A ring sizing is two costs: the goldsmith's time and the gold you add. Time is hours times the bench rate. Metal is grams times the spot price of pure gold, scaled down by karat — 14k is 14/24ths gold — and marked up for the alloy, casting grain and handling. Put both halves on the ticket so the customer sees why an 18k shank costs more than a 14k one.
A sizing up two: 0.75 hours at $65 is $48.75 of labor; 2.1 g of 14k at $75/g pure is $91.88 of gold, $128.63 with a 1.4 markup — $177.38 total.
The example
Three bench jobs at a $65 hourly rate and a 1.4 metal markup. The clasp repair adds no metal; the shank rebuild is mostly gold.
| A | B | C | D | E | F | G | |
|---|---|---|---|---|---|---|---|
| 1 | Job | Labor hrs | Metal g | Karat | Spot $/g | Metal cost | Quote |
| 2 | Ring resize +2 | 0.75 | 2.1 | 14 | $75.00 | $128.63 | $177.38 |
| 3 | Clasp repair | 1.5 | 0 | 14 | $75.00 | $0.00 | $97.50 |
| 4 | Shank rebuild 18k | 0.5 | 4.0 | 18 | $75.00 | $315.00 | $347.50 |
The formula
Metal cost in its own column so the customer can see it, then the quote:
How it works
Work through the metal column, because that is the part people question:
C2*E2is grams times the pure-gold spot price per gram: 2.1 g at $75 is $157.50 — if it were 24k.*D2/24scales for karat. 14k is 14 parts gold in 24, so $157.50 becomes $91.88.*1.4is the markup for alloy, casting grain, loss at the bench and handling. Your number may be 1.3 or 2.0; put it in a cell if it varies by job.B2*65is labor: 0.75 hours at $65 is $48.75. Add the metal and the quote is $177.38.
Quote in whole dollars with ROUND(...,0) or up to the next $5 with CEILING(...,5). Nobody pays $177.38 at a jewelry counter.
Try it: interactive demo
Enter bench hours, your rate, metal grams, karat, spot price per gram of pure gold, and the metal markup.
Variations
Spot price in troy ounces
Bullion quotes are per troy ounce. Divide by 31.1035 to get the per-gram price the formula wants.
Round the quote up to the next $5
Cleaner on the ticket and covers the odd flux and polish.
Pitfalls & errors
Spot moves daily. Reference a single spot cell that you update each morning rather than typing the price into every quote row.
Weigh the metal you will add, not the finished ring. A two-size-up job on a 3 mm band is around 2 g of 14k; a full shank can be 4–6 g.
Do not apply the karat fraction to the labor. Only the gold gets scaled by 14/24; the goldsmith's hour costs the same whatever the alloy.
Practice workbook
Frequently asked questions
Why a markup on the metal at all?
How do I handle white gold or platinum?
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