platinum price per gram calculator
Platinum is one of the rarest and most valuable precious metals in the world. It is widely used in jewelry, automotive catalytic converters, electronics, and industrial applications. The value of platinum is determined by its purity and weight. If you are interested in buying or selling platinum, it is important to know how to calculate its worth accurately.
Understanding Platinum Purity
Platinum purity is measured in parts per thousand. Pt999 (99.9%) is considered pure platinum. Pt950 (95%) is commonly used in fine jewelry, while Pt900 (90%) and Pt850 (85%) are used in various industrial and jewelry applications. The remaining percentage consists of other metals such as iridium, ruthenium, or cobalt, which are added to improve durability.
Calculating the Worth of Platinum
To calculate the worth of platinum, you need to know its weight and purity. The price of platinum is quoted per troy ounce. In most cases, the weight is measured in grams.
Step 1: Determine the Weight
The first step is to determine the weight of the platinum. Use a precise digital scale for accurate measurements.
Step 2: Determine the Purity
Next, determine the purity by looking for hallmarks such as Pt999, Pt950, Pt900, or Pt850. If unmarked, a professional assay can determine purity.
Step 3: Calculate the Value
Once you know the weight and purity, calculate the value using this formula:
Value = Weight (grams) x Purity x Price per Gram
For example, if you have 10 grams of Pt950 platinum and the current price is $65 per gram:
Value = 10 x 0.95 x $65 = $617.50
Refining Costs
When selling platinum for scrap, refining costs typically range from 2-5% of the total value, depending on the refinery and purity level.