Gold Prices are on the Rise
Why You Should Re-Appraise Your Jewelry Now: Gold Prices Have Doubled Since 2020
If you’ve been sitting on vintage rings, heirloom necklaces or any gold jewelry that hasn’t been looked at for a while, now’s the moment to give them a fresh appraisal. The gold prices have soared in recent years, and your coverage and valuations may be way out of date.
In this blog I’ll show you how the gold price has changed since 2020, why that matters for your jewelry, and what you (yes, you) should be doing next — all from a clear, friendly viewpoint from us at Huff Insurance (independent agent since 1960).
The Big Jump: How Gold Prices Have Risen
Let’s walk through the numbers so you can see why it matters.
- In 2020 the average price of gold was about $1,770 per troy ounce.
- By 2023, the average price rose to roughly $1,943 per troy ounce.
- And in 2025 the price has climbed dramatically, from $2,623 per troy ounce on January 1, 2025 to prices over $4,000 per troy ounce in October 2025.
That means your gold today is worth more than double what it was just a few years ago. If the last time your jewelry was appraised was when gold was around $1,700‑$2,000 an ounce, you could be significantly under‑insured.
Why the Rising Gold Price Means You Should Re‑Appraise
1. Your jewelry value may be underestimated
If you own a gold pendant, a wedding band, or other fine gold pieces, the metal’s intrinsic value is one part of what you insure. When gold goes from roughly $1,770 to $4,000 an ounce, that shift directly affects replacement cost estimates.
2. Insurance limits may be too low
Many homeowners’ or renters’ policies allow for scheduled jewelry limits. If your scheduled jewelry says “up to $X”, and is based on an old valuation, your benefit might not cover today’s full replacement cost. Re‑appraisal helps ensure you have adequate coverage.
3. Increased risk of uninsured “gaps”
If you lose, damage or have theft of a piece, the payout could leave you “making up” the difference out of pocket. A timely appraisal and updated schedule helps shield you from that risk.
Three Key Things to Ask During a Jewelry Re‑Appraisal
- Ask for a current replacement value based on today’s gold spot price and craftsmanship/brand premiums.
- Make sure you’re covered for full‑value replacement, not just “cash value” which may discount for wear/tear.
- Review your deductible and coverage limit: If your piece’s value jumps, your deductible might need to change or you might need to schedule it separately on your policy.
Best Practices for You (As a Client of Huff Insurance)
- If your valuation has not been updated in recent years, schedule a new appraisal.
- Send or bring a copy of the completed appraisal to us so we can update your policy schedule.
- Maintain good documentation: photographs, receipts, appraisal reports.
- Store large‑value jewelry securely (e.g., safe deposit box) and keep it well‑maintained — insurers factor condition into value.
Why Choosing an Independent Agent Like Huff Insurance Matters
Since 1960, Huff Insurance has operated as an independent insurance agent, meaning we’re not tied to one insurer. We work on your behalf to find you the best coverage options for your unique situation.
By partnering with us:
- You get customized advice about scheduling jewelry and reviewing limits.
- We help compare multiple insurers so you aren’t locked into one product.
- We keep an eye on changes like the gold price rise, so you’re not “old value blind”.
If you’ve got gold jewelry and haven’t updated your appraisal since the pandemic or earlier — it’s time. Let’s protect your holdings properly.
Frequently Asked Questions (FAQ)
Q1: How often should I have my gold jewelry appraised?
It’s a good idea to reassess every 2–3 years or whenever you hear of major changes in gold price, value of rare‑metal jewelry or brand premiums. Because the gold price has jumped significantly since 2020, many items appraised then are now under‑valued.
Q2: Does the appraisal only consider the gold in my jewelry or does design/brand matter?
Appraisals consider both the metal (gold spot price) and any additional value from craftsmanship, designer name, gemstones, rarity or antique status. The metal boost from gold’s rise is one driver, but the artistry/brand still plays a role.
Q3: Will updating my appraisal raise my insurance premium?
Potentially yes, because higher insured value may mean higher premium. But the cost of being under‑insured is much greater — you might not receive enough to replace the piece. We’ll work with you at Huff Insurance to balance value and premium.
Q4: If I increase the insured value, does it affect my deductible or other policy terms?
No. Your deductible on your homeowners or renters insurance policy will not change just because you have update appraisals. Scheduling a high‑value piece often changes how the loss is settled (e.g., full replacement vs. standard policy), and most insurers have no deductible for scheduled items. We’ll review that with you.
Q5: What if I only have a standard insurance policy and haven’t scheduled my jewelry separately?
Then your coverage may be limited (e.g., $1,000–$2,500 max) and may not reflect today’s value. Scheduling the piece separately via a rider or endorsement ensures the full insured value is covered, or the item will be replaced with the same quality of item. At Huff Insurance, we can add that on for you.
Thank you for reading. If you’re in Maryland (or anywhere in our service area) and own gold jewelry that hasn’t been re‑appraised recently — we strongly recommend contacting us at Huff Insurance to review your policy. Given how much gold has risen since 2020, taking action now could save you from serious under‑insurance.
