9-carat gold, marked at 375 thousandths, contains exactly 37.5% pure gold. The rest of the alloy is made up of copper, silver, or zinc depending on the refiners, which alters the color and hardness of the metal without changing its declared content.
The price per gram of 9-carat gold is directly derived from the price of pure gold, multiplied by this coefficient of 0.375. After two years of significant increases in 2024 and 2025, the market has been undergoing a consolidation phase since spring 2026, which mechanically affects the value of 375 thousandths jewelry.
Purity coefficient of 375 thousandths and actual gap with the spot price
The theoretical calculation is simple: the price of a gram of pure gold multiplied by 0.375. In practice, we observe that this theoretical price is almost never what the seller receives or what the buyer pays.
Buyback professionals apply a discount that covers refining, logistics, and their margin. This discount ranges from a few percent with direct refiners to a significantly higher amount with certain retail counters. The gap between the theoretical price and the actual buyback price often exceeds that applied to 18-carat gold, because the refining cost per gram of recovered gold is proportionally heavier on an alloy with 37.5% gold.
To delve deeper into the valuation mechanics, it is useful to understand the price of 9-carat gold on Réussir Investir before requesting a buyback quote.
On the retail side, the price of 9-carat gold incorporates the craftsmanship, brand, and distribution. The retail price can represent several times the metal value. We recommend always distinguishing between intrinsic value (metal) and commercial value (finished jewelry) to avoid any confusion during resale.
Price variations of 9-carat gold since 2024
The price of a gram of 9-carat gold follows a mechanical pattern: when the kilo of pure gold rises, the 9-carat gold rises in the same relative proportions. According to Meilleurtaux, reported by Ma Gazette in August 2026, the price of a kilo of gold in euros increased by about +45% in 2024 and then +35% in 2025, peaking near 150,000 euros per kilo in spring 2026 before falling back to around 115,000 euros per kilo.
NetPublic indicated in mid-June 2026 that an ounce of gold was trading around 3,766 euros, or nearly 121 euros per gram of pure gold. Relating this to the 375 thousandths coefficient, this placed the theoretical gram of 9-carat gold at around 45 euros, a historically high level compared to prices observed five years earlier.
This consolidation phase after two years of increases creates a particular situation for holders of 9-carat jewelry:
- The price remains well above the averages of the previous decade, making buyback financially attractive even after the decline in spring 2026.
- Daily volatility has increased, meaning that a few days’ difference in the sale date can significantly affect the amount received.
- Counters adjust their buyback rates with a delay of a few hours to a few days compared to the spot price, which penalizes sellers during rapid declines.
Hallmarks, fineness, and common traps on 375 thousandths gold
9-carat gold bears the clover-shaped hallmark in France. This hallmark guarantees a minimum fineness of 375 thousandths verified by the guarantee office. Imported jewelry, particularly from the UK or certain Middle Eastern countries, may bear a different hallmark or a simple “375” marking engraved without official French certification.
A piece marked 375 without a French guarantee hallmark does not automatically equate to the price of 9-carat gold. Some counters refuse these pieces or buy them with an additional discount while waiting to conduct a test by X-ray fluorescence or a touchstone test.
We regularly observe confusion between 9-carat gold (375 thousandths) and 8-carat gold (333 thousandths), which is common in Germany. The difference in fineness may seem small, but it represents over 10% less precious metal, and thus a significantly lower price per gram.
Checks to perform before a transaction
- Identify the hallmark: clover for French 9-carat, different shapes according to foreign conventions.
- Weigh the jewelry on a precision scale to the hundredth of a gram, excluding stones and non-metal parts.
- Request a fineness test if the hallmark is absent or illegible, preferably using XRF spectrometry which does not damage the piece.
- Compare the proposed price to the spot price of the day by applying the coefficient 0.375, to measure the actual discount from the counter.
Quotation of 9-carat gold and reference markets
There is no distinct official quotation for 9-carat gold. The London fixing, operated twice daily by the LBMA, sets the price of the ounce of pure gold (999.9 thousandths). All variations by fineness, including 9-carat, are derived from it by simple multiplication.
Specialized sites that display a “real-time 9-carat gold price” perform this multiplication automatically. The displayed figure represents the theoretical metal value, not a transaction price. The difference between this figure and the price actually offered by a professional constitutes the gross margin of the buyer.
During periods of significant market fluctuation, some counters temporarily suspend their buyback rates or widen their spread. The actual buyback price can deviate by more than 15% from the theoretical price during times of extreme volatility. Checking the date and time of the price update displayed by the professional remains a reflex to maintain systematically.
The current level of 9-carat gold per gram remains historically high despite the initiated decline. For a seller, the determining factor is not so much the price of the day as the discount applied by the professional buyer. Comparing multiple buyback offers on the same day, relating each proposal to the spot price at that moment, provides a much more reliable reading than the simple amount in euros displayed in the window.
