Is Jewelry a Good Investment? What the Resale Data Actually Shows

I was sitting in my friend Danielle's kitchen last month, watching her try to sell her late grandmother's diamond tennis bracelet. She'd paid to have it appraised, cleaned, photographed. The offer she got? Maybe 30% of what her grandmother paid in the 90s.

Brutal.

But here's what's interesting. That same week, another friend sold her Cartier Love bracelet, the yellow gold one she'd worn daily for six years, for basically what she paid for it. Actually slightly more, because Cartier had raised prices twice since she bought it.

So is jewelry a good investment? Honestly, it depends entirely on what you're buying. A generic diamond piece from a department store? Probably not. A Cartier Love bracelet in yellow gold? The secondary market tells a completely different story.

The Uncomfortable Truth About Gold Jewelry vs. Gold Bars

Okay, let me get the annoying part out of the way first. From a pure investment standpoint, gold bars beat gold jewelry. It's just math. Gold bars are typically 99.9% pure, while most jewelry you can actually wear is 18K (that's 75% pure) or 14K (58.5% pure). You're paying for alloys, craftsmanship, and retail markup that you might never recover.

But here's the thing. This comparison kind of misses the point for most of us.

The real question isn't gold bars versus jewelry. It's whether specific designer pieces can hold their value while you actually wear and enjoy them. And that's where it gets interesting.

What the Resale Data Actually Shows

Cartier Love Bracelet

The Love bracelet, designed by Aldo Cipullo back in 1969, has become one of the most studied jewelry investments out there. Current retail in 2025:

The small model in yellow or rose gold runs $4,750. White gold is $5,100. The classic medium size is $6,100, and once you add diamonds you're looking at $12,000 and up.

What's wild is the resale market. Pre-owned Love bracelets in excellent condition regularly hit 85-95% of current retail. I've seen some on Bloomingdale's pre-owned section selling between $4,800 and $12,700.

A few things affect whether yours holds value. Condition matters enormously, obviously. But also keep your box, certificate, and that little screwdriver. Yellow gold is having a moment right now, though rose gold still does well with younger buyers. And anything from the 70s or 80s? Collectors are paying attention.

Cartier bumped prices about 4.8% in April 2025, which historically just makes existing pieces worth more. Not a bad deal.

Van Cleef & Arpels Alhambra

If you're comparing investment pieces across categories, the Alhambra collection might be the jewelry equivalent of a Birkin. Launched in 1968, it's held its prestige partly because Grace Kelly wore the original 20-motif opera-length necklace.

Current prices range wildly. A single motif pendant starts around $4,100. The 5-motif bracelet in malachite and rose gold is about $6,700. A 10-motif necklace runs $15,000 to $20,000 depending on stone. The full range goes from $1,520 all the way to $162,000. You can see current resale prices on The RealReal.

Here's a data point that surprised me. In April 2025, Sotheby's sold a Vintage Alhambra necklace, the one with 20 pavé diamond motifs, for approximately $126,000. That's SERIOUS collector demand.

What drives Alhambra prices specifically? The 20-motif necklaces are genuinely difficult to source because Van Cleef is obsessive about color matching. Discontinued stone combinations command premiums. And weirdly, the three-motif bracelets designed for smaller wrists can fetch disproportionately high prices just because they're scarce.

Van Cleef raised prices in April 2025 too. Around 4.8-5.1% globally, up to 10% in South Korea. The steepest increases hit Vintage Alhambra pieces with malachite, mother-of-pearl, and guilloché gold.

Tiffany & Co.

Tiffany sits in an interesting middle ground. It holds value, just not quite like Cartier or Van Cleef in percentage terms.

According to Rebag's analysis, Victoria Drop Earrings average 91% of retail on the secondary market. T Wire Bracelets hit about 87%. Paloma Picasso Loving Heart pieces retain around 86%.

But the broader picture is more complicated. Multiple sources suggest Tiffany pieces typically resell for 50-70% of retail, with certain collections outperforming others significantly.

What works at Tiffany: Elsa Peretti designs (iconic, scarce), Jean Schlumberger limited editions, the Tiffany Setting engagement rings, and anything in 18K gold or platinum.

What doesn't work: sterling silver. Like, at all. Expect maybe 15-20% of retail if you're selling through a dealer. Same goes for trendy seasonal designs. Classic beats fashionable every time.

The Gold Purity Question

If you're thinking about gold jewelry specifically as an investment, purity matters more than most people realize.

24K gold (99.9% pure) is basically wearable bullion. 18K (75% pure) is the luxury brand standard, think Cartier and Van Cleef. 14K (58.5% pure) is common in American jewelry but resale is usually based on melt value, not investment value.

Here's a tip I got from a dealer. Look for plain gold pieces, chains and rings and bracelets, through consignment shops or private marketplaces where prices hover just above spot. You skip the retail markup that kills investment returns.

Five things that signal investment-worthy gold jewelry: higher purity (18K minimum), classic designs from established brands, proper documentation proving authenticity, solid heavy construction, and clear provenance.

The Case Against (Because It's Only Fair)

I should be honest about the counterarguments.

There's a discussion on PurseForum that kind of sums up the skeptical view: jewelry is never really a good investment in the pure sense. You buy it for the pleasure of wearing it.

The logic isn't wrong. Retail markups of 200-300% erode long-term returns. Craftsmanship premiums might not come back at resale. Diamond prices have been falling. Most jewelry loses substantial value the second you walk out of the store.

Someone in that thread pointed out that even for branded Tiffany silver, unless it's a major piece or genuinely rare or antique, you're looking at 15-20% back through a dealer.

Fair enough.

What Actually Works: A Framework

Based on everything I've seen, jewelry can work as a store of value under specific conditions.

Buy with investment potential in mind: Cartier Love bracelets (especially yellow gold), Van Cleef Alhambra (particularly rare stones or discontinued materials), high-karat gold from prestigious brands with documentation, limited editions by named designers like Elsa Peretti or Jean Schlumberger.

Buy for enjoyment, not returns: Sterling silver from any brand, trendy or seasonal designs, jewelry without brand provenance, anything without original packaging.

The hybrid approach that some wealth advisors suggest: keep around 10% of investments in physical gold, with some portion in 24K jewelry that you actually wear. Instead of bars sitting in a safe, you get potential appreciation plus daily enjoyment. I kind of like this logic, similar to how the right luxury watch can hold value while you wear it.

Practical Stuff Before You Buy or Sell

Timing your sale matters. Luxury jewelry demand spikes around Christmas, Valentine's Day, Mother's Day. Selling then usually yields higher prices.

Keep EVERYTHING. Original packaging, receipts, certificates. The Tiffany Blue Box alone adds measurable value. This is like how The Row Margaux holds value better with its dust bag and documentation.

Condition is critical. Bracelets with minimal scratches command significantly higher prices than visibly worn pieces.

Work with reputable buyers. Auction houses like Sotheby's and Christie's for high-end pieces. Established platforms like The RealReal, Rebag, or Vestiaire Collective for accessible luxury. Specialized dealers for brand-specific items.

The Bottom Line

Is jewelry a good investment? The honest answer: specific pieces from specific brands can hold value remarkably well while giving you something gold bars never will. You actually get to wear your investment.

That Cartier Love bracelet you wear daily might retain 85% of its value over a decade. The Van Cleef Alhambra necklace your mother passes down might appreciate if it has a discontinued stone. The Tiffany Victoria earrings could return 91% of retail.

But that generic diamond pendant? The sterling silver bracelet? The trendy piece from last season?

Those are purchases. Not investments.

The distinction matters.