How to Price Australian Opals

Opal Galaxy does not offer any opal appraisal or valuation services. Pricing opals accurately takes a lot of time; hours, sometimes days of research. We just do not have the time to offer this service. Valuing an opal through photos and videos is often inaccurate, as important details can be missed in low-quality images. Below are guidelines to help you accurately price your opal.

Pricing Australian Opals accurately is one of the most challenging things about Australian opals. There are no set guidelines of how to price Australian opals, and the values can range a lot based on the owner of the opals desires vs how much it may actually be worth to buyers in the market. You can compare opals to real estate, as their value often depends on the level of interest and what a buyer is willing to pay. An opal is ultimately worth what someone will pay for it, but buyers can ensure they’re paying a fair price by purchasing from a reputable seller with a diverse selection. Established sellers in the market who work with opals every day know a lot about their values and how to price opals accurately.

Varied opal prices in the market can result from factors like uneducated opinions. For example, someone may inherit an opal and price it based on a friend’s comment about a similar-looking opal, without researching its true value. Insurance valuations can also inflate opal price beyond their actual worth. To avoid such discrepancies, it’s crucial to buy from reputable sellers like Opal Galaxy, where pricing is based on over 40 years of experience. They price opals at current market rates, typically around half of the recommended retail appraisal.

Things to consider when pricing an opal

There are many factors to consider when pricing an opal. Look at the opals type, colors, pattern, size, shape, weight, obscurities and discrepancies. These are things to consider that adds or detracts from the value of an opal.

Contributing factors of opals that add value

Type of Opals

The first thing that you should determine about an opal is where it is from. As a general observation of the market, Lightning Ridge black opals are worth the most of any Australian opals. Within Lightning Ridge there are mining areas. Some areas produce higher valued opals than others. For example; a nobby black opal from Allah’s Rush mining field of high grade is viewed very favorably within the market compared to a seam black opal from the Grawin mining fields.  Lightning Ridge crystal is usually valued higher than crystals from other regions in Australia such as Coober Pedy, however this is not always the case. If you have a boulder opal, work out which region it’s from, as this is important information to give potential buyers. 

Colors of Opals

Opals form with a color spectrum much the same as rainbows do. The first colors to form are from the inside of a rainbow, and the same occurs with opal. Violet/Indigo/Blue are therefore the most common colors in opals, and red is the rarest and most valuable.

Color Spectrum
rainbow

By following this rule, you can grade your opals’ color rarity. A full spectrum of all colors, or rainbow colored opals, also hold very high values. Some exceptions apply to this rule, for instance a very high quality and well formed blue opal can still hold very high values.

Pattern

A well distinguished pattern contributes a lot towards an opals value. Harlequin, flagstone, chinese writing, chaff, pinfire, ribbon, peacock, mackerel and floral patterns are just some of the popular and rarer opal patterns that you may encounter in the market that hold significant value.

Size

The size of your opal contributes to whether an opal can be used in a ring, pendant, earrings, broach or simply just for collection. Oval cabochon Ring Stones are usually the highest demand in opals, and therefore you may expect a bit higher values in these compared to others such as specimen sized opals.

Shape

The shape of an opal can be a dealbreaker when selling an opal. Ovals and teardrops are the most common, whilst a freeform may be harder to sell. If you have a well shaped opal it will be much easier to sell in the market.

Weight

Opals are measured by carat weight. The heavier the opal is, the higher the value. This is sometimes true when talking about smaller gem black, crystal and white opals. There are some exceptions to this rule however which are outlined below. Also, boulder opals should not be valued too easily by their weight as there is often a lot of excessive, heavy ironstone included in the opal.

Body Tone

With black opals, the body tone of the opal will determine its value to some degree. Black opals are more favorably viewed than dark opals. Crystal opals are often viewed less favorably when compared to black, dark and white opals.

Brightness

How bright is the opal? The brighter and more vibrant the opals colors and patterns are will increase its value. Seldom do people want to buy a dull opal! Your opal may need a re polish if it has been worn for several years to increase its visual appeal to potential buyers.

Settings

Is the opal you want to value set in a ring or pendant or something else? This may add value to the opal if it is a nice setting. The value of the gold or platinum should also be considered.

Contributing factors of opals that hinder their value

Obscurities and Discrepancies

Can you see any dull areas in the face of the opal? This is often potch, or poorly formed areas of opal. There also may be sand marks, scuff marks or rutile areas that hinder the look of your opal. If there are any of these issues with an opal it may detract value from it.

Undulations

Is the face of the opal flat or well domed? You can sometimes find opals that have undulations (uneven areas) on the face of the opal. This will hinder the value of the opal if it is at all noticeable to the naked eye.

Unnecessary potch / ironstone left on the back by cutter to increase weight

Some dishonest opal cutters in the industry use a common trick to increase the weight of their opals, making them seem more valuable. Always assess your opal to ensure it doesn’t have excessive potch left on the back, which could make it unnecessarily large or heavier than it should be if cut properly. While leaving a small amount of extra potch to create a higher dome for a ringstone is understandable, intentionally leaving too much just to boost the opal’s weight should be avoided.

Some cutters may also leave extra material on the face of the opal to increase its weight when it should have been cut off. Edge areas containing potch or minor imperfections can be easily removed, but sometimes they aren’t. The same applies to the shapes that cutters choose, as discussed below.

An area of opal that should have been removed during cutting
An area of opal that should have been removed during cutting

Undesirable shapes

When cutting opals, achieving a symmetrical shape like a teardrop or oval is generally more desirable than leaving the opal in a larger, freeform shape. Symmetry appeals more to buyers since freeform shapes are harder to use in classic jewelry designs, limiting the potential market. Less is often worth more in terms of buyer appeal.

Research

To accurately price an opal, start by taking the initiative to research the market. Many people ask for pricing help, but they can do it themselves with some effort. Understanding the market is crucial before selling an opal, just like you would research a car’s value before selling it.

After identifying your opal’s characteristics, research current and sold opals from various sellers, including Opal Galaxy, to find similar pieces and estimate an average price per carat. If using a retail price as a reference, remember that wholesale prices are typically 25-50% lower. Pricing your opal at wholesale increases the chance of selling it faster, rather than overpricing and delaying the sale.

Once you’ve set a price and are ready to sell, Facebook opal groups are a good option for individuals without an established shop. Alternatively, consider classified websites or selling to a jeweler or opal dealer.

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