Valuing Antique Jewelry: How Much Is Your Grandmother’s Old Jewelry Actually Worth? A Guide to Appraising and Selling Vintage Pieces.

Many families have a box of old jewelry from a grandmother or great-aunt. The pieces look beautiful, but are they worth much money? This guide shows how professionals decide value, what to check at home, and the best ways to sell vintage pieces. I explain the steps, give clear examples, and show how to avoid common mistakes.

What determines value

Value comes from several concrete factors. Think of value as a sum of parts: metal, gems, maker, age/rarity, condition, and market demand.

• Metal content. Gold is worth based on weight and purity. Use this formula: Melt value = weight (g) × (karat/24) × spot price per gram. For example, 14k = 58.3% pure gold; 18k = 75% gold. Silver and platinum are similar—measure grams and multiply by purity.
• Gemstones. Diamonds are judged by the 4Cs: carat (ct), cut (shape and proportions), color and clarity. Antique cuts (old mine, old European, rose cut) often have lower brilliance than modern brilliant cuts, so they can be priced differently despite similar carat weight. Colored stones (sapphires, rubies, emeralds) are valued for size (mm and ct), color saturation, clarity and whether they are natural or treated.
• Maker and marks. Designer names and hallmarks raise value. A signed Cartier, Tiffany, or an English maker’s mark can add significant premium because of provenance and collector demand.
• Age and style. Victorian (1837–1901), Edwardian (1901–1910), Art Nouveau (c.1890–1910), and Art Deco (c.1920s–1930s) can attract collectors. Rarity within a style also matters—unusual motifs or techniques (enamel, guilloché) increase value.
• Condition and restoration. Original, unrestored condition often commands higher prices for collectors. Over-polishing, replaced stones, or modern solder repairs can reduce value.

How professionals appraise antique jewelry

Appraisal combines visual inspection, tests, and market research. Here are the typical steps.

• Identify metals and marks. Look for hallmarks (e.g., “18K”, “750”, sovereign marks). Use an electronic scale to weigh in grams and a loupe to read stamps. For uncertain alloys, jewelers use XRF (x-ray fluorescence) to non-destructively confirm composition.
• Assess gems. Use a loupe and refractometer to identify stones. For diamonds, estimate carat weight, measure mm, note cut style, and grade color/clarity if possible. Old cuts require careful evaluation because proportion differences change light performance and market appeal.
• Check condition and repairs. Note cracks, chips, worn settings, loose stones, and previous soldering. Record whether pearls have been restrung or calibrated stones replaced.
• Research maker and provenance. Match hallmarks to maker databases and auction results. Provenance (original receipts, family history, photos) can be important for higher-end pieces.
• Compare market data. Appraisers use recent sales of similar items—auction results, estate sale records, and dealer prices—to set an expected resale range.

Common valuation formulas and examples

Use these practical formulas and examples to estimate value at home.

• Melt value (gold example): If you have a 15 g 18k locket, the calculation is: 15 g × (18/24 = 0.75) × spot price per gram. Update the spot price to today’s market. This gives the raw metal floor value.
• Gem value: Estimate diamond value by carat and quality. A 0.50 ct old-mine-cut diamond with medium color and SI2 clarity is typically worth less than a modern 0.50 ct round brilliant with better light return. For colored stones, professional gem reports matter—natural, untreated rubies and sapphires can be worth many times treated stones.
• Full example: 15 g 18k locket (metal floor), plus 0.25 ct total of small old-cut diamonds, plus maker name. Metal melt might be the base. If the maker is sought after and the piece is in original condition, a collector or dealer could pay several times melt value. If unsigned and heavily worn, resale may be close to melt + small premium for design.

Replacement value vs. resale value

Understand two different numbers.

• Replacement (insurance) value. What it would cost to buy a similar item new. This includes retail markup, design labor, and retail margins. It is often far higher than resale.
• Resale (market) value. What a buyer will pay today. Dealers, auction houses, and private buyers expect margins. Typical resale for fine vintage jewelry often runs 40–70% of retail replacement value, depending on rarity and condition.

Best places to sell and what to expect

Choose the outlet based on the piece and how quickly you want cash.

• Specialist estate jeweler or dealer. Good for signed pieces, unique antique items, and when you want expertise. Expect fair market offers; commission is usually low if you sell outright.
• Consignment with a jeweler or auction house. Best for high-end or collectible pieces. You’ll pay seller’s commission (often 10–25%) but may get top market prices through bidding.
• Online marketplaces (e.g., auction sites, consignment platforms). Reach many buyers but handle shipping, insurance, and returns. You may get higher prices for distinctive items but face time and fees.
• Pawnbrokers and quick buyers. Fast cash, but offers are usually well below market value. Use only for low-value items or immediate need.

Practical tips before you sell

• Don’t strip stones or try major repairs. Removing stones reduces provenance and may cut value. Professional, documented restorations are better.
• Clean gently. Use a soft brush and warm soapy water. Harsh chemicals can damage old enamels, fragile pearls, and certain gemstones.
• Get multiple opinions. Ask two or three reputable dealers or appraisers. Compare written estimates and how they justify the price.
• Request documentation. If you decide to sell, get the offer in writing and understand fees and timelines.
• Ask appraisers key questions. Their credentials (GIA, AGS, ASA), whether the appraisal is for insurance or market value, and if they provide a detailed written report with methodology.

Costs, taxes and final cautions

Appraisal reports typically cost from about $75 for a brief verbal estimate to $200–800 for a full written report, depending on complexity. Auction houses charge seller commissions (commonly 10–25%) and buyers pay premiums. Keep records of sale for tax purposes—capital gains rules may apply to inherited jewelry.

Antique jewelry can be worth more than the metal alone, but not always. The highest values go to items with quality gems, recognized makers, or strong provenance. If you want the best return, document the piece, get expert opinions, and choose the selling route that suits the piece’s rarity and your timeline.