This article explores the reasons why the price of gold in jewelry often differs from the market value of gold reported on the news. It delves into the journey of gold, from mining to crafting, highlighting factors like labor costs, alloying, and craftsmanship that contribute to the final price.
Have you ever wondered why the price of gold on the news doesn't always seem to match the value of your gold jewellery? It's a question that Nicholas Rosset, Goldsmith and Gemmologist with Savoy’s Jewellers hears often. The answer lies in the fascinating journey gold takes, from the mine to your jewelry box.
When gold is finally extracted from the earth, it is in the form of raw ore. The value of this raw ore depends mostly on the amount of pure gold contained within it. The gold is then separated from the other rocks and minerals so it can be refined further. The crude gold that has been isolated can now be melted and treated in order to prepare it into pure gold bars that are suitable for crafting jewellery.
“Karat is the unit of measure used in the jewellery business to describe the purity. Typically in North America we use 10kt, 14kt and 18kt, but there are other popular alloys in other areas of the world.”When gold is finally crafted into jewelry, the value increases once again because of the labor, design, and craftsmanship involved. This is similar to other products we purchase.
Gold Price Jewelry Value Mining Process Alloying Craftsmanship
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