Unlocking The True Worth of Jewellery Remodelling
Jewellery Remodelling: Is It Worth It?
In a world where trends ebb and flow, and disposable commodities are on the rise, there exists a category of treasures that stands the test of time – jewellery. It's the mesmerizing glint of a diamond, the timeless shimmer of gold, and the magnetic allure of gemstones that have captivated humanity for centuries.
But what happens when the lustre fades, when once-elegant jewellery pieces find themselves languishing in the shadows of neglect?
Many leave their old jewellery gathering dust in a drawer, ready for the next generation to tackle. But some ladies consider the possibility of remodelling their old jewellery and creating a new and sustainable piece of jewellery they can enjoy wearing.
And, as the idea takes hold, there is inevitably a point when the question arises: "Is it worth it?"
Is it worth the effort and the emotional and financial investment required to breathe fresh life into these age-old or inherited gems?
This blog post explores the answer to that question. We will consider the profound connections between jewellery and the human heart, the often underestimated financial potential as well as the financial investment required to transform these old treasures into new.
Ultimately, helping you to understand your own personal answer to: "Jewellery remodelling: Is it worth it?"
Before
After
Jewellery Remodelling: Balancing Emotions and Finances
In the world of jewellery, emotions and finances intersect when it comes to remodelling old or inherited pieces. Many women grapple with the emotional connection they have with their jewellery while weighing the financial considerations. Let's explore the pivotal factors that come into play.
The Emotional Worth of Jewellery Remodelling
When it comes to jewellery, every piece tells a story. From engagement rings that symbolize enduring love to necklaces passed down through generations, each jewel carries a unique sentiment. Every single Legacy piece we create using important inherited jewellery holds so much significance and sentiment.
Remodelling inherited or sentimentally important jewellery is more than a transaction; it's a journey of rediscovery. Old or inherited jewellery pieces hold memories, and remodelling rekindles those connections.
Lizzy’s Story
Lizzy came to see us originally with the idea of transforming some old jewellery that was sitting in her jewellery box, but after her initial consultation decided to include her mum’s and grandma’s engagement and wedding rings.
Lizzy originally underestimated the emotion and significance of having these rings included in her design and was thrilled with her completed Legacy ring, which combined important gold from her inherited wedding rings, as well as the beautiful sapphires and diamonds.
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After
“I now have an amalgamation of my Mother’s and Grandmother’s engagement and wedding rings set in a modern design which I love. Didn’t really realise the significance till the ring took shape and was finally delivered, now taking pride of place on my finger.”
Jean’s Story
Jean contacted us as she was keen to combine her old engagement and wedding rings with her new engagement ring and eternity ring. She wanted to wear them all as a combined wedding, eternity and engagement ring on her wedding finger. She wanted a playful design, where the diamonds had space to breathe, a design that cleverly fused classic style with modernity.
Jean was delighted with her completed Legacy ring and it is one that is widely admired on our social media channels and website. The delicate balance and symmetry along with the shimmering gold seems to resonate with a lot of people.
“I am honestly struggling to put into words how beyond thrilled I am with my Legacy ring. From the start to the finish of my legacy journey it has been an absolute joy and such a positive and wonderful experience.... has made this whole experience totally personal and very special.”
Here at Legacy Jewellery, we witness the emotional connection to jewellery week in, week out. The memories, love and history in old and inherited pieces is often almost tangible. The feelings these new, sentimental pieces evoke are real and deep and significant. Remodelling old jewellery is, for many, a way of connecting to the past. Of feeling close once more to someone deeply loved and sorely missed.
So, for those who are striving for that emotional connection, who are exploring a way of healing wounds and coming to terms with grief, “Is it worth it?” should not be considered exclusively a financial decision in isolation. Time and time again here at Legacy, we see the profound impact on someone whose journey is an emotional one. Who once again feels that deep connection with their mum, or grandma. And, that sheer joy, connection and love cannot be measured in terms of pounds and pence.
But, the financial worth is, of course, important.. so let’s explore that….
Remodelling Jewellery:“Is it financially worth it?”
The Financial Worth of Jewellery Remodelling
When we talk about value and worth when it comes to jewellery, it's important that we are comparing apples with apples and egges with eggs. There are a number of ways of determining value:
Insurance Replacement Value
Replacement value signifies the amount required to replace an appraised jewellery item, essentially mirroring the original in every way. This means obtaining a new item that is identical in terms of kind and quality, right down to using the same high-quality diamonds and gemstones and replicating the craftsmanship with precision.
In practical terms, it's the amount you would need in order to replace an item that is essentially a like-for-like match to the original. The replacement being the same standard of the original piece in terms of equal quality and craftsmanship.
Scrap Value
The scrap value is the weight of your precious metal multiplied by the current gold, silver or platinum price that day, usually minus a commission. Most jewellers buy gold and other precious metal, including platinum, palladium and silver and there are also specialist gold buying businesses cropping up on the high street.
Sale Value
A sale value is very different from a scrap value and an insurance replacement value. Ultimately, your items are worth what an informed buyer is prepared to pay. Selling to a jeweller who specialises in second-hand jewellery may result in you receiving a lower amount than expected, as the jeweller is taking on the risk and needs to make a profit on your items. Some jewellers may offer to sell your items on a commission basis, this means you may end up with a higher price, but may have to wait an indeterminate amount of time until your item sells and you are paid.
Investment v Value
For ladies who have a large collection of old, important and inherited pieces, creating one large and hugely impressive piece is a significant investment. A large, intricate Legacy design can cost upwards of £4000. So understanding that your investment is financially worthwhile is important.
Individually, small, historic pieces may not have a significant insurance replacement value. Combining them into one larger, beautifully-crafted bespoke piece of jewellery can impact upon value.
Here at Legacy, we are occasionally asked what the value of a Legacy piece is likely to be once it is created. Many ladies wish to know that the investment is worthwhile and the completed piece will have a value higher than the cost to create it.
In these cases, we will always offer an insurance replacement value.
For example, the cost to create your perfect Legacy piece may be £3000 and the estimated insurance replacement value once your piece is created may be £8500. Knowing the financials may help you make an informed decision on whether, for you, the project is “worth it”.
A collection of important inherited pieces…
…transformed into an impressive and valuable Legacy ring
Remodelling Jewellery: Balancing Emotion v Investment
Alternatively, when semi-precious gemstones are used, the financial investment may not be worth it. If your gemstones have little or no value, then investing in a new Legacy piece may not be advisable. Here at Legacy, we would always advise you whether we believe the new piece will have enough financial “worth” for your investment to be worthwhile. Ultimately, then it is your decision as to whether or no to go ahead. For many ladies, the emotional worth far outweighs the financial worth and so decide to proceed anyway.
Ensure you are armed with all the information so you can make an informed decision.
Important, historic tourmalines…
…repolished and transformed into a pretty Legacy pendant
Cost-Effective Remodelling
For those looking to manage costs, there are ways to minimise the cost of your remodelling project:
* Simplify Your Design
The intricacy of a design and the amount of setting work involved impacts significantly on the cost of your remodelling project. Many large, complicated Legacy rings can take six or seven hours to hand-set. Choosing a simpler design and limiting the gemstones to only those that are emotionally important to you can help reduce the cost.
* Precious Metal
A Legacy design that is bi-metal will be more expensive than a design created in one precious metal. Having a complicated design with parts created in a different metal means additional work, additional casting and assembly.
Many people assume that re-using their own gold will help to reduce costs, but in fact this can have the opposite effect. Refining old gold can be a lengthy and tricky process. Old gold will have impurities and sometimes unknown alloys that can impact upon the quality of the new piece. It can sometimes be more effective to use new gold (we always use recycled gold) that has already been through the refining process and is ready to use.
If the quality of your new Legacy piece is likely to be impacted by using your old gold, then we will advise against it.
* Off-Setting Old Gold
The value of your old precious metal that is not being used in your new design can be off-set against the cost of your new Legacy piece. Many ladies have jewellery boxes full of old broken chains, single earrings, worn or damaged bracelets and these can all be valued and then that value credited against the cost of your new Legacy jewellery. For many ladies, this can be significant amount and reduce the cost substantially.
* Spread the Payments
At Legacy we offer the option of spreading your costs over three or four equal payments across three or four months with the final payment due on collection. Please get in touch to find out more.
Is Jewellery Remodelling Right for You?
Ultimately, it is always a balance of emotion versus financial investment and only you can truly know at what point the balance tips too far either way. Being empowered with all the information should help you decide whether remodelling your old or inherited jewellery is right for you and whether it's "worth it" emotionally and financially.
If you'd like to discuss ideas for your own Legacy project and ask for our expert advice regarding costs and possible future insurance replacement value, then please get in touch.