You have a jewelry appraisal that says one number. A buyer — a dealer, pawn shop, or online offer — has offered a different, usually lower number. You don't know which number to believe. You don't know if you're being lowballed.
Get multiple offers. The highest one is the best one.
"What kind of sale does the current offer represent — and is that the kind of sale you want?"
Clarify the sale channel behind the $2,800 offer before treating it as the universal answer.
Insurance appraisals state replacement value — what it would cost to buy a similar new piece from a retail jeweler. This includes retail markup, which can be 100-300% above wholesale. Buyers pay based on what they can resell the piece for, which is closer to wholesale or melt value. The appraisal isn't wrong — it's measuring something different than what a buyer will pay.
Insurance value = retail replacement cost (what you'd pay in a store today for a similar new piece). Resale value = what someone will actually pay you for your used piece, typically 20-50% of insurance value for common pieces, more for rare, antique, or designer-signed pieces. These are fundamentally different numbers serving different purposes.
Get offers from at least three different channels — a local dealer, an online marketplace estimate, and if applicable, an auction house. Don't compare the numbers directly. Instead, understand what each channel's offer represents: their overhead, their resale margin, and their buyer audience. A fair offer isn't the highest number — it's the one that makes sense for the channel making it.
Yes — but understand that different channels will give you different numbers for legitimate reasons. A pawn shop offer will be lowest (they need quick turnover). A dealer offer will be moderate (they have retail clients). An auction estimate may be highest — but comes with fees and no guarantee. Don't just take the highest number. Understand what each number represents.
For insurance purposes, an old appraisal may be outdated — replacement costs change over time and most insurers want an appraisal less than 3-5 years old. For selling, an old appraisal tells you what the piece was once insured for, which provides context about how the piece was valued. It does not tell you what the piece will sell for today.
Melt value is the raw material value — the weight of gold × the current spot price. Resale value includes melt value plus any additional value from the piece's design, brand, age, condition, and gemstones. For common, unsigned, or damaged pieces, resale value may be close to melt value. For signed designer pieces or exceptional antiques, resale value can be substantially higher.
