When looking at your jewellery, do you ever consider what it’s worth? By the value of each piece of jewellery, I am refering to the price you could sell it for today, rather than the price you actually bought it from the store.
Trying to get that number is no simple task, simply because there are a number of factors that you have to take into account. You have to remember though that when you bought that lovely piece of silver jewellery, you payed the price that the shop was selling it for, which is not the price it’s worth.
When you buy jewellery from a store, you have to pay the price that the manufacturer charged the store, plus a mark up fee that the store puts on to make a profit. This figure is not easy to come by, but what’s even harder to come across is the mark up that the manufacturer puts on the product. The manufacturer of the piece will put on their own mark up so that they make a profit on the materials and man power it took to make the piece.
Because of all the mark up prices, you never pay the true price of the jewellery, so what is it actually worth? The largest factor that affects the price is the value of the raw materials that have been used to make the item. Say you have some silver gemstone jewellery or silver pendants. By weighing the precious metals and finding out the current scrap price for the metal, you can work out the value of the materials used in your jewellery. You should also look at other materials that are on the piece, jewels are a big one, a local jeweller will be able to value these for you.
Once you find the actual value of the raw materials, it will come as a shock because the scrap metal value will only be around 15% of the price you payed for the piece. However, you will have to consider some other factors that will have an effect on the value of your jewellery.
Another factor that you need to consider is sentimental value, your jewellery will be worth more if you have a connection with it, rather than an unwanted gift. Another one would be whether the jewellery was made by a popular or famous name, this will add even more value to the piece. This is a very hard value to judge because the manufacturer may be popular because a celebrity was seen wearing it, or just that they have a high quality of craftmanship.
Overall, unless the manufacturer of the jewellery has gained some reputation since you bought the piece that drives up the value, your jewellery will often be worth less than what you actually paid for it. Unfortunate, but that’s the way they make their money.
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Filed under: jewelry