A
Anonymous
Guest
I was wondering if when you buy karat jewelry if you buy it by the once or troy ounce?
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goldsilverpro said:Troy ounce (31.1 grams), pennyweight (1/20 of a troy ounce = 1.555 grams), or grams.
banjags said:generally when dealing with PM you will always be using Troy ounces. When I buy jewellery i figure take troy ounce value ($980 for example)
divide by 31.1 that gives you price per gram of 24k ($31.51 in this case). Then if I am buying 14k(58.3% pure gold). 31.51 * .583 that give you spot value of 14k per gram ($18.37 in this case) I usually pay 50% of spot for broken jewellery. So $18.37 *.5 and that is what you would pay the customer for his jewellery per gram ($9.19 per gram in this case).
SOO if this customer had a 7 gram 14k ring I would pay him $64.33. ($9.19 *7)
I hope this is what you were looking for?
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