How much is a gold ring worth? Asked Philipp
How much is a gold ring worth? Asked Philipp
Hi Maria, I’m contacting you because I would like to find out how much a gold ring is worth which I have inherited from my mother. I have no idea about the evaluation of jewelry and I hope you can help me with an independent estimate. I don’t expect much money but the ring has also gemstones so I hope I can get some hundred dollars for it. I hope you can help me to find out how much my gold ring is worth.
Philipp from Aurora in Colorado
Hi Philipp! Thank you very much for contacting reDollar. I will assist you with the value determination of your gold ring and hope my result will be satisfying for you. Let’s begin with the evaluation. Before we get started, please send me a photo of your ring so that I can better assist you. It’s essential to see the item and to know some basic details to give you an estimate from afar. Thank you!
reDollar appraiser, Maria Taint
Philipp wants to know, how much is a gold ring worth
Philipp: Good morning, Maria! How are you? I hope you received my email with the requested photos of my gold ring.
Maria: Hi, Philipp! Thank you very much for sending me the photos of your beautiful ring. What a nice piece.
Philipp: Thank you! Could you find out how much my ring is worth?
Maria: I wish I could be so fast but before I can give you a reliable estimate, I need to know some additional information. Do you know how old your ring is? Can you give me more information about the origin or provenience?
Philipp: Well, the ring belonged to my mother, god bless her, who got this ring as gift from an ardent admirer. My mother was an actress and she traveled a lot. I think this ring is from an Indian businessmen, that’s what my mum told me.
Maria: Thank you for this information. So we can assume that the ring comes from India. That’s interesting to know because the ring is made of very rich yellow gold which lead me to the assumption that the gold alloy must be very rich as well, maybe 21K gold. Please check the ring in detail and try to find a marking or stamp that tells us more about the gold’s purity.
Philipp: OK, I will do so. I’m surprised because I always thought gold is gold. Are there price differences regarding the gold purity?
Maria: Yes, of course! Gold jewelry is made with different gold alloys. We have 9K, 10K, 14K, 18K, 21K, 22K, and also 24K gold jewelry. 24K gold jewelry is very rare but it exists. It depends on the origin country, what gold alloy is used for making jewelry. In Europe for example we have different alloys which are very common for the jewelry industry there but in the US or in Arabia the compositions are different. The higher the Karat amount is, the higher is the purity of gold and the higher is the price for the gold or the piece of jewelry. One gram of 10K gold has a current value of $34.18 and one gram of 24K gold has a current market value of $58.57. So you can see there is a big difference.
Philipp: Wow, it truly is! Thank you very much for telling me this useful information. When I will buy an engagement ring for my love, I will also consider the purity when the jeweler will sell a ring to me. That’s good to know. By the way, I could find markings that might be interesting for you. There is a marking “916” and also a sign, looks like a rhombus in a triangle.
Maria: That confirms my theory. I’m very sure that your ring was made in India. The number 916 shows us the purity of gold. For this reason I assume that your ring is made of 22K gold. 916 gold is gold with a purity of 91,6%, it’s also called 22K (karat) gold. This is a wide-spread gold alloy for Indian jewelry. In addition to that you could also find a logo. I think what you found is a BIS logo. This logo is the mark from the Bureau of Indian Standard. Jewelers who use this official logo must obtain a license and follow strict guide lines regarding the purity of their marked items. It’s like a quality certification.
Philipp: That sounds good. I’m happy that the quality of gold is so good. What about the stones in my inherited ring? Do they raise the value significantly?
Maria: Well, we have two types of gemstones in your ring. We have rubies and emeralds. Very typical gemstones for Indian jewelry. It’s hard for me to find out the quality of the stones without a physical examination but this stones don’t appear to have an outstanding value. We speak about emeralds and rubies of a small size for common jewelry. So here we don’t have fine jewelry with outstandingly big stones from excellent quality. Nevertheless the design of the ring is very beautiful, it appears like a rising blooming flower, inset with foiled emeralds and rubies. I would say this piece of jewelry was made in the 19th Century. To proceed with the value determination please let me know the weight of the ring.
Philipp: Well, I don’t have an appropriate scale for weighing but I try it with our letter scale.
Maria: A letter scale is perfect for weighing jewelry! Great idea!
Philipp: I could weigh 13.5 grams.
Maria: OK, thank you. This is not the net weight of the gold. But because the stones are very nice and the ring appears already antique, we would not deduct a weight for the stones but also we would not add a premium as the stones are not from significant value in that size. This ring can’t be bought on basis of the weight of gold. This piece is outstanding for its design, the stones and the age. On basis of the given information I would estimate a value of $800 for this ring.
Philipp: Wow, that surprises me! That’s a great price. Thank you very much for your great evaluation. I could learn a lot about jewelry and I will definitely recommend you to my friends and family. What a terrific service! And this evaluation was for free?
Maria: Thank you, Philipp! Yes, the evaluation is for free, also if you send your jewelry to our laboratories we’ll never charge you for our services, that’s our promise to our clients.
Philipp: Thanks, Maria! I can’t believe that such a great service is for free. I will definitely sell my ring with your company. You told me how much a gold ring is worth and your estimate has fully convinced me.