If I were to sell my car, I could not expect to receive the amount of money for it that I would have to pay in order to go out and replace it. How much I could realize would also depend on the amount of time and effort I put into the sale. Did I do everything necessary to receive top dollar, or did I go to a dealer and let him do the work of finding a buyer.

The same holds true for jewelry. If you were to sell your ring, you couldn’t expect to be paid the same amount for it that the buyer would pay for the same ring, new, from an established dealer. The ring is different—it is used, and the market is different—an established jeweler vs. an unknown (to the buyer) private person. These factors, in addition to the quality, condition and desirability of the ring would affect the value. All these elements must be considered in a valid appraisal.