Platinum Melt Value Calculator
Total Weight: 0 g
Converted Weight: 0 Troy Oz
Pure Platinum Content: 0 Troy Oz
How to Calculate Platinum Value
Platinum is a precious metal traded globally, often used in high-end jewelry, industrial converters, and bullion. Unlike gold, which is often measured in karats, platinum purity is almost exclusively measured in parts per thousand. To calculate the value of your platinum items, you need to understand three key factors: the weight, the purity, and the spot price.
1. Understanding Platinum Hallmarks (Purity)
Inspect your jewelry or bullion for a stamp (hallmark). This number indicates how much pure platinum is in the alloy compared to other metals (like cobalt or ruthenium).
| Hallmark | Purity Percentage | Common Usage |
|---|---|---|
| Pt999 / .999 | 99.9% | Investment Bullion, Bars, Coins |
| Pt950 / PLAT | 95.0% | High-end Engagement Rings, Wedding Bands |
| Pt900 | 90.0% | Vintage Jewelry, Gemstone settings |
| Pt850 | 85.0% | Chains, Bracelets |
2. Converting Weight to Troy Ounces
The "Spot Price" of platinum is quoted in Troy Ounces, which is the standard unit for precious metals. A Troy ounce (approx 31.1 grams) is heavier than a standard kitchen ounce (approx 28.35 grams).
Our calculator automatically converts your input using these formulas:
- Grams to Troy Oz: Weight (g) × 0.0321507
- Pennyweight (dwt) to Troy Oz: Weight (dwt) × 0.05
- Standard Ounces to Troy Oz: Weight (oz) × 0.911458
3. The Calculation Formula
Once you have the weight in Troy Ounces and the purity percentage, the math is straightforward:
Value = (Spot Price) × (Weight in Troy Oz) × (Purity Percentage)
For example, if you have a 10 gram ring stamped Pt950 and the spot price is $1,000:
- Convert 10g to Troy Oz: 10 × 0.03215 = 0.3215 oz t
- Calculate Pure Content: 0.3215 × 0.95 (95%) = 0.3054 oz t pure platinum
- Calculate Price: $1,000 × 0.3054 = $305.40
Important Note on Scrap vs. Retail
The value calculated here is the "Melt Value" or intrinsic metal value. If you are selling scrap platinum to a refiner or pawn shop, expect to receive a percentage (often 70%–90%) of this spot value. Conversely, if you are buying retail jewelry, the price will be significantly higher due to craftsmanship, brand markup, and retail overhead.