First thing…
Jewelry is not usually pure gold. There’s 10 Karat, 14 Karat and 18 Karat, also 21 K and 22K and then .9999
So, In order to determine the price of the Gold in a jewelry or coin it is good to know which you have. To be sure See our local store to have the item tested.
There’s a math formula used to calculate the price is the metal price based on the daily spot price. You can find the “spot” price posted on gold exchange web sites. The purity is the karat of gold or percentage of fineness of the metal GOLD 24 karat is pure.
10 karat is 10/24 or .410 gold and the balance of the .590 weight is the added other alloy metals.
14 karat is 14/24 or .583 gold and 18 karat is 18/24 or .750 gold.
The explanation of the weights:
The three units of weight used with precious metals are troy ounces, pennyweights, and grams. The troy ounce is equal to 20 pennyweights (DWT) or 31.15 grams. So here is an example; say the spot price of gold is $1800 and a 14K ring weighing 10 grams would work out like this. $1800 (spot price) X .583 (the fineness of gold) equals $1049.00 per ounce of 14k divided by 31.15 (troy ounce to gram) equals $33.16 per gram times our ring of 10 grams equals $ 331.60.
Now that’s full melt value not including the refining costs or redemption fees. Just like selling a house, the realtor has expenses ( because they do not work for free ) The cost of refining the metal is costly for materials, fuel, labor and insurance… the list goes on. Just remember to subtract some refining costs and a cost of doing business for the dealer estimate a fair amount would be 20% so the above ring would be bought by a jeweler for $ 270.00.
Platinum most of the time is 90% pure and 10% alloy. very desirable metal and 20% fee is standard.
Silver jewelry is usually sterling, which is .925 pure. and has higher refining costs associated with it so figure 30%
Shop in our jewelry selections we offers for your next Gold jewelry.