CALCULATE OTHER PRECIOUS METAL PRICES
You can calculate the value of your platinum and silver jewellery items using the same method gold dealers do, you just need to know the differences in purity.
Know the purity
Unlike gold, platinum and silver have fewer levels of purity typically used for jewellery. The purity levels can vary from country to country but we will refer to the ones used most in Australia.
Platinum can be used as 850, 900, or 950 parts per thousand. In Australia, platinum is typically used at 950 or above.
850 = 85% pure platinum.
900 = 90% pure platinum
950 = 95% pure platinum.
Weigh the platinum
Platinum is weighed is sold and weighed in troy ounces just like gold. Jewellers and gold buyers use two different calculations, pennyweights (DWT) and grams (G) The value of your gold will be exactly the same regardless of what weighing method is used. Pennyweights (dwt): there are 20 pennyweights in one troy ounce.
Spot Price of Platinum
Calculate the Value of 950 platinum
We will use 950 platinum as our example on how to calculate actual gold content and its value. We have assumed the price of platinum per troy ounce is $1400 AUD.
a. Your 950 platinum ring weighs 4.3 grams which is 2.76 pennyweights (dwt).
Silver is typically used in 925 parts per thousand, called Sterling Silver. There are other silver purities like Brittania (9584), Coin (900) and Fine (999)
925 = 92.5% pure silver.
Spot Price of Silver
Use the same methods as gold and silver to calculate the silver content price. Lets assume the price of silver per troy ounce is $24.57 AUD.
a. Your Sterling Silver bangle weights 10.5 grams which is 6.75 pennyweights. It is Sterling Silver so there is 92.5% pure silver in the bangle.