CT (Carat normally used for stones weight sometimes stamped in gold)
Markings tagged with more than above won't be accepted.
KTGEP - KT GOLD ELECTRO PLATED - not accepted.
KGF - KARAT GOLD FILL - not accepted
HGE - HEAVY GOLD ELECTRO PLATED - not accepted
etc etc you get the idea.
Now lets talk about KT ratings.
24kt is 99.9% pure gold.
It is soft and does not keep its form well.
14kt is 59% pure gold.
This means 14kt gold is 14 parts pure gold and 10 parts other metal.
The other metal is added to give strength to keep its shape.
You can do the math to figure it's percentage by taking 14 and dividing by 24.
14 divided by 24 = .59 (roughly) = 59% - INDUSTRY STANDARD 58.5%
You now understand your PERCENTAGE OF GOLD.
Now let us figure out your gold value.
Weigh your scrap gold on a "grams" scale.
Let us say for this instance you have 14 grams.
Minus one gram for a stone in it, scrap places give no value for the stones.
So you have a total of 13grams.
There are 31.1 grams in one TROY OUNCE.
The market value of previous closing day of gold is at $1700 per TROY OZ.
You take $1700 divided by 31.1 = $54.67 per Gram
$54.67 x your weight in scrap (13g) = $710.71 (don't get excited yet)
The $710.71 is a price for pure gold (24kt)...you only have 14kt.
Multiply by your %, $710.71 X .585 (58.5% - 14kt) = $415.77
Now you have to remember the business you are selling to needs to make a profit.
They will give you- lets say 70% (this is not our fixed rate, it is just an example)
So you take your $415.77 x .7 = $291.04This is what you might walk out with.
That would be a FAIR price for your gold. The dealer you sold your scrap to doesn't get $415.77 either. They only get a percentage of that as well from the refinery because there are shipping costs and refining costs and then the refinery has to turn a small profit too. As a matter of fact if the dealer made $29 dollars in the end, it would have been a good transaction. Who benifits the most?....You do.