Todays post is about common terms and conversions used in The gold and jewellery trade.
I may not be able to cover all in one go , thus will keep updating this post InshaAllah :)
Usually gold / silver websites such as www.kitco.com publish the gold rates in U$ Dollars for an ounce of gold.
Example if the rate is published as U$ 1667 this is for one ounce of gold.
One ounce is equal to 31.10 grams.
In Dubai [ Middle east and most Asian countries] Gold rate is usually converted to grammes.
To convert to grams , ounce gold rate by 31.10 and then multiply by 3.65 to get the rate in U.A.E dirhams.
so (1667/31.1)*3.65 = 195.64 AED dirhams per gram.
The result is for PURE GOLD i.e 999.
This rate will be applied if you are going to buy a gold bar or Kilo Bars. Do bear in mind even for manufacturing Gold bars there are charges since their is labour involved in manufacturing them. These rates differ from company to company.
Jewellery pieces are usually manufactured in 22KARAT gold, 21 karat gold , 18 karat gold and sometimes [ applicable to U.A.E] in 14karat as well.
So, going back to our 999 gold rate which is also known as PURE GOLD. Since it has no other gold metals added to it and is pure gold.
To convert pure gold rate to 22kt gold rate take the pure gold rate and multiply by 0.920 and for 18KT rate multiply by 0.750.
so eg if pure gold rate is 195.64 x 0.920 = 179.99 or rounded off 180 AED.
FOR 18KT 195.64 X 0.750 = 156.73 or rounded off 157 AED
One ounce has 31.10 grams
One Ten Tola bar has 116.64 grams
one tola has 11.664 grams
A bar of equal weight but purity of 999 or 995 will differ in price.
999 will be more expensive than 995.
Hope this post was helpful.
Would love your feed back.
Thankyou.
I may not be able to cover all in one go , thus will keep updating this post InshaAllah :)
Usually gold / silver websites such as www.kitco.com publish the gold rates in U$ Dollars for an ounce of gold.
Example if the rate is published as U$ 1667 this is for one ounce of gold.
One ounce is equal to 31.10 grams.
In Dubai [ Middle east and most Asian countries] Gold rate is usually converted to grammes.
To convert to grams , ounce gold rate by 31.10 and then multiply by 3.65 to get the rate in U.A.E dirhams.
so (1667/31.1)*3.65 = 195.64 AED dirhams per gram.
The result is for PURE GOLD i.e 999.
This rate will be applied if you are going to buy a gold bar or Kilo Bars. Do bear in mind even for manufacturing Gold bars there are charges since their is labour involved in manufacturing them. These rates differ from company to company.
Jewellery pieces are usually manufactured in 22KARAT gold, 21 karat gold , 18 karat gold and sometimes [ applicable to U.A.E] in 14karat as well.
So, going back to our 999 gold rate which is also known as PURE GOLD. Since it has no other gold metals added to it and is pure gold.
To convert pure gold rate to 22kt gold rate take the pure gold rate and multiply by 0.920 and for 18KT rate multiply by 0.750.
so eg if pure gold rate is 195.64 x 0.920 = 179.99 or rounded off 180 AED.
FOR 18KT 195.64 X 0.750 = 156.73 or rounded off 157 AED
One ounce has 31.10 grams
One Ten Tola bar has 116.64 grams
one tola has 11.664 grams
A bar of equal weight but purity of 999 or 995 will differ in price.
999 will be more expensive than 995.
Hope this post was helpful.
Would love your feed back.
Thankyou.
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