U.S. households are holding an estimated $750 billion in intrinsic gold metal value in jewelry, according to a new report from AI-powered asset valuation platform Unvault, highlighting a potentially overlooked category of household wealth.
Unvault’s Jewelry Drawer Index estimates the average U.S. household holds about $5,700 in unappraised gold jewelry, as gold prices remain near historic highs.
Citing World Gold Council data, Unvault said Americans consumed 7,050 tonnes of gold jewelry between 1995 and 2025.
With three out of four fine jewelry purchases never resold or recycled, it estimates about 5,288 tonnes of physical gold remain stored in American homes.
The report comes after gold prices increased substantially over the past two decades. Unvault said spot prices rose from about $279 an ounce in 2000 to $4,400 earlier this year, after reaching a record $5,602 in January.
“Gold has been compounding quietly while pieces sit tucked away in jewelry boxes,” said Nidhi Singhvi, co-founder of Unvault.
A chain bought for $600 two decades ago still feels like a $600 piece to its owner, even though the raw gold inside may be worth closer to $4,000 today.
Unvault’s analysis of more than 50,000 platform evaluations found that owners typically underestimate the current gold metal value of their jewelry by a factor of three or more.
It also found that 62% of U.S. jewelry owners have no insurance on their fine jewelry, which Unvault attributed to a lack of updated appraisals.
Household jewelry is also rarely tracked by financial advisers or included on family balance sheets, the company said.
The index showed significant differences across states. New Jersey ranked highest with an estimated $8,784 in gold metal value per household, followed by Connecticut at $8,303, California at $8,099, Maryland at $8,066 and Massachusetts at $7,901.
Founded by Singhvi and Navya Reddy, Unvault uses computer vision, real-time market data and expert gemologist reviews to provide jewelry valuations and liquidity options.