In an earlier article (see website if you missed any) I covered the basics of just what a Gold Value Calculation was and the formula we needed to use to arrive at a figure.
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But we left the last part out of the equation because it is so important to explain just how the jewelry industry really works in the ‘Real World’ that we couldn’t do the Gold Value Calculator justice by simply adding a few lines to the bottom of previous information.
So lets quickly recap because you may have just arrived at whatever website this article has been published on and not seen the earlier explanations.
So here goes: The gold value formula is: G/32/24xQxW where G equals the Spot Price of Gold Today and Q equals the quality of the gold being assessed with W being the weight of the item being priced.
The 32 is the number of grams in one ounce and 24 is the number of carats (karats) in pure gold.
The ring we used in the example was my own wedding band which was made from 9 carat gold and weighed 5 grams. All other details such as Antique Value or Workmanship are ignored but explained in earlier articles.