TL;DR

Your old jewellery has three different "values," and they are almost never the same number. Melt value is the gold weight times the spot price times a payout percentage (75–90% at a fair shop). Retail replacement value is what an insurance appraisal lists — high, because it reflects what it would cost to rebuild the piece new at retail. Resale market value is what someone will actually pay you today — usually somewhere in the middle. At Bijouterie Jamil in Montréal we offer free verbal estimates on the spot, and a formal written appraisal for insurance or probate runs $75 to $150 CAD depending on complexity.

Table of Contents

1. The three values — and why they never match
2. Why grandma's ring isn't worth what she paid
3. Antique vs vintage vs estate — definitions that matter
4. Signed pieces vs unsigned — the Cartier premium
5. What we actually look at during evaluation
6. The process at Bijouterie Jamil
7. When you need a written appraisal (and when you don't)
8. FAQ

The three values — and why they never match

People walk into our Montréal store all the time holding a ring and asking "What is this worth?" The honest answer is: it depends which value you mean. There are three, and they live on different planets.

1. Melt value (the floor)

This is the raw material value of the metal. For gold: weight × purity × live spot price × dealer payout percentage. Stones come out of the equation here unless they are large and certified. A 14K gold ring weighing 6 g, at a $105 CAD/g spot, melts at roughly $370 CAD gross (6 × 0.585 × 105) and pays out around $295–$330 at 80–90%. Melt value is the floor. Nothing pays less than this for genuine gold.

2. Retail replacement value (the ceiling)

This is the number on an insurance appraisal. It answers a single question: if this piece were lost or destroyed tomorrow, how much would it cost to walk into a comparable jeweller and buy a new equivalent at full retail? That number includes the metal at retail markup, the stones at retail markup, the labour, the design, the brand premium, the case, the box, and the tax. It is intentionally high because insurance companies need a number large enough to actually replace the piece. A ring with a melt value of $300 might carry a retail replacement value of $2,400. Both numbers are "true" — they answer different questions.

3. Resale market value (what you'll actually get)

This is what a buyer — a private individual, an estate dealer, or a jeweller buying for inventory — will pay you today, in cash, for the piece as it is. It sits between melt and replacement. For most pre-owned jewellery the resale value lands at 20% to 50% of the retail replacement number, sometimes lower for unsigned pieces with no brand pull. For signed pieces from major houses — Cartier, Tiffany, Bulgari, Van Cleef & Arpels — resale can climb to 60% or even 80% of original retail.

The trap most sellers fall into: they remember the retail price (or the appraisal number) and expect the resale offer to match it. It almost never will. That gap is not a lowball — it is the structure of the secondary market.

Why grandma's ring isn't worth what she paid

This conversation happens at our counter once a week. Someone brings in a 1970s engagement ring. "My grandfather paid $2,000 for it in 1974." Inflation alone would put that at roughly $12,000 in 2026 dollars. So why are we offering $1,400?

Three reasons.

One: the diamond market has changed. A 0.50 ct round brilliant in 1974 was a meaningful stone. In 2026, with lab-grown diamonds available at a fraction of the price and with an enormous supply of pre-owned natural stones in circulation, the same 0.50 ct natural carries a much smaller premium. The stone is real, but the market for it is softer.

Two: the design is dated. Settings from the 1970s — yellow gold, illusion heads, fishtail prongs — read as "not current" to most buyers. The ring isn't worth less because it is uglier, but because the resale buyer has to either wear it as-is (small market) or pay a jeweller to reset the stone into a modern setting (cost that comes out of the offer).

Three: retail markup never carries forward. When grandfather paid $2,000 in 1974, perhaps $1,200 of that was the retail markup, the store overhead, and the brand. None of that survives the resale. You only get paid for what is intrinsically there: the metal, the stone, the workmanship if it is exceptional.

The fix, if you love the stone but not the setting: reset it into something current. We do this often. Same diamond, new design, the sentimental thread continues without the dated frame.

For more on diamond resale specifically, see Selling a Diamond or Engagement Ring: A Realistic Guide.

Antique vs vintage vs estate — definitions that matter

These three words get thrown around interchangeably by sellers and even some jewellers. They are not the same thing. The trade definitions:

• Antique: at least 100 years old. In 2026, that means anything made in 1926 or earlier. Edwardian, Art Nouveau, Georgian, Victorian. Genuinely antique pieces are rare and frequently carry a premium for craftsmanship and historical value, regardless of the metal weight.
• Vintage: roughly 20 to 100 years old. Art Deco (1920s–30s), Retro (1940s), Mid-Century, Modernist, 1960s–80s. Vintage value depends heavily on style demand, condition, and whether the piece is signed.
• Estate: any piece that has been previously owned, regardless of age. A ring purchased last year and resold today is "estate." The word is a marketplace category, not an age category.

So a 1925 Art Deco brooch is antique, vintage, and estate at the same time. A 2024 Tiffany solitaire someone is reselling is only estate. Why does this matter? Because antique and certain vintage pieces can carry value above melt — sometimes far above — while plain estate pieces almost always sit at or near melt value plus a small workmanship credit.

Signed pieces vs unsigned — the Cartier premium

This is the single biggest divider in estate jewellery valuation: is it signed by a major house?

A signed piece is one that is hallmarked or stamped by a recognized maker — Cartier, Tiffany & Co., Bulgari, Van Cleef & Arpels, Boucheron, Buccellati, David Webb, Harry Winston. The signature is usually engraved in a discreet spot (inside a band, on a clasp tongue, on the back of a brooch pin). It often comes with serial numbers and, for the best resale, the original box and papers.

A signed Cartier Love bracelet from the 1990s, with papers, can resell at 60–80% of its current retail. That same bracelet, unsigned and unbranded, would resell at melt value plus a small craft premium — maybe 15% of the signed price.

The brand carries the value because: - There is a global, liquid secondary market for major houses - Provenance is verifiable (the brand will service and authenticate) - The design itself is iconic and immediately recognizable - Buyers are paying for the name as much as the object

Unsigned pieces are evaluated on their intrinsic merits only: gold weight, stone quality, craftsmanship, design appeal. There is no name premium to apply. This is not a snob filter — it is just how the resale market works. A beautifully made unsigned 18K gold cuff and a Bulgari Tubogas of identical weight will fetch wildly different offers, and the difference is the four letters stamped inside the Bulgari piece.

If you think you might have a signed piece, don't polish it before bringing it in. A polish can erase or blur the maker's mark and the hallmarks, which can cost you thousands. Bring it as-is.

What we actually look at during evaluation

When you put a piece on our counter, here is what runs through our heads in the first ninety seconds.

Metal. We test it. Either with a touchstone and acid kit for a quick read, or with the XRF analyzer for a precise non-destructive measurement of the alloy. Stamps lie sometimes — a piece marked 18K can test at 14K, or a "gold-filled" piece can turn out to be solid 10K. We pay for what is actually in the metal.

Weight. Calibrated jeweller's scale, 0.01 g precision. If there are stones we cannot remove, we estimate the stone weight and subtract.

Stones. Are they natural or lab-grown? Real or synthetic? Are they certified? A 1 ct GIA-certified natural diamond and a 1 ct lab-grown of the same visual specs are valued very differently on the secondary market. We use a loupe, a refractometer, and for diamonds a thermal/electrical tester. For coloured stones we may recommend a lab report for anything potentially valuable.

Hallmarks and signatures. This is the Cartier check. We look inside bands, behind brooch pins, under clasp tongues, on bracelet links. A maker's mark changes the conversation completely.

Condition. Is the metal worn thin? Are prongs intact? Is the chain stretched? Are there cracks or repairs? Condition affects whether the piece can be sold as-is in our showcase or only sent for melt.

Era and style. Art Deco geometry, Retro pink gold, Mid-Century atomic motifs — eras that are currently in demand command a premium over generic mid-tier pieces.

Provenance and papers. Original receipt, original box, certificate, service history. All of it adds value, especially on signed pieces and watches.

From those six inputs we triangulate the three values: melt, replacement, resale. You see the math.

The process at Bijouterie Jamil

Our evaluation flow is the same whether you are selling, getting an insurance appraisal, settling an estate, or just curious. We have been doing this in Montréal for 60+ years and the process is straightforward.

Step 1 — Walk in or book

For a few pieces, walk in any time during store hours. For an estate, a collection, or anything where you want a private counter, book ahead through bjamil.com. Estate visits get a dedicated room and uninterrupted time.

Step 2 — Free verbal estimate

We test, weigh, and look at every piece in front of you, and we give you a verbal estimate on the spot. No charge, no pressure, no obligation to sell. This is the right starting point for almost everyone — it tells you whether your piece is in the $200 range or the $20,000 range without you spending a cent.

Step 3 — Decide what you actually need

After the verbal estimate, you decide: - Sell it now at the cash offer (75–90% of melt for plain gold pieces, more for signed estate, more for certified stones) - Trade it toward something in our showcase (typically 5–15 percentage points better than the cash offer) - Walk out and think — your gold goes home with you, no hard feelings - Get a written appraisal for insurance, probate, equalization of estate, or divorce

Step 4 — Formal written appraisal (if needed)

If you need a formal appraisal — meaning a signed document on letterhead with photos, descriptions, and stated values that an insurance company or court will accept — we prepare one. Fee: $75 to $150 CAD per piece, depending on complexity. Simple gold ring at the lower end, multi-stone signed estate piece at the higher end. Turnaround is typically 3 to 7 business days.

A written appraisal is not the same thing as a sale offer. It is a document that states the retail replacement value (the high number) for insurance purposes, or the fair market value (the resale number) for probate and tax purposes. We mark clearly which type of appraisal it is.

When you need a written appraisal (and when you don't)

This is where people overspend. Not every piece needs a formal appraisal. A free verbal estimate is enough most of the time.

You need a written appraisal when: - Your insurance company is asking for one to schedule the piece on your homeowner's or jewellery rider policy - You are settling an estate and the executor needs documented values for probate - You are dividing assets in a divorce or inheritance equalization - You are donating a piece for a tax receipt - You are shipping or travelling internationally and need a customs document

You do not need a written appraisal when: - You are just curious what something is worth - You are deciding whether to sell or hold - You want to know your piece's melt value before walking into a buyer - You are comparing offers from multiple shops

For all of those, the free verbal estimate at Bijouterie Jamil is the right tool. Save the $75–$150 for when an institution actually requires the document.

For more on the gold side specifically, see How to Sell Gold in Montréal. For the watch side, Trading In a Luxury Watch covers that valuation track.

FAQ

What is my old jewellery actually worth? It has three different values: melt value (the gold/metal floor, typically 75–90% of spot at a fair Montréal buyer), retail replacement value (the high insurance number), and resale market value (what you'll actually get today, usually 20–50% of the retail figure for unsigned pieces and 60–80% for signed major-house pieces).

Why is my grandmother's ring worth less than she paid? Original retail prices include a large markup, store overhead, and brand margin that does not carry forward to the resale market. Combined with dated design and a softer market for older diamonds, the resale offer is usually a fraction of what was originally paid — even adjusted for inflation. The metal and the stone are still real; it is the markup that disappears.

What is the difference between antique, vintage, and estate jewellery? Antique means at least 100 years old (made in 1926 or earlier in 2026). Vintage means roughly 20 to 100 years old. Estate means previously owned, at any age. A 1925 brooch can be all three at the same time; a 2024 Tiffany ring being resold is only estate.

Does a signed piece — Cartier, Tiffany, Bulgari, Van Cleef — actually pay more? Yes, significantly. A signed piece from a recognized house with original papers can resell at 60–80% of current retail because there is a global liquid market for the brand. An unsigned piece of equivalent gold weight and stone quality will sell at melt value plus a small craft premium — sometimes a fraction of the signed price. Do not polish a piece before evaluation, as polishing can blur the maker's mark.

Do you charge for evaluation at Bijouterie Jamil? A verbal estimate is free, in person, at our Montréal store. We test the metal with our XRF analyzer, weigh on a calibrated scale, examine the stones, check hallmarks, and tell you what we see — at no cost and with no obligation to sell. A formal written appraisal for insurance or probate runs $75 to $150 CAD per piece.

When do I need a formal written appraisal? When an institution requires it: insurance scheduling, probate, divorce or estate division, charitable donation tax receipts, or international customs documentation. If you are just curious or comparing buyer offers, a free verbal estimate is enough.

Can you remove the diamond from an old ring and reset it into something new? Yes. This is one of the most common things we do for inherited jewellery. The stone keeps its meaning, the new setting brings the piece into the present. We can also remelt the old gold into the new piece if you want continuity of metal. Talk to us during your evaluation visit.

How long does an evaluation take? For a few pieces, 15 to 30 minutes including the verbal estimate. For an estate or a collection, allow 45 to 90 minutes — booking ahead gets you a private counter and uninterrupted time. Written appraisals take an additional 3 to 7 business days to prepare and deliver.

Visit us

If you have a piece you have been wondering about — inherited, given, found, forgotten — bring it in. The verbal estimate is free, the conversation is honest, and you walk out knowing what you have. Walk in any time, or book ahead at bjamil.com if you are bringing a collection.

Ziko Khazzoum is the second-generation owner and CEO of Bijouterie Jamil, a family-run jewellery house in Montréal serving Québec clients for over 60 years. He specializes in luxury watches, gold buying, and estate evaluation.