الاثنين، 29 أغسطس 2011

What is a Pennyweight of Gold? What is a Gram of Gold?

These are the most frequently asked questions we receive at GoldFellow. It's problematic for everyone as it doesn't relate to any measurement we currently use in our daily life. Pennyweights, however are still commonly used in the U.S. jewelry industry but we prefer to use the more accurate and globally recognized Grams (metric) as our unit of measure.

There are 20 pennyweights also referred to as DWT in an ounce. There are also 31.1 grams in an ounce. As we are talking about precious metals I'll use gold in my example throughout this post.

Many of our customers are weighing their valuables on home kitchen or postal scales of either mechanical or digital make. Most measure in grams and ounces, particularly when weighing food. The grams shown on your scale are not the same as the grams used in gold! You are measuring on a device that uses 28 grams per ounce while gold is measured in troy ounces. There are 31.1 grams per Troy ounce. The simplest way to use your home scale is to multiply the number showing as ounces by 20. That's it. If your scale shows 3.5 oz you have approximately 70 pennyweight. 1.5oz is about 30 pennyweight and so on. (Same for silver and platinum)
Ok, now for measuring your gold in grams. The scale shows 3.5 ounces. Multiply by 31.1 and it comes to 108.85 grams of gold. If it's 1.5 oz x 31.1=46.65 grams.

Lastly, if you would like to know a price per gram, follow this formula. $20 per pennyweight is$12.86 per gram. To convert simply divide $20 by 1.555=$12.86. Try $18 dwt divided by 1.555 and you get $11.58 gram
As the founder of the largest wholesale gold jewelry manufacturer in the United States, I built a reputation upon doing business ethically. My company supplied gold jewelry to the most respected jewelry stores, department stores, discount big box retailers and TV shopping networks in America. Though I sold my company to Warren Buffet’s Berkshire-Hathaway in 2007, my reputation in the jewelry industry remains impeccable.

Our founders began selling gold jewelry to America's leading jewelry retailers in 1977, ultimately becoming the largest manufacturer and distributor of gold jewelry in the United States. During 30 years of working in the gold jewelry industry, GoldFellow’s™ founders sold and distributed over 50 million pieces of 10kt, 14kt and 18kt gold jewelry such as chains, bracelets, necklaces, rings, earrings and more. That's over 300 tons of GOLD!

Over the course of time, many of these jewelry items ended up in drawers, locked away for safe keeping or at the bottom of your jewelry box.
These gold items are made from precious metal, and with gold prices at an all time high, have significant value when sold to the right company. GoldFellow™ is that company. GoldFellow™ was started with the goal of providing consumers a trusted, safe and convenient way to sell their unwanted gold, platinum and silver jewelry for cash. We now offer our 30 years of expertise to you. GoldFellow’s™ mission is to pay you top dollar for your gold, platinum and silver
Michael Gusky aka Mr. GoldFellow

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