Per Mille (Fineness)
Also: Thousandths mark, ‰, Millesimal fineness, Parts per thousand
Per mille (‰) expresses the fineness of a precious metal as a thousandths share of the total mass and is the legally binding marking on bars and coins.
Per mille (‰) is the unit of measurement for the fineness of a precious metal and indicates how many thousandths of the total mass consist of the pure metal. A gold bar marked 999.9 thus contains 999.9 out of 1,000 parts by weight of pure gold - the rest are unavoidable trace elements. The per-mille figure is internationally standardised (ISO 9202) and completely replaces older carat markings on bars and industrial products.
Formula: calculating fine weight
Fine weight = Gross weight × (Fineness ‰ / 1000)
Example: a 100 g bar at 585 ‰ contains 100 g × 0.585 = 58.5 g fine gold. You can calculate the melt value directly with the melt value calculator.
Common fineness values at a glance
| Fineness (‰) | Carat equivalent | Metal | Typical use |
|---|---|---|---|
| 999.9 | - | Gold | Investment bars (Four Nines) |
| 999 | 24 carat | 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 carat | Gold | Krugerrand, Sovereign |
| 835 | - | Silver | Historical coins |
| 800 | - | Silver | Historical coins |
| 750 | 18 carat | Gold | High-quality jewellery |
| 585 | 14 carat | Gold | Central European jewellery |
| 375 | 9 carat | Gold | British jewellery |
| 333 | 8 carat | Gold | Simplest gold jewellery |
The gold price overview and the silver price always refer to 999.9 ‰ pure metal - at a lower fineness the material value falls proportionally.
Per mille vs. carat: the relationship
The carat system for gold is the older, Anglo-Saxon designation. The conversion is unambiguous:
Fineness (‰) = Carat × 1000 / 24
24 carats therefore correspond to 1,000 ‰ (theoretically pure gold); 18 carats give exactly 750 ‰. In European legal and commercial practice the per-mille figure is binding, and the carat value may be shown in addition.
Marking and legal significance
Bars and coins that are to qualify as investment gold must meet certain fineness thresholds under EU law (Council Directive 2006/112/EC, as applied in Malta): gold bars require at least 995 ‰ (99.5 %), gold coins at least 900 ‰ (90.0 %) - minted in the year 1800 or later and legal tender in the country of issue. These thresholds are relevant for tax: investment gold that meets the criteria is exempt from VAT in Malta; low-alloy jewellery or semi-finished goods are not. (Not tax or legal advice - for binding information please consult a qualified adviser. Sources: eur-lex.europa.eu, cfr.gov.mt.)
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 assay offices and refineries such as Heraeus or Umicore guarantee compliance with the stated fineness through their company logo.
Practical tip: buy-back and melt value
When selling gold, the payout price is always calculated on the basis of the fine weight, not the gross weight. Anyone selling old jewellery gold (e.g. 585 ‰) receives correspondingly less than for an investment bar (999.9 ‰). With the purchase price calculator the realistic proceeds can be determined 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 share and the closer the material value lies to the current spot price. For bars and investment coins, only purchases from 999 ‰ upwards are worthwhile - anything below contains alloying metals that must be deducted when melting.