Posted on Wednesday, August 12th, 2009 at 2:43 pm by Preston
14-karat gold--what does it mean? Is it the same as 24-karat gold? Is it real gold? Goodness, could it have something to do with those carats in diamonds? Questions like these plagued my mind as I threw myself into the jewelry world I had discovered as a teenager. Now, it seems second-nature to me, but as many remain befuddled, I pass the information to you.
What's in a karat?
A karat (kt) is a measurement of the gold content of the metal. It's expressed as an amount out of 24. In other words, if your ring is 14kt, that means 14 parts of 24 are gold, making it 58.3 percent gold:
14 parts / 24 parts = 58.3%
I know, a bit confusing, so here's a chart showing the numbers and gold contents of each quality gold.
What?! 24kt isn't pure gold?? Well, no, technically, it isn't, because they can't be 100% sure they have all the other metals out of it. It is, however, the closest we can get to pure gold.
How much gold is in my ring?
This can get tricky. The equation is
[(price per ounce)/31] x (gold content) x (your ring's weight in grams) = gold value.
Let's go over an example: A 14kt gold ring weighing 4 grams.
- First, find out the current gold price in grams. Let's say gold is $930 per ounce. So, divide $930 by 31, and you get $30.
- Next, multiply by the percent of gold in the metal (see above chart). In this case, 58.3%, which gives us $17.49 per gram.
- Finally, multiply that by the ring's weight in grams. The ring weighs 4 grams, so that gives us $69.96 for the whole ring.
There you have it! That's how you find the gold trade-in value of your ring.
How much can I sell my gold for?
Even though we've figured out how to find out the value of the gold in your ring, how much you can sell it for is a different story. Many jewelers and gold-buyers will give you little over 50% of your gold value back to you. Here at K-Jon's, when you get in-store credit for your gold, we give you what we get back from the refiners. Find out how here.
Confused? No problem. Come in to K-Jon's and we'll let you know exactly how much we'll give you for your gold, no equations required. Come in to our store today!