Any gold tucked away in your jewellery box could be worth far more than expected, as prices hit record highs. According to RNZ, the price of gold has surged about 45 percent year-on-year and more than 100 percent over the past five years, driving up the value of both new and pre-owned jewellery.
Auction houses are seeing a significant shift. Christine Power, head of fine jewels, watches and luxury accessories at Webb’s, said more people are reassessing their collections.
“People have started to realise that there is a return, so we are finding that more people are going through their items at home and seeing what little treasures they might have, and then they can bring it to us for a no-cost appraisal,” she explained.
Power noted that appraisals are based on the finished weight of an item measured against current gold prices, whether by gram or ounce. Gold’s 40 percent rise in the past four years has significantly altered valuations.
Plain gold items like bangles and fob chains have seen particularly strong gains. For example, an 18-karat yellow gold Tiffany bangle recently sold for $12,500 including buyer premium, exceeding estimates.
Andrew Grigg of Cordy’s added that some heavy pieces are often melted down and redesigned. While vintage or antique items typically fetch prices above gold value, others sell closer to melt price.
“We are always safeguarding our clients’ gold and silver items with a reserve that is related to their melt price,” Grigg said.
On the global front, Chris Smith, general manager at CMC Markets, said gold recently hit US$3,450 and briefly passed US$3,500, supported by expectations of a U.S. Federal Reserve rate cut in September.
With central bank demand remaining strong, he suggested gold is unlikely to see a sharp pullback. Silver, meanwhile, is also gaining traction, up nearly 38 percent year-on-year.
— Reported by RNZ
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