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Understanding the Difference
Why Spot Price Is Not What You'll Get for Scrap Gold
Spot price
The global reference price for pure (24ct/999) metal, traded per troy ounce. This is what Bloomberg and the FT report. It is not what a jeweller or scrap buyer pays you.
Scrap value
What a buyer may actually pay for old jewellery or scrap metal. This is always lower than spot because the metal must be refined, the buyer takes a margin, and the gold may be 9ct (37.5% pure) rather than 24ct.
Purity matters
A 9ct ring contains less than 40% gold. An 18ct ring is 75%. The same weight of metal has very different gold content.
Today's gold value by purity (at £60.83/g spot)
| Hallmark | Purity | Gold per gram |
|---|---|---|
| 9ct (375) | 37.5% | £22.81 |
| 14ct (585) | 58.5% | £35.59 |
| 18ct (750) | 75.0% | £45.62 |
| 22ct (917) | 91.7% | £55.78 |
| 24ct (999) | 99.9% | £60.77 |
Jewellery ≠ melt value
A well-crafted ring may be worth more than its metal content — design, provenance, and brand all contribute. Conversely, scrap gold with stones may have the stones returned, not valued. Always consider whether selling as jewellery, rather than for melt, might yield a better return.
Scrap Value Estimator
Estimate What Your Gold May Be Worth
Select purity and enter weight to see an approximate metal value and typical scrap offer range.
grams
Metal value (18ct, 10g)£456.22
Typical scrap offer (70–85%)£319.35 – £387.79
This is an estimate based on today's reference price. Actual offers from dealers will vary based on their margin, refining costs, market conditions, and business model. Always obtain quotes from multiple buyers.
Buying & Selling Tips
Precious Metals Specialists
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