The 2024 Paris Olympic Games are in full swing, with the world glued to their television sets on a daily basis.
Taking place in 16 different locations across France, including the subsite of Tahiti, the games are in the midst of hosting 329 events in 32 sports.
With over 10,000 athletes competing for hundreds of medals at each Games, only about a third of the medalists receive gold – the highest honour an Olympian can achieve.
Intrigued by the monetary value of one of the gold medals, jewellery experts at UK retailer Steven Stone have done some research.
Are the gold medals solid gold?
Contrary to popular belief, gold medals are not entirely made of gold!
According to the International Olympic Committee (IOC) guidelines, gold medals are required to contain at least six grams of 24 carat gold coating. It may shock you to discover that the remainder of the medal is primarily silver, with a purity rating of at least 92.5 percent.
Olympians often bite their gold medals for photos, but since the medals are not made of solid gold, this practice can cause damage, leading to dents and scratches.
How much are they worth?
A gold medal weighs 529 grams, with a diameter of 85 millimeters and a thickness of 9.2 millimeters.
The value of a gold medal is determined by the current market prices of silver and gold – at this moment in time, 1 gram of gold is worth $74.94, while 1 gram of silver is worth the much lower price of $0.73.
Taking this into account, our experts worked out that a gold medal is currently worth $831.43, which roughly converts to £654.34.
“Contrary to popular belief, many medals and trophies aren’t made of solid gold. For example, an Oscar is actually made from bronze.
An Olympic gold medal weighs 529 grams, with the International Olympic Committee requiring that each medal contains at least 6 grams of 24-carat gold plating. Olympians often bite their gold medals for photos, but since the medals are not made of solid gold, this practice can cause damage, leading to dents and scratches.
The value of a gold medal depends on the current market prices of silver and gold. Presently, 1 gram of gold is valued at $74.94, while 1 gram of silver is priced at $0.73. Based on these prices, a gold medal is currently worth approximately $831.43, which roughly converts to £654.34.”
maxwell stone, creative director, steven stone
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