The Perception of Value – Edward Lewand

Ed LewandOn Wednesday, May 23, 2012 chapter members had the pleasure of hearing Edward A. Lewand, GG, ASA, AAA, discuss the value of things?

Is it that value because someone tells us it is?

What goes into a fine piece of jewelry to make up the value?

What are the facts and what is the perception of the value of a piece of jewelry? 

As a professional independent appraiser of Fine and antique jewelry and Certified Member of the Appraisers Association of America, Ed shared his views and experiences.

Percieved value: Gold – over valued with current gold prices making simple gold chains more expensive than many consumers are willing to pay. 

People often believe what they have been told about the value of jewelry. “Marketing”

A premium manufacturer name and hallmark make percieved value higher. Handcrafted, attention to detail on both the front and back of a piece of jewelry makes it more interesting and raises the work to an artform.  That is why French and Italian Hallmarks bring increased value to a piece, in addition to rarity, the story of romance behind a piece  and desirability all add value.

But why does a simple bracelet with matching diamonds have a greater value? Such a piece can take 7-16 months to make, as the diamonds are collected or re-cut to fit a design and build the bracelet. Manufacturers also have overhead in salaries, office space and rent.

Manufacturers who copy write the design do so to ensure a local jeweler can not recreate a piece that might get lost or broken, with out worring about a law suit from the original manufacturer. Keep this in mind when appraising a high end piece as often only the manufacturer can truely place a value on one of their pieces of jewelry. 

Ed also discussed diamond cut shapes and settings and the perceived value each had, often only be cause the cut or setting make the diamond look bigger.

The DCGIA Chapter appreciated Ed Lewand’s time and insights shared with the members.

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