If you haven't read about how to classify your jewelry and the benefits make sure to read it here Jewelry Classification! I categorize all of my available shop items with this method. Once you are familiar with classification, now let's move on to application.
You begin with your jewelry values. What drives you to welcome jewelry items into your collection? Here are some thoughts to get the ideas flowing.
Jewelry Values
- Wear. This might be the most obvious choice. I will add, it’s super easy to get wrapped up in this one as then it can morph into pure economics.
- Sentimental. There is a memory or some sort of emotional representation that the item invokes.
- Expression. Your emotions change; therefore your jewelry needs to adapt to them. There can be seasonal and style changes that also influence them.
- Heirloom. The future plans in providing your history, sentiments, and value to the future generations.
Fine jewelry tends to be expensive, a lot of people see them as opportunities as investments. I do think it can be confusing and the reason why it's not on the list is because I consider it redundant to the above. You can invest to wear, feel, express, and be an heirloom. Financial gains can be made for sure! However, if you are making them for a financial investment reason, it can be risky. I highly recommend working with a financial advisor as one should continue to invest in diverse portfolios. There’s also the fact that there are new technologies and mining location discoveries that can totally upheave the value of your jewelry all together.
As often, jewelry is a personal decision. Once you decide on which reason(s) you want to welcome items into your collection. Then you are able to divide it up into your classifications and then assign a budget %.
Again, as an example! Classifications + Values.
- Wear and sentimental. I feel this is how engagement rings win out by a landslide here.
- You decide 30% of your overall budget goes into here.
- Wear, sentimental, and expression.
- You might decide, hey I highly value the flexibility to express. Along with the fact that there are more values listed here. The budget is higher at 60%.
- Sentimental and heirloom.
- You decide that you will utilize the 10% of your budget here. You might not be in a rush to build here as you might be a new collector. Perhaps your drive to build heirloom jewelry is less.
As always, your classification and values can be very different than what I had listed. Your value proportions per category will also be different. I do recommend to utilize a % when it comes to your budget allocation. That way you start with your grand total budget $ amount and then you can be flexible as you work around acquiring and pondering your items within your category. Good luck and as always, I’m here to help you!