The Short Answer: What a Gram of Gold Contains

To work out how much gold is in a piece, multiply its weight in grams by its purity, then by the gold price per gram. 9ct gold is 37.5% pure, so a gram of 9ct contains 0.375 grams of gold. With gold at around A$5,900 per troy ounce — roughly A$190 per gram — one gram of 9ct gold contains about A$71 worth of gold.

Here is the same calculation for each common purity, using that mid-October 2026 gold price:

• 9ct (375): 37.5% gold, about A$71 of gold per gram.

• 14ct (585): 58.5% gold, about A$111 of gold per gram.

• 15ct (625): 62.5% gold, about A$119 of gold per gram.

• 18ct (750): 75% gold, about A$142 of gold per gram.

• 22ct (916): 91.6% gold, about A$174 of gold per gram.

• 24ct (999): 99.9% gold, about A$190 of gold per gram.

Based on a gold price of approximately A$5,900 per troy ounce, mid-October 2026. The gold price changes throughout every trading day.

This is the value of the gold inside the piece — often called its melt value. It is not an offer. That comes next, and it is where most of the confusion begins.

If you're not sure which purity you have, our guide to what the stamp on your gold really means explains every common mark.

Melt Value and an Offer Are Two Different Numbers

The gold price you see quoted is the price of refined, pure gold, in bullion form, traded between professionals. Your chain isn't that yet. Before it can be, several things have to happen — and each of them costs something.

It has to be refined. Jewellery gold is an alloy. To become tradeable gold again it is melted, assayed and refined, and refiners charge for that work.

The price moves. Between the day a buyer pays you and the day the metal is refined and settled, the gold price can fall. The buyer carries that risk, not you.

Doing it properly costs money. Testing equipment, a second-hand dealer's licence, identity checks, police reporting, AUSTRAC obligations and secure premises are all part of buying gold legally and safely.

So here is the honest admission most buyers avoid making: we do not pay 100% of the gold price. No buyer who has to refine your gold can. If someone tells you they do, it is worth asking exactly what that figure is a percentage of.

Why We Don't Quote a Percentage

People often ask us, "What percentage of the gold price do you pay?" It is a reasonable question. Our answer usually surprises them: we don't quote one — and we'd suggest being cautious of anyone who does.

Asking for a single percentage is a little like asking how long a piece of string is. The answer depends entirely on what is in front of us. A broken 9ct chain, an 18ct ring set with stones, a heavy 22ct bangle and an antique brooch that is worth more as jewellery than as metal are four very different things. A single figure applied to all of them would be wrong for most of them.

A headline percentage also tends to leave out the important parts. A percentage of what — the price of pure bullion, or of the actual gold in your 9ct chain? Before or after the stones and steel pins are deducted? For every piece, or only for coins and bars?

The range in the market is wide. When consumer group CHOICE took the same items to ten jewellers and gold buyers in Sydney, the offers ranged from 39% to 89% of the gold value. Same gold. Very different outcomes.

That is why we would rather show you than tell you. Every piece is tested, weighed and priced openly, with the results shown to you, so you can see how the figure is reached for your gold — not someone else's.

A Worked Example: One Drawer, Four Kinds of Gold

Imagine a client in her late sixties who is downsizing. She brings in a velvet pouch from the back of a drawer: three tangled chains, a ring she hasn't worn in twenty years, a brooch that belonged to her mother, and a chunky gold bangle she was never quite sure about.

Here is how that pouch looks once every piece has been tested and weighed:

• Three chains (one broken). Tested 9ct. Weight 24.6 g, nothing deducted. Gold value about A$1,750.

• Ring with small diamonds. Tested 18ct. Weight 4.8 g, less about 0.4 g for the stones and settings, leaving 4.4 g of gold. Gold value about A$626, with the diamonds assessed separately.

• Antique brooch with steel pin. Tested 15ct. Weight 6.2 g, less about 0.5 g for the steel pin and catch, leaving 5.7 g of gold. Gold value about A$676 — and possibly worth more as jewellery.

• Bangle stamped “18K GP”. Tested as gold-plated brass. Weight 21.0 g, but no gold-bearing weight. Gold value A$0.

Total gold value: about A$3,052.

A few things in that example are worth noticing.

• The broken chain is worth exactly the same per gram as the unbroken ones. When gold is valued as metal, its condition doesn't matter. There is no need to repair anything before you sell.

• Stones and steel are deducted, not ignored. A fair buyer weighs only the gold as gold — and then looks at the diamonds separately, because they may have value of their own.

• The heaviest piece is worth nothing as gold. The bangle's "18K" describes its plating. It is disappointing, but it is far better to know than to wonder.

• The brooch is looked at before anyone talks about melting it. An antique 15ct piece in good condition may be worth considerably more as jewellery than as metal.

The total gold value — about A$3,052 here — is the foundation of the offer, not the offer itself. The offer is built from there, piece by piece, and explained as it goes.

One more thing. If that pouch had also contained a gold sovereign, it would have been set aside. A sovereign contains about 7.32 grams of pure gold, but some dates and conditions are sought after by collectors, so a sovereign should always be assessed as a coin first.

What Can Lower — or Raise — the Number

Stones and non-gold parts

Gemstones, steel pins, clasps, springs and enamel all add weight that isn't gold. They are weighed out of the gold calculation. Good diamonds and gemstones are then assessed on their own merits.

Solder, repairs and mixed carats

Older pieces that have been repaired many times can contain solder or parts of a different carat. Testing picks this up, and it can slightly lower the gold content of a piece.

Hollow and lightweight pieces

Many modern chains and hoops are hollow. They can look substantial but weigh very little. Weight, not size, decides gold value.

Pieces worth more intact

Signed designer pieces, antique jewellery and well-made period pieces can be worth more as jewellery than as gold. This is why each piece receives a proper buy appraisal, rather than being weighed in a bag.

Coins and sovereigns

Gold coins are valued on their gold content, and sometimes on their collector value too. They should always be separated from jewellery before anything is weighed.

Five Questions That Tell You Whether an Offer Is Fair

Whoever you choose to sell to, these questions will tell you a great deal:

1. "What gold price are you using, and when was it taken?"

2. "What purity did the test show for each piece — and can I see the result?"

3. "What weight did you deduct, and what for?"

4. "Can you show me how you got from the gold value to this offer, piece by piece?"

5. "Is any of this worth more as jewellery than as gold?"

A good buyer will welcome every one of these questions. Be cautious if you aren't shown the test results and weights, if the whole bag receives one lump-sum figure, if you're told the price is only good for the next hour, or if you're offered cash with no identification required. You can read more in how to know if you're getting a fair price for your jewellery.

How We Build the Number — Where You Can See It

At Miller Hirsch, the process is deliberately simple and entirely visible:

• Tested where you can see it. Every piece goes on our XRF analyser, which reads its purity in seconds without marking it. The result is shown live on screen.

• Weighed precisely. Precision scales, with anything that isn't gold weighed out and every weight shown to you.

• Priced against today's gold price. We show you the gold price we are using.

• Explained piece by piece. You'll know what each item contributes to the total, and why.

• No pressure. You are welcome to take the figure away, think about it, or compare it with another offer.

• Paid by bank transfer, the same day. If you choose to sell, payment is made by bank transfer before you leave. We never pay in cash.

You can find out more about how we buy gold in Sydney, or read about what happens during a buy appraisal.

Answers to Questions You Might Have

How much is 9ct gold worth per gram? Nine carat gold is 37.5% pure, so a gram contains about 37.5% of the price of a gram of pure gold — roughly A$71 at a gold price of A$5,900 per ounce. An offer will be based on that figure, less the costs of testing and refining.

Is 9ct gold worth anything? Yes. At today's prices, even a light 9ct chain can contain several hundred dollars' worth of gold.

What is scrap gold worth? Exactly the same per gram as unbroken gold of the same purity. "Scrap" describes what will happen to the gold — melting and refining — not its quality.

How much can you sell white gold for? White gold is valued on its carat — usually 9ct or 18ct — in exactly the same way as yellow gold. The bright white rhodium plating adds nothing to the gold value.

Do I need ID to sell gold? Yes. Licensed buyers are required by law to record the identity of anyone who sells to them, so please bring current photo ID such as a driver's licence. You don't need ID just to have your gold assessed.

Is now a good time to sell gold? Nobody can reliably predict the gold price, and we won't pretend to. Gold has risen strongly in recent years, but whether to sell is about your circumstances, not the market. You don't have to sell everything at once, and nobody should rush you.

One More Thing Worth Knowing

When gold prices are high, it is tempting to gather up everything and sell it in one go. Before you do, set aside anything that might be worth more as jewellery: antique pieces, signed designer pieces, anything set with good stones, and coins. Have those looked at properly first. Everything else can be valued as gold.

Gold has a price. Your gold has a number. They are not the same — and you deserve to see exactly how one becomes the other.

Book your free buy appraisal with Miller Hirsch today — no obligation, no pressure, and every figure explained.