank you, Geeta! I'm happy to hear you found the article helpful. Please feel free to subscribe to The Jewelry Box blog and jewelry trends, tips and news like this will be delivered right to you inbox.

Jessica

This is extremely misleading from the standpoint of the upgrading of the ring. No same jeweler is going to buy a ring at appraisal value. It would more likely be bought by the weight of the gold plus the value of the stone via current rap sheets. The appraisal is what insurance will pay to replace the piece if lost, stolen or damaged. Not what your jeweler will pay if you want to sell. We may credit it twards an upgrade but rarely does that number come close to the appraisal value.

Nadya Dowling

In reply to by Anonymous (not verified)

Thanks for your feedback, Nadya. Your insights are very helpful if one were to sell their gold jewelry. The current appraised value becomes very important when insuring the jewelry. Knowing how marketing values of metals, diamonds and gemstones fluctuate, we want to make sure our customers' jewelry is covered for its full value. Thanks for reading the Jewelry Box blog!

Jessica

Awesome post admin

Gold Rate Today

Add new comment

Plain text

  • No HTML tags allowed.
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.