Calculating gold price for jewelry can sometimes be tricky. Different outlets online or on the high streets calculate the gold price based on different metrics used when measuring the weight of the gold.
Most suppliers or shops calculate the gold price per gram (1 Gram) or by Ounce.
If the gold price is 30,676 Indian rupees per 10 grams, you will need to divide this figure by 10 in order to get a single gram price.
This will calculate to:
30,676 / 10 = 3067.60 INR.
If you are calculating in another currency, it is is the same calculation, you must always divide the price by 10 (10 grams).
Now, we have the jewelry gold price for 1 gram. We shall now multiply this figure (1 gram) by the weight of the gold you are selling or buying. For example, If you are buying or selling gold, and the weight is 22.9 grams, you will need to multiply 3,067.60 (per gram) x 22.9 which will calculate to 70,248.04.
From the example, we can say from our calculations, the 22.9 grams of gold to buy or sell, is worth 70,248.04 rupees.
If you are given a gold price per ounce, you will need to divide the gold price per ounce by 28.3495. There are 28.3495 grams in one ounce (oz).
If are selling or buying 22.9 grams at 24 Karat gold Jewelry, at a rate of 85,962.09 rupees per Ounce, you will need to divide 85,962.09 by 22.3495 (grams) to give you the price per gram and for this example, this will calculate to 3,946.26 rupees per gram.
From this price per gram, we can now calculate the Jewelry price by multiplying 3,946.26 by 22.9 grams which gives you 88,079.46.