Gold Price per Gram 21K in Jamaica (875)

How to Calculate the Price of Gram 21K Gold in Jamaica

1. Find the current price of gold per ounce 24K

   Check the gold price in United States dollar per ounce 24K from a trusted source (e.g., 2,721)

2. Convert the price of gold from United States dollar to Jamaican Dollar

   Assume the exchange rate is 158 Jamaican Dollar per United States dollar. Use the formula:

   Gold price in Jamaican Dollar = Gold price in United States dollar × United States dollar to Jamaican Dollar exchange rate
   Gold price in Jamaican Dollar = 2,721 × 158 = 431,090 Jamaican Dollar per ounce 24K

3. Calculate the price per gram of 24K gold

   Since 1 ounce equals 31.1 grams, the price per gram of 24K gold is:

   Price per gram of 24K = Gold price in Jamaican Dollar / 31.1
   Price per gram of 24K = 431,090 / 31.1 ≈ 13,861.41 Jamaican Dollar

4. Convert the price from 24K to 21K gold

   Since 21K gold is 21 parts gold out of 24, the price for 21K gold is:

   Price per Gram of 21K gold = Price per Gram of 24K gold × (21 / 24)
   Price per Gram of 21K gold = 13,861.41 × (21 / 24) ≈ 12,128.74 Jamaican Dollar

5. Add the manufacturing cost

   Assume making charges are 65 Jamaican Dollar per gram. The final price is:

   Final price of Gram 21K gold = Price per Gram of 21K gold + Making charges
   Final price of Gram 21K gold = 12,128.74 + 65 = 12,193.74 Jamaican Dollar

Conclusion

The price of 1 Gram of 21K gold with making charges is approximately 12,193.74 Jamaican Dollar.

Understanding Gold Making Charges in Jamaica

In Jamaica, the gold making charges are an important factor to consider when purchasing gold jewelry or other gold items. Typically, these charges can vary widely but often range between 10% to 25% of the gram price of gold. This percentage reflects the cost of craftsmanship, labor, and other associated expenses incurred in the process of creating gold jewelry.

To put this into perspective, if the current market price of gold is approximately JMD 10,000 per gram, the making charges could amount to anywhere between JMD 1,000 and JMD 2,500 per gram. Thus, when purchasing gold in Jamaica, a consumer must factor in these charges on top of the base price of the gold itself.

It's advisable for buyers to inquire about the specific making charges before making a purchase, as different jewelers may have varying rates. By understanding these costs, consumers can make more informed decisions and potentially save money on their gold purchases.