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Valuing Opals: Hedonic Pricing in Practise

Australia mines about 95% of the world’s production of opal. Despite the dominance of Australia in the world opal market, one of the two commonly accepted nomenclatures used to appraise opals was not created in this country but in Sweden. The two nomenclatures consist of the International Precious Opal Nomenclature (IPON) and the Australian Gem Industry Association (AGIA) nomenclature. Together these contain fourteen characteristics to be considered when evaluating an opal. Each of these fourteen characteristics is then further divided into sub categories. Hence, opal valuation presently requires a great deal of specialised knowledge and years of experience.