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With unemployment skyrocketing and the stock market’s volatile ride many of us still want to buy gifts for those we cherish. Be it a gift for the graduate, gifts just to say, “thank you for staying home with me”, gifts to say, “i love you”, or “will you marry me”, gifts with lasting value might be a better choice during these times. Lasting value in sentiment and in financial terms. So while chocolates, designer brands goods, or even a car fantastic gift ideas, none will hold long term financial value. As soon as the chocolates are eaten, the shirt is worn or the car is driven off the lot, the financial value of the gift is zero or has significantly depreciated.
On the other hand, a gift of fine jewelry can potentially have lasting value - again both in sentiment and economic. I say, “potentially” because there are several things to consider.
For example, walking into a big mall and buying designer brand pieces - you are probably not buying low. Big designer brands in luxury malls need to pay their overhead such as rent, employment costs, marketing, etc. In addition, they need to make a huge profit to pay all of their executives and shareholders. That overhead is not considered in an appraisal. In addition, for jewelry to hold its value or appreciate in value, it does not mean it has to be expensive.
Next to consider, not all jewelry has value. “Gold plated”, “silver plated”, or jewelry commonly known as “costume jewelry” will not appreciate in value. When it comes to diamonds, not all diamonds are created equal. Cut, clarity, color, carat weight all affect the value.
When purchasing luxury watches such as the Rolex brand, consider a pre-owned one. While it is true that Rolex watches tend to hold its value well - provided that you protect them from unnecessary wear and tear – some models stand a better chance of increasing in value han others. But beware, there are tons of knock-offs. Buy certified or guaranteed.
Now is a great time to buy sterling silver jewelry - especially popular with men. Sterling silver is off of its 2010, 10-year high of $30 an ounce to about $18 an ounce. In the past two decades platinum has seen some of the largest growth of any precious metal, gaining over 500% as a result of the financial crisis. The price has since come down as palladium replaced platinum in the automotive industry, but with palladium now more expensive, platinum could be due a price rise. Colored diamonds, especially pink are very valuable as the largest diamond mine in the world is set to close making pink diamonds even harder to get.
All of things should be considered, but its NOT meant to scare you out of purchasing a gift of fine jewelry. It just means, purchase your jewelry wisely from a certified GIA gemologist that you trust. Make sure the jeweler is in good standing with the better business bureau. Ask questions. Check reviews on social media. Go to a jeweler that will guarantee trade in value.
Robert Palma Designs has been doing business in Hawaii for over 40 years. Please give us a call or visit our website to learn more.