If a diamond engagement cost $75 in 1945 what would be the retail price of the same exact ring in today's currency??
2007-01-23 07:20:19 · 2 answers · asked by starr_otoole 2 in Social Science ➔ Economics
Using strictly inflation as a basis for valuation, the value of your ring would be $677. This is ignoring all other factors, such as supply and demand, which could push the cost upwards. Your best bet to find out its value would be to find a comparable ring at a jewelry store and see what that is selling for. I have a feeling its a bit more than $677 (as I have been looking at engagement rings recently, and even the smallest ones aren't much less than that). Hope this helps.
2007-01-23 07:49:51 · answer #1 · answered by theeconomicsguy 5 · 0⤊ 0⤋
Using strict inflation about $700. However jewelary are often goods of ostentation which mean as the price increases so does the demand for it because people assocciate status or class with more expensive jewelry. Therefore it should be worth well over $1000 depending what the supply and demand for your particular piece of jewelry is and how the market for jewelry is performing.
2007-01-23 17:04:20 · answer #2 · answered by Edward Bakingstoke 1 · 0⤊ 0⤋