The honest answer: it depends on five things — and only one of them is the gold. Here's what actually sets the number, so you can walk into any transaction knowing roughly where you stand.
The five things that set the value
1. The metal
Weight and karat, priced against the day's live spot market. This is the floor — the number your piece can never really fall below, because the gold is worth what gold is worth.
2. The stones
Diamonds are read on the 4Cs — cut, color, clarity, carat. Two stones of identical weight can differ in value by multiples. Colored gemstones depend on species, origin and treatment. This is where most people's estimates go wrong, in both directions.
3. The maker
A signature changes everything. A plain gold bracelet is worth its metal and craft; the same bracelet signed Van Cleef & Arpels, Cartier, Tiffany or Bulgari can be worth several times that, because the name itself carries demand.
4. The condition
For resale, condition matters: worn prongs, deep scratches and missing stones pull the number down. For metal value, it doesn't matter at all — broken gold is worth exactly as much as unbroken gold.
5. The demand
What's actually selling right now. A reference collectors are chasing this year commands more than one that's out of fashion, regardless of what either cost new.
Melt value vs resale value — the distinction that matters most
Melt value is what the raw metal is worth. You can estimate it yourself:
So a 10-gram 14k piece contains roughly 0.583 × 10 = 5.83 grams of pure gold. Multiply by the day's spot price per gram and you have your floor.
Resale value is what the piece is worth intact, to the next owner. For a signed, antique or gem-set item, this is usually far higher than melt. The single biggest mistake people make when selling is accepting a melt price for a piece that should never have been melted.
Rule of thumb: if your piece is signed, antique, or set with meaningful stones, melt value is the wrong measure. Ask specifically: "are you valuing this at melt, or on the resale market?" The answer tells you who you're dealing with.
Why your appraisal number isn't what you'll be paid
This surprises almost everyone. An insurance appraisal states replacement cost — what it would take to buy an equivalent piece at full retail, today. It's deliberately the highest defensible figure, because its job is to make sure you're covered.
What you receive when you sell is fair market value — what the piece realistically trades for. That's naturally lower. A $10,000 insurance appraisal doesn't mean a buyer is lowballing you at less than $10,000; the two numbers measure different things.
What raises the number — and what doesn't
- Raises it: a designer signature; original box and papers on watches; a lab report on a significant diamond; original, unaltered condition on antiques; strong current demand.
- Doesn't matter as much as people think: what you originally paid; sentimental value; a retail "compare at" tag; whether the piece is broken (for its metal content).
How to get a real number
Online calculators can only estimate melt from weight and karat — they can't see your stones, your signature or your condition. For anything beyond scrap, you need a trained gemologist to actually look at it.
That's what we do, for free: mail it in insured, and you get a written breakdown — metal value and premium shown separately — before you decide anything. Accept and you're paid the same day; decline and it all comes back free.
Frequently asked questions
How can I find out what my jewelry is worth?
Have it examined by a trained gemologist. Online calculators only estimate melt value from weight and karat; they can't see the stones, the maker or the condition — which is where most of the value often sits.
Is my jewelry worth its appraisal value?
Usually not, and that's normal. An insurance appraisal states replacement cost — the highest figure — so you can replace the item at retail. What you receive when selling is fair market value, which is lower. It isn't a lowball; it's a different measure.
How do I calculate the gold value of my jewelry?
Approximate melt value is (karat ÷ 24) × weight in grams × spot price per gram. A 10-gram 14k piece is about 0.583 × 10 grams of pure gold. That's the floor of what a piece is worth — not the ceiling.
Does a designer signature increase jewelry value?
Often dramatically. Signed pieces from Van Cleef & Arpels, Tiffany, Cartier or Bulgari regularly sell far above the value of their metal and stones combined, because the maker itself carries demand.
Do I need a GIA certificate to know what my diamond is worth?
No. A lab report confirms the grade and can speed things up, but a trained gemologist reads the stone on the 4Cs either way.
Does damaged or broken jewelry still have value?
Yes. Broken chains and damaged pieces still hold their full metal and stone content. Condition matters for resale value, but it doesn't reduce what the gold or diamonds inside are worth.