It all depends on the setting, the type of material used for the carved cameo--shell, hard stone, lava, etc., the age of piece, the size, and the condition of the actual carving and material. As in all fine jewelry, there seem to be a lot of "ifs". However, a "rare" type of carving or a really old carving may make the piece extremely valuable and a more common carving or a very worn piece may cause the value to go down. To really evaluate a piece take it to a cameo "expert" for appraisal.