Gold value comes down to three things: how much you have, how pure it is, and today's price. This guide shows how the sum works, why buyers pay a percentage of the spot price, and when a piece is worth more than its metal.
Metal value is only the floor. Coins, signed jewellery and antique pieces can be worth more as objects.
At its simplest, the metal value of gold is:
weight in grams × purity × live gold price per gram
Purity comes from the carat. Gold is alloyed with other metals for strength, so most jewellery is not pure. To turn carat into a fraction, divide by 24: 9 carat is 9 ÷ 24 = 0.375, 18 carat is 0.75, and 22 carat is roughly 0.916. Multiply the weight by that fraction to get the pure-gold content, then multiply by the live price for pure gold per gram.
| Carat | Fineness mark | Purity | Pure gold |
|---|---|---|---|
| 9 ct | 375 | 0.375 | 37.5% |
| 14 ct | 585 | 0.585 | 58.5% |
| 18 ct | 750 | 0.750 | 75.0% |
| 22 ct | 916 | 0.916 | 91.6% |
| 24 ct | 999 | 0.999 | 99.9% (fine) |
Those numbers — 375, 585, 750, 916, 999 — are the millesimal fineness marks you will find in a UK hallmark. If your piece is hallmarked, the metal and purity are effectively confirmed for you. If you want to understand the full set of marks, see our companion guide, hallmarks explained.
Gold is traded worldwide and quoted per troy ounce (about 31.1 grams). The most widely referenced UK benchmark is the price published by the London Bullion Market Association (LBMA). Because it is set in US dollars and converted to sterling, the pound price also moves with the exchange rate. It changes throughout the day, which is why no honest guide can print a fixed figure — always check a live source on the day you value or sell.
Suppose you have a 9 carat chain weighing 20 grams, and pure gold is trading at an illustrative £80 per gram. The figures below use that made-up price purely to show the method — they are not today's price.
A buyer then pays a percentage of that pure-metal value. Substitute the real live price to work out your own figure.
The spot price is the wholesale rate for pure, refined gold in bulk. Your ring or chain is not pure and not refined, so before that metal can re-enter the bullion market it has to be tested, melted and refined — and that work has a cost. Every buyer therefore pays a percentage of the pure-metal value rather than the full spot price. The percentage differs from buyer to buyer, so comparing two or three offers is the single most useful thing you can do.
Be wary of any offer described as the full spot price, and of scales or purity readings you cannot see. A fair buyer will tell you the weight, the assumed carat, and how they reached the figure. Fair Vintage puts all of that in writing.
Melt value is a floor, not a ceiling. Several kinds of gold are routinely worth more as objects than as scrap:
A generalist buyer may price all of these as scrap. If there is any chance a piece is collectable, have it assessed properly before selling it for weight alone.
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Get a free estimate →The metal value is weight multiplied by purity multiplied by the current gold price per gram. Weigh the item in grams, convert its carat to a purity fraction (9ct is 0.375, 18ct is 0.75, 22ct is about 0.916), and multiply by the live price for pure gold per gram. This gives the pure-gold content value. What a buyer pays is a percentage of that figure, because testing, refining and handling have a cost.
The spot price is the wholesale price for pure, refined gold in large quantities. Second-hand and scrap gold has to be tested, melted and refined before it can re-enter that market, and that work costs money. So a buyer pays a percentage of the pure-metal value rather than the full spot price. The exact percentage varies between buyers, which is why it pays to compare.
They are millesimal fineness marks showing how many parts per thousand are pure gold. 375 is 9 carat, 585 is 14 carat, 750 is 18 carat, 916 is 22 carat, and 999 is 24 carat fine gold. A UK hallmark including one of these numbers is good evidence of the metal and its purity, which is central to any valuation.
Sometimes, yes. Melt value is the floor, not the ceiling. A gold sovereign or krugerrand, a signed or antique piece, a designer item with its box, or a piece with fine gem-setting can be worth more as an object than as metal. A generalist buyer may price it as scrap. This is why it is worth having anything that looks collectable assessed by a specialist before you sell it for weight alone.
No. Never melt or alter jewellery yourself, and do not have antique or designer pieces polished, as it can reduce what they are worth as objects. A gentle wipe is fine, but leave any repairs, refinishing or testing to the buyer. Send the item as it is, with any hallmarks visible, and let it be assessed properly.
Metal value and any worth as a piece, assessed together and put in writing. Send a photo for a free estimate. Opened and documented. Anything you decline comes back free.