Quick answer
What this calculator tells you
Platinum jewelry is usually marked by fineness rather than karat. Use this calculator for .950, .900, and fine platinum estimates.
Formula
Platinum Melt Value Calculator formula
Platinum melt value = weight in troy ounces x platinum fineness x platinum spot price.
Use cases
When to use it
- Estimate .950 platinum rings and jewelry.
- Model dealer payout on platinum scrap.
- Compare platinum value with gold at the same weight.
Limits
What to check before relying on the number
- Platinum testing matters because white gold and platinum can look similar.
- Small lots often receive lower payout percentages.
- Diamonds and gemstones are not included in melt value.
FAQ
Common questions
What does PT950 mean?
PT950 means the item is 95% platinum by weight, with the remaining 5% made of alloy metals.
Is platinum priced per troy ounce?
Yes. Platinum spot prices are quoted per troy ounce, so gram weights must be converted before calculating melt value.