What is 1 troy ounce (1 oz) and how is the price of gold determined ?

Many people wonder how the price of 1 gram of 14 Carat jewellery gold (1 gram white gold price) is determined compared to what is traded on the exchanges.
The real price of jewellery gold is based on the value of 1 troy ounce of gold, which is equivalent to 31.1034768 grams.
In our example, in order not to go into details, we will round the grams to 1 tenth - 31.10 grams.
It is important to note that 1 troy ounce corresponds to 24 Carat fine gold.

If you are interested in learning about the different carats and how this value is determined, you can read Here.

So, we have established that 1 troy ounce is equal to 31.10 grams, 24 carats. At present, the value of 1 troy ounce of gold is equal to $4,159.67$.

Determination of price relative to carats 24К и 14К:

To determine the price of 1 gram 24 carat gold in dollars, we must divide 1 troy ounce by the ratio in grams:

1 gram of pure gold = $4.159.67 $ / 31.10 grams per troy ounce
$133.74$ per gram of 24-carat gold

Jewellery gold varies in its karats, and this is mostly determined by geographical regions and the client's desire, but it is standard practice to work with 14K gold.
Jewellery made of 14 carat gold is widely produced in Bulgaria.
14 Carat gold is best suited for jewellery in order to make the piece more durable.
14 carat (585 fineness) contains 58.50% chito gold and 41.50% impurities.

How is the price of 14 carat gold determined ?

1 gram of 14-carat gold = $133.74$ * 0.585 = $78.01

We convert the price from dollars to leva

1 gram of 14-carat gold = $78.01$ * 1 USD = 1.6500 BGN per dollar = 128.72 BGN per gram

On top of the resulting price for 1 gram/14K is added the price for labour and this determines the final value of jewellery gold. 
It is important to note that not every manufacturer stamps the product they offer. It is not always appropriate to put the brand on the item, but be sure to ask for a certificate to prove that the materials used meet the standards and what you are buying. 

What does "585" mean?

• Number 585 indicates that the gold in the alloy is 58.5% pure gold.
• The rest 41.5% are other metals (copper, silver, nickel, etc.) that add strength and color to the alloy.
• This is the standard for 14K gold, widely used in Europe.

Is the seal mandatory?

✅ In Bulgaria and many other countries the seal is mandatory for all gold products that are sold legally.
✅ Besides "585", there is usually an additional state or control stampwhich ensures that the gold meets the standard.

⚠ If a piece of gold jewellery does not have a hallmark, this could be a signal of:

• Lack of official control and certification
• Lower gold content than declared
• Counterfeit or illegally imported articles

💡 How to check authenticity?

1. Look for the "585" stamp with a magnifying glass.
2. See if there is an additional state seal (in Bulgaria - rosette, lion, etc.).
3. Buy only from licensed jewelry stores.
4. Have your gold tested in a lab or by a goldsmith if in doubt.

That way you can be sure you are buying real 14K gold!