Per Mille (Fineness)
Also: Thousandths stamp, ‰, Millesimal Fineness, Parts per thousand
Per mille (‰) expresses the fineness of a precious metal as thousandths of the total mass and is the legally binding indication on bars and coins.
Per mille (‰) is the unit of measurement for the fineness of a precious metal, indicating how many thousandths of the total mass consist of the pure metal. A gold bar stamped 999.9 therefore contains 999.9 out of 1,000 parts by weight of pure gold – the remainder being unavoidable trace elements. The per mille indication is internationally standardised (ISO 9202) and entirely replaces older karat designations on bars and industrial products.
Formula: Calculating Fine Weight
Fine weight = Gross weight × (Fineness ‰ / 1000)
Example: A 100 g bar with 585 ‰ contains 100 g × 0.585 = 58.5 g of fine gold. You can calculate the melt value directly with the melt value calculator.
Common Finenesses at a Glance
| Fineness (‰) | Karat Equivalent | Metal | Typical Use |
|---|---|---|---|
| 999.9 | — | Gold | Investment bars (Four Nines) |
| 999 | 24 karat | Gold | Coins (e.g. Maple Leaf, Panda) |
| 958 | — | Silver | Britannia silver (UK) |
| 950 | — | Platinum/Palladium | Investment bars, jewellery |
| 925 | — | Silver | Sterling silver (jewellery, cutlery) |
| 916 | 22 karat | Gold | Krugerrand, Sovereign |
| 835 | — | Silver | Historical coins (DE) |
| 800 | — | Silver | Historical coins (AT/CH) |
| 750 | 18 karat | Gold | High-quality jewellery |
| 585 | 14 karat | Gold | Central European jewellery |
| 375 | 9 karat | Gold | British jewellery |
| 333 | 8 karat | Gold | Lowest-grade gold jewellery (DE) |
The gold price overview and the silver price always refer to 999.9 ‰ pure metal – at lower fineness the material value decreases proportionally.
Per Mille vs. Karat: The Relationship
The karat system for gold is the older, Anglo-Saxon designation. The conversion is unambiguous:
Fineness (‰) = Karat × 1000 / 24
24 karat therefore corresponds to 1,000 ‰ (theoretically pure gold); 18 karat equals exactly 750 ‰. In German and European commercial law, the per mille indication is binding; the karat value may be stated additionally.
Hallmarking and Legal Significance
Bars and coins intended to qualify as investment gold must meet certain fineness thresholds under §25c of the German VAT Act (UStG): gold bars require at least 995 ‰ (99.5%), gold coins at least 900 ‰ (90.0%) – provided they were minted after 1800 and are legal tender in the country of issue. These thresholds are relevant under tax law: investment gold meeting these criteria is exempt from VAT; lower-alloy jewellery or semi-finished products are not. (This is not tax or legal advice – please consult a tax adviser for binding information.)
The hallmark – the engraved or stamped fineness mark on a piece of jewellery or a bar – is the visible proof of the per mille value. Independent testing bodies and refineries such as Heraeus or Umicore guarantee compliance with the stated fineness through their company logo.
Practical Tip: Buying Price and Melt Value
When purchasing gold, the payout is always calculated on the basis of the fine weight, not the gross weight. Anyone selling old jewellery gold (e.g. 585 ‰) will receive correspondingly less than for an investment bar (999.9 ‰). The buying price calculator can be used to determine a realistic proceeds figure in advance.
In Brief
Per mille is the universal, legally standardised language of the precious metals trade: the higher the ‰ value, the greater the pure metal content and the closer the material value to the current spot price. For bars and investment coins, it is worth buying exclusively from 999 ‰ upwards – anything below contains alloying metals that must be separated out during smelting.