Appraisal:
The process of evaluating and determining the value of a piece of jewellery, luxury watch, or other valuable items by a certified professional. Context/Usage: Appraisals are essential for insurance purposes, estate planning, and resale. For example, an appraisal will provide an estimated market value for an antique necklace or a luxury watch. Related Terms: Valuation, Certification, Grading
Assay:
The process of testing a metal’s purity, particularly for precious metals like gold and silver. In the UK, the Assay Office tests and hallmarks jewellery to confirm its metal content.
Commission:
The fee charged by a jeweller or auction house for selling jewellery on behalf of a client. This fee is usually a percentage of the final sale price.
Hallmark:
A series of marks stamped on precious metal items in the UK to certify the metal’s content and purity. The hallmark includes a sponsor’s mark, the standard mark, the Assay Office mark, and a date letter.
Insurance Replacement Value:
The amount it would cost to replace a piece of jewellery with a similar item at current retail prices. This value is often higher than the resale value.
Intrinsic Value:
The raw material value of the jewellery, based on the weight and purity of the metal and any gemstones, without considering artistic or historical value.
Labour Cost:
The cost of crafting the jewellery, which includes the time, skill, and expertise required. Labour cost can be a significant component of the overall price.
Liquidity:
The ease with which a piece of jewellery can be converted into cash. High liquidity items, like gold coins, are easier to sell than bespoke or highly unusual pieces.
Market Value:
The price that a piece of jewellery is likely to sell for in the current market. Market value can fluctuate based on trends, demand, and the economy.
Offers:
Proposals made by potential buyers to purchase a piece of jewellery at a specific price. Offers can be negotiated, accepted, or rejected, and they often form the basis of the final sale price.
Patina:
The surface sheen or finish that develops on jewellery over time, often due to oxidation. Patina can add character and value, especially for antique pieces.
Provenance:
The documented history of a piece of jewellery, luxury watch, or other valuable items, including previous ownership and origin. Context/Usage: Provenance can increase the value of antique jewellery or luxury watches by providing authenticity and historical significance. Related Terms: Origin, History, Documentation.
Resale Value:
The amount you are likely to receive if you sell your jewellery in the secondary market. This value is often lower than the retail price.
Stamp:
A mark, usually found on the inside of a jewellery piece, indicating the metal content (e.g., 925 for sterling silver). Stamps help verify the authenticity and quality of the jewellery.
Types of Payments:
The methods used to complete the purchase of jewellery. Common types include cash, bank transfer, credit card, and, in some cases, instalment plans or layaway. The type of payment accepted can depend on the seller’s policy and the sale’s value.
Vintage:
Jewellery that is typically between 20 and 100 years old. Vintage pieces often have distinctive design elements from their era, which can add to their desirability and value.
