The Forgotten Asset in Canada's Great Wealth Transfer: Why Families Are Losing the Stories Behind Their Heirloom Jewellery

As an estimated $1 trillion moves between generations of Canadians, family jewellery remains largely absent from conversations about inheritance, valuation and legacy planning

Toronto jewellery artist and designer Alex Armen is encouraging Canadian families to photograph, document and independently evaluate inherited jewellery before repairing, selling or redesigning it.

TORONTO, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Canada is approaching the end of a period in which an estimated $1 trillion was expected to move between Canadian baby boomers and their millennial and Generation X children. While inheritance planning typically focuses on homes, investments, taxes and family businesses, another meaningful family asset often receives far less attention: heirloom jewellery and the history attached to it.

Toronto jewellery artist and designer Alex Armen believes families may be overlooking not only the financial and material significance of inherited jewellery, but also the personal history attached to it.

“Many families know who will inherit a piece of jewellery, but far fewer have documented the story behind it,” says Alex Armen, artist and designer at Solitaire x Alex Armen. “The jewellery may survive for generations, while the names, occasions and family connections associated with it can disappear in a single generation.”

The issue is becoming increasingly relevant to younger Canadians. A 2024 Vanguard Investments Canada survey found that 57% of Canadian investors under the age of 35 expected to receive, or had already received, an inheritance. The Angus Reid Group conducted the survey among 1,307 Canadian investors from March 21 to March 28, 2024.

According to Armen, these inheritances should not be viewed only in financial terms.

“An engagement ring, anniversary gift, pendant, bracelet or inherited gemstone often represents a chapter in a family’s history,” says Armen. “These pieces can mark marriages, births, anniversaries and other defining moments. When their stories are lost, families may lose an important connection to the people who originally owned them.”

Key Findings

An internal review of Solitaire x Alex Armen studio projects recorded between January 2025 and September 2026 found that approximately 18% involved preserving, restoring, repurposing or redesigning existing jewellery rather than creating an entirely new piece. The figure is based only on the studio’s internal project records and is not intended to represent the Canadian jewellery market as a whole.

According to Alex Armen, inherited jewellery often represents far more than its material value.

“Families often focus on who will inherit a piece of jewellery without considering whether its story will be inherited with it,” says Armen. “Understanding and documenting a piece before altering it can help preserve information that may otherwise disappear in a single generation.”

As jewellery passes from one generation to the next, preserving its history may be nearly as important as preserving the piece itself.

Hidden Significance Inside Family Jewellery Boxes

Inherited jewellery may also contain diamonds, gemstones, craftsmanship or design details that are not immediately recognized by the person receiving it.

Through his work creating custom jewellery, sourcing diamonds and gemstones, restoring older pieces and advising families on heirloom redesigns, Armen has encountered antique diamond cuts, natural coloured gemstones and hand-fabricated details from earlier periods of jewellery making.

“Older jewellery is sometimes dismissed simply because the style no longer suits the person who inherited it,” says Armen. “But the piece may contain a hand-cut diamond, a fine natural gemstone or craftsmanship that deserves to be understood before anything is changed.”

Old Mine Cut and Old European Cut diamonds were individually fashioned before modern diamond cutting became highly standardized. As a result, individual stones may display distinctive outlines, facet arrangements, open culets and visual characteristics that differ considerably from modern brilliant cuts.

“These diamonds were not created to look identical,” says Armen. “Their individuality is part of their appeal. An inherited diamond may not conform to contemporary proportions, but it can still possess beauty, rarity, historical interest and a strong family connection.”

Inherited Coloured Gemstones May Require Closer Examination

“Some natural sapphires, rubies and emeralds acquired by earlier generations may be difficult or costly to replace with comparable material today,” says Armen. “However, age alone does not establish value. Identification, quality, condition, treatment status, provenance and market demand must all be considered.”

Armen cautions families against assuming that every older piece of jewellery is rare or financially valuable. An evaluation may determine that an item’s greatest significance is sentimental rather than monetary. In other cases, it may identify a gemstone, antique diamond cut, maker’s mark or construction method that warrants further examination or documentation.

“The goal is not to create unrealistic expectations,” says Armen. “The goal is to prevent families from making an irreversible decision before they understand what they have.”

Preserving More Than Precious Metals

Armen believes significant jewellery should be documented in much the same way families preserve photographs, letters and important records.

“Jewellery often survives longer than the person who purchased or received it,” says Armen. “Without documentation, the next generation may know that a ring belonged to a grandparent, but not when it was purchased, why it was given, who made it or which family milestone it represents.”

Families can begin by recording:

• The name of the original or previous owner
• The approximate date and place of purchase
• The occasion for which the jewellery was given
• Important family milestones associated with the piece
• Known information about the diamonds, gemstones and precious metals
• Existing appraisals, laboratory reports, receipts and repair records
• Photographs of the jewellery from several angles
• Written or recorded memories from family members
• Any original boxes, documents or photographs showing the piece being worn
  
  

A short written history kept with the jewellery can help ensure that future generations inherit more than an unidentified object.

“The story does not need to be formal or lengthy,” says Armen. “Even a few sentences explaining who owned the piece and why it mattered can preserve information that might otherwise disappear forever.”

Five Steps to Take Before Altering Inherited Jewellery

Before repairing, resetting, redesigning or selling inherited jewellery, Armen recommends that families take five preliminary steps to preserve information and avoid irreversible decisions.

1. Photograph the original piece

Take clear photographs from multiple angles before any alteration is made. Images should capture the overall design, setting, profile, clasp, gallery, engravings, hallmarks and visible areas of wear.

2. Record the family story

Document the original owner, the approximate age of the jewellery, the occasion connected to it and any memories family members associate with the piece.

3. Collect existing records

Locate previous appraisals, gemstone reports, receipts, repair documents, insurance schedules, original boxes and family photographs showing the jewellery being worn.

4. Obtain an independent evaluation

An independent jewellery appraisal or gemstone assessment can help identify the materials, document the item’s condition and provide relevant valuation information. Depending on the jewellery and gemstones involved, examination by a qualified gemmological laboratory may also be appropriate.

5. Compare preservation and redesign options

Before authorizing irreversible work, consider whether the jewellery should be preserved in its original form, professionally restored, selectively modified or completely redesigned.

“Redesign does not have to mean erasing the original piece,” says Armen. “A thoughtful approach can preserve an important diamond, gemstone, engraving, setting detail or design element while allowing the jewellery to begin a new chapter.”

Independent Information Before Redesign

Before redesign work begins, Solitaire x Alex Armen can help clients arrange an evaluation by an independent third-party jewellery appraiser or gemmological laboratory, when appropriate.

The purpose of the evaluation is to help families understand what the jewellery contains before deciding how to proceed. The findings may help identify the gemstones and diamonds, document the item’s present condition, establish an appropriate replacement-value opinion and highlight characteristics that may deserve preservation.

“Sometimes a person arrives believing an inherited ring is ordinary and later learns that it contains an antique diamond cut, a fine natural gemstone or remarkable hand-fabricated details,” says Armen. “In other situations, the evaluation confirms that the piece’s greatest value is its family meaning. Both findings are important because they allow the family to make an informed decision.”

The independent appraisal or assessment remains separate from the studio’s design recommendations, giving the client a clearer basis for comparing preservation, restoration, redesign and repurposing options.

“Before we discuss what a piece could become, we want the family to understand what it already is,” says Armen.

Should Every Heirloom Be Redesigned?

Armen emphasizes that redesign is not the appropriate choice for every piece.

A rare, well-preserved or historically significant piece may be better retained in its original condition. Other jewellery may need careful restoration rather than redesign. Some pieces can be selectively modified to improve wearability while preserving their defining characteristics, while a complete redesign may allow otherwise unworn jewellery to become part of a family’s life again.

“The right decision depends on the piece and the family,” says Armen. “A design that one generation no longer wears may be transformed into something meaningful for the next generation, but that transformation should be approached with knowledge and respect.”

A responsible assessment should consider:

• The condition of the original setting
• The identity and condition of its diamonds or gemstones
• The quality and rarity of its craftsmanship
• Existing engravings or hallmarks
• The significance of the original design
• The jewellery’s family history
• Whether alterations can be reversed
• How the recipient intends to wear or preserve it
  
  

The Next Chapter of Canada’s Great Wealth Transfer

As wealth and personal possessions move between generations, Armen believes jewellery deserves a more deliberate place in family inheritance and legacy-planning discussions.

“We are not only passing down gold, platinum, diamonds and gemstones,” says Armen. “We are passing down relationships, memories and family history. The true significance of heirloom jewellery often comes from the combination of craftsmanship, rarity, sentiment and legacy.”

Homes, businesses and investment accounts naturally dominate inheritance planning because of their financial importance. Family jewellery, however, can occupy a distinctive position. It may carry tangible value while also serving as a physical connection to a person, relationship or milestone.

“The greatest loss is not always the disappearance of the jewellery,” says Armen. “Sometimes the piece survives, but no one remembers who owned it, why it mattered or what part of the family’s history it represents.”

For Canadian families passing jewellery from one generation to the next, preserving the story may prove nearly as important as preserving the piece itself.

Frequently Asked Questions About Inherited Jewellery

Should inherited jewellery be appraised before it is redesigned?

An independent appraisal or gemstone assessment can help identify what the jewellery contains, document its condition and provide relevant valuation information before irreversible changes are made. Depending on the gemstones involved, additional laboratory testing may also be advisable.

Are old diamonds automatically rare or valuable?

No. Age alone does not establish rarity or value. Diamond type, carat weight, cut, colour, clarity, condition, provenance and market demand can all affect an evaluation.

What is an Old Mine Cut diamond?

Old Mine Cut diamonds are hand-fashioned antique diamonds commonly associated with a cushion-like outline, relatively large facets, a high crown, a smaller table and an open culet. Characteristics vary because the diamonds were individually cut rather than manufactured according to one standardized set of proportions.

What is an Old European Cut diamond?

Old European Cut diamonds are antique round diamonds generally associated with a high crown, smaller table, larger culet and facet pattern that differs from the modern round brilliant. Individual characteristics and appearances vary.

Does old jewellery always need to be restored?

No. Restoration should be based on the jewellery’s condition, historical significance and intended use. Some pieces may only require professional cleaning or minor maintenance, while others may need structural repairs before they can be worn safely.

Should every heirloom be redesigned?

No. Some heirlooms may be more appropriately preserved in their original form. Others may benefit from restoration, a limited alteration or a thoughtful redesign that retains important elements from the original piece.

What records should families preserve with inherited jewellery?

Families should keep photographs, receipts, appraisals, gemstone reports, repair records, insurance documents, original packaging and written accounts of the people and occasions associated with the jewellery.

About Solitaire x Alex Armen

Solitaire x Alex Armen is a Toronto-based custom jewellery studio specialising in bespoke engagement rings, rare diamonds and gemstones, heirloom redesign, jewellery restoration and custom fine jewellery.

Built on a family legacy of craftsmanship dating back to 1983, the studio works with clients to create original jewellery, preserve meaningful heirlooms and thoughtfully transform inherited pieces for future generations.

To learn more about heirloom jewellery evaluation, restoration and redesign, visit Solitaire x Alex Armen.

Sources

• Chartered Professional Accountants of Canada’s estimate, as reported by CBC News, stated that $1 trillion in wealth was expected to move between Canadian baby boomers and their millennial and Generation X children from 2023 through 2026.
• The inheritance findings are from the 2024 Vanguard Investments Canada Generational Wealth Survey, conducted by the Angus Reid Group among 1,307 Canadian investors from March 21 to March 28, 2024.
• Internal project records maintained by Solitaire x Alex Armen, including findings that approximately 18% of project activity involved existing jewellery being preserved, restored, repurposed or redesigned rather than purchased new.
  
  

Media Contact

Alex Armen

Solitaire x Alex Armen
Toronto, Ontario, Canada
https://solitairejewellery.com

Available for interviews and expert commentary on inherited jewellery, antique diamonds and heirloom redesign.

Photos accompanying this announcement are available at:
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