Gold and Platinum has dramatically increased in value in the past 5 years. Gold in one year had a low of $637 per troy ounce and high of $978 and climbing. Platinum in the same year had a low of $1,168 per ounce to $2,169 and souring higher. The five year low and high is even greater. Gold’s low was $322 and now is over $978 and Platinum’s low was $602 and has climbed over $2,169.
If the jewelry item’s value was due in large part to gold or platinum, then the item might not be able to be replaced for the appraised value! Diamond values have also gone up in the same time period. In addition many gemstones have risen dramatically in the last five years. If your jewelry was appraised over three years ago, it you could be undervalued by 40% or more!
This has been a period of big changes in the jewelry field. We are dedicated to keeping up with all the adjustments and keeping our clients protected and informed.
P.S. Thanks to Kitco for the charts