How spot price converts to SA grams
One troy ounce is 31.1035 grams. On 6 November 2026 gold traded at about $4,066 an ounce and the Reserve Bank rate was R16.50 to the dollar, so one troy ounce came to about R67,100. Divide by 31.1035 grams and pure (24K) gold works out at about R2,158 a gram. An 18K piece is 75% gold, so the gold in each gram of 18K alloy was worth about R1,618 that day, and 9K (37.5% gold) about R809. Gold moves every trading day, so rework the sum with the day's spot price and the SARB rate before you rely on it.
Why jewellery costs more than melt value
Retail jewellery carries a fabrication premium, design cost, retail margin, and VAT (15% in SA). A ring's retail price is typically 2-4 times the melt value of its gold content. Buying retail means paying for craftsmanship and brand. Selling retail jewellery back rarely returns retail price.
What sellers receive at scrap
Scrap gold buyers pay below melt value, typically 70-90% of spot melt value for recognised karat pieces. They account for refining cost, margin, and market risk. The closer you are to SADPMR-licensed dealers, the better the rate you are likely to receive versus informal buyers.
Diamonds in the ring are separate
If the gold piece is set with diamonds, the metal and stones are valued independently. A gold dealer prices the metal by weight and karat. The diamond's value depends on its own 4Cs and market demand. For diamond-set pieces in Johannesburg, Prodiam (Suite F1W6, The Paragon, 1 Kramer Road, Bedfordview) can provide a diamond component valuation. Contact a qualified specialist or call a qualified specialist to arrange an assessment.
Decision table
Use the details, not a shortcut.
| Karat | Gold purity | Gold content per gram | Typical use |
|---|---|---|---|
| 24K | 99.9% | 0.999g pure gold | Bullion, investment bars |
| 18K | 75% | 0.750g pure gold | Fine jewellery, engagement rings |
| 14K | 58.3% | 0.583g pure gold | International market, less common in SA |
| 9K | 37.5% | 0.375g pure gold | Fashion jewellery, budget rings |
Direct answers
Common questions
Where can I find the live gold price in South Africa?
The Rand price is derived from the USD spot price (available on Bloomberg, Kitco, or the World Gold Council site) converted at the SARB daily fixing rate.
Does the gold price change every day?
Yes. The London Bullion Market sets two daily fixings (AM and PM). The SARB rate changes throughout the trading day. Jewellery prices do not change daily but are set based on recent spot levels.
What is the difference between spot gold and jewellery gold?
Spot gold is the price for immediate delivery of 99.9% pure gold. Jewellery gold is an alloy at lower purity, plus fabrication and retail margin. Spot is not the price you pay at a jeweller.
Can I buy gold at the spot price in South Africa?
Investment-grade gold coins (Krugerrands) trade at a small premium over spot. Physical bars from SARB-registered dealers also carry a small premium. Jewellery always carries a fabrication premium on top.
Is gold a good investment through jewellery?
Jewellery gold is a poor investment vehicle compared to bullion or ETFs. Retail premiums and resale discounts make the round-trip costly. Jewellery is best bought for use, not as a store of value.