by Ot Mean Loi » Sat Jul 11, 2020 3:58 pm
For those interested in gold in Cambodia I recommend that you read this posting of mine on another forum:
Gold – Gold in Cambodia.
Introduction: There is no such thing as “cheap” gold. But there is an abundance of “Fools Gold” and fools who buy it.
Gold is a valuable commodity traded internationally and its wholesale price fluctuates daily, and throughout the day, in accordance with global gold markets. Cambodia is no exception. What do vary somewhat, however, from country to country and dealer to dealer is the retail price of the gold and the cost of workmanship. Some countries have government controlled and regulated gold markets. Cambodia has an unregulated or free market for gold and the other noble metals. However, Cambodia has a rather small number of licenced importers of gold for resale to the bullion and jewellery trade. Until recently, the Ly Hour Exchange was the largest importer but no longer. Cambodia’s gold is traditionally imported from Singapore and Hong Kong but there is also a parallel “grey” market from Thailand. Nonetheless, it is keenly priced due to unofficial imports. There is also a very small production of Cambodian gold which is highly prized and commands a premium.
So, whilst the retail price of gold in Cambodia is approximately the same as in neighbouring countries the price of the goldsmith’s workmanship is often less. So if you know what you want to buy, or what you wish to have made to order, or repaired or modified, Cambodia can be a good place to purchase gold or in which to have gold jewellery custom made to order. If wishing to have something made to order, please expect to be asked to pay a sizeable deposit against a receipt.
The traditional measure for selling gold in Cambodia is the Chi and the Damlung; these are ancient regional units of weight and best avoided by the tourist. The Damlung, however, is relatively straight forward as it equals 1.2 Troy Ounces. Although, all gold dealers will initial state the weight of a piece as being so many Chi (37.14g) a Chinese merchant may quote either Chi or Tael * unless asked the weight in grams or, if you are buying bullion bars in Damlung 37.49 g. – 26.67 of which equal one kg/1,000 grams. Fortunately all of the gold dealers and gemstone dealers have modern scales, beam or electronic, and can quickly and easily tell you the gold weight in grams. Internationally, gold is dealt in Troy Ounces = 31.1 grams (and not in the standard avoirdupois ounce of 28.4 grams).
Please note that in neighbouring Thailand, the standard gold purity is 96.5%, and the unit of measure/weight is the Baht which is equivalent to 15.244 Troy grams. So, if it’s gold you want buy Cambodian gold as its “purity” is higher.
The wholesale price of gold bullion is given daily and throughout the day on radio and television broadcasts and the print media in US$ per Ounce (Troy ounce). Remember, this quoted price is a wholesale price only. It is not the retail price at which the bullion wholesaler dealer will sell you gold. The goldsmith/dealer has paid a slight premium above the wholesale price to buy his gold. So, the market place retail price is slightly higher again as the end-vendor has to make a small profit on the gold sold to you.
So far, so good. You now know the weight in grams. But what of the purity of the gold you are contemplating buying or selling? This is not quite so straightforward but it is not difficult either.
Gold in Cambodia is not sold or marked to the same purity standards that you may be used to in your own country. In Cambodia all gold purity is expressed in parts per 1,000. Which, of course, is easily expressed as a purity percentage (%)?
As far as possible, Khmer women prefer “pure” gold, i.e. 99.999%, known locally as “Tuk Dorp Meas” * and which, by western standards, is considered too soft. Nonetheless, there are very good historical and practical reasons for this preference. In Cambodia, pure gold, rather than bank accounts, is the traditional store of portable wealth together with diamonds, as they are so easily transported and easily converted to cash although you will frequently make a loss on the resale of diamonds. The recent terrible history of Cambodia has only reinforced gold’s importance in this respect ie. gold chains etc. to be sold one link at a time should a need arise.
Tourists from western developed countries are more familiar with the Karat system - an international measure of the purity of gold alloys.
In the Jewellery industry the Karat system for measuring gold purity is generally spelled with a “K”
The term “C” is generally used for Carat weight in gemstones.
For example:
24 Karat 22 Karat 20 Karat 18 Karat 15 Karat 14 Karat
99.9% 91.600% 83.300% 75.000% 625.000 585.000
10 Karat 9 Karat 8 Karat
417.000 375.000 333.000
Or expressed another way for example:
24 Karat is “fine” gold or “pure gold” for all practical purposes.
18 Karat is 18 parts of gold and 6 parts of another metal/s.
14 Karat is 14 parts of gold and 10 parts of another metal/s
10 Karat (which rarely encountered in Australia) is 10 parts of gold and 14 parts of another metal/s. i.e. more other metals than gold!
As is obvious, as you move down the Karat scale the true gold content and value rapidly decreases and the brass and copper or other base metal content rapidly increases! There is no such thing as cheap gold! Never has been and never will be.
For comparative purposes please note that modern bullion coins such as the American Eagle, British Sovereign and the South African Krugerrand are only minted at 22 Karat purity. The Special Issue Canadian Maple Leaf, however, is minted in 99.999 purity and the regular Maple Leaf is 99.99 purity.
So now you know both the weight in grams and the stated purity of the gold. All you have to do now is work out the value of the gold content in the piece/s that interest you. To do this you simply multiply the Weight X Stated Purity. For example, if your article weighs 100 grams and is stated to be 18 Carat purity the real gold content is 100 (grams) X 75% (0.75) = 75 grams of gold for valuation purposes at the dealer’s or agreed price per gram.
So to conclude, you may be able to negotiate very slightly on the price per gram of gold and usually a bit more so on the cost of the workmanship. But always remember that the goldsmith is worthy of his hire and has a family to support too. Unless you have been foolish, the combined cost of the gold and the craftsmanship in Cambodia will usually be somewhat less than you could expect to pay in most countries.
Do not expect to easily find or even find “white gold” in Cambodia as there is almost no domestic market for it. White gold is an alloy of gold – 18 K white gold is yellow gold mixed with other metals, most commonly silver, platinum, nickel, copper or zinc to make it harder or, very rarely, palladium. Real Cambodian gold, as mined in Cambodia on the other hand has a different, warmer, colour to that of imported gold and you should expect to pay a premium for it.
* Chi = 37.14 grams.
* Damlung = 1.2 Troy Ounces.
* Tuk Dorp Meas = literally means = Water (acid) (from the) Bottle (to test the) Gold (or 100% purity.)
* Tael – Caution here. A gold or silver Tael is 37.4g. But the “weight” of a Tael varies slightly according to the commodity being weighed.
* In fact, in Cambodia, 14 Kt. And White Gold are known as mee’eh ba’rang = French/foreign/foreigners gold, so they clearly do not think much of it and for good reason as there is so little gold in it!
Karat and Carat:
American usage is to use spelling Karat for gold and Carat for gemstones.
International usage is:
Gemstone weight – One Carat = 200 milligrams.
Gold – Pure gold is 24 Carats.
One Carat = Four grains.
Cambodia/Khmer: Touchstone = thma som ret
Best regards. OML
For those interested in gold in Cambodia I recommend that you read this posting of mine on another forum:
Gold – Gold in Cambodia.
Introduction: There is no such thing as “cheap” gold. But there is an abundance of “Fools Gold” and fools who buy it.
Gold is a valuable commodity traded internationally and its wholesale price fluctuates daily, and throughout the day, in accordance with global gold markets. Cambodia is no exception. What do vary somewhat, however, from country to country and dealer to dealer is the retail price of the gold and the cost of workmanship. Some countries have government controlled and regulated gold markets. Cambodia has an unregulated or free market for gold and the other noble metals. However, Cambodia has a rather small number of licenced importers of gold for resale to the bullion and jewellery trade. Until recently, the Ly Hour Exchange was the largest importer but no longer. Cambodia’s gold is traditionally imported from Singapore and Hong Kong but there is also a parallel “grey” market from Thailand. Nonetheless, it is keenly priced due to unofficial imports. There is also a very small production of Cambodian gold which is highly prized and commands a premium.
So, whilst the retail price of gold in Cambodia is approximately the same as in neighbouring countries the price of the goldsmith’s workmanship is often less. So if you know what you want to buy, or what you wish to have made to order, or repaired or modified, Cambodia can be a good place to purchase gold or in which to have gold jewellery custom made to order. If wishing to have something made to order, please expect to be asked to pay a sizeable deposit against a receipt.
The traditional measure for selling gold in Cambodia is the Chi and the Damlung; these are ancient regional units of weight and best avoided by the tourist. The Damlung, however, is relatively straight forward as it equals 1.2 Troy Ounces. Although, all gold dealers will initial state the weight of a piece as being so many Chi (37.14g) a Chinese merchant may quote either Chi or Tael * unless asked the weight in grams or, if you are buying bullion bars in Damlung 37.49 g. – 26.67 of which equal one kg/1,000 grams. Fortunately all of the gold dealers and gemstone dealers have modern scales, beam or electronic, and can quickly and easily tell you the gold weight in grams. Internationally, gold is dealt in Troy Ounces = 31.1 grams (and not in the standard avoirdupois ounce of 28.4 grams).
Please note that in neighbouring Thailand, the standard gold purity is 96.5%, and the unit of measure/weight is the Baht which is equivalent to 15.244 Troy grams. So, if it’s gold you want buy Cambodian gold as its “purity” is higher.
The wholesale price of gold bullion is given daily and throughout the day on radio and television broadcasts and the print media in US$ per Ounce (Troy ounce). Remember, this quoted price is a wholesale price only. It is not the retail price at which the bullion wholesaler dealer will sell you gold. The goldsmith/dealer has paid a slight premium above the wholesale price to buy his gold. So, the market place retail price is slightly higher again as the end-vendor has to make a small profit on the gold sold to you.
So far, so good. You now know the weight in grams. But what of the purity of the gold you are contemplating buying or selling? This is not quite so straightforward but it is not difficult either.
Gold in Cambodia is not sold or marked to the same purity standards that you may be used to in your own country. In Cambodia all gold purity is expressed in parts per 1,000. Which, of course, is easily expressed as a purity percentage (%)?
As far as possible, Khmer women prefer “pure” gold, i.e. 99.999%, known locally as “Tuk Dorp Meas” * and which, by western standards, is considered too soft. Nonetheless, there are very good historical and practical reasons for this preference. In Cambodia, pure gold, rather than bank accounts, is the traditional store of portable wealth together with diamonds, as they are so easily transported and easily converted to cash although you will frequently make a loss on the resale of diamonds. The recent terrible history of Cambodia has only reinforced gold’s importance in this respect ie. gold chains etc. to be sold one link at a time should a need arise.
Tourists from western developed countries are more familiar with the Karat system - an international measure of the purity of gold alloys.
In the Jewellery industry the Karat system for measuring gold purity is generally spelled with a “K”
The term “C” is generally used for Carat weight in gemstones.
For example:
24 Karat 22 Karat 20 Karat 18 Karat 15 Karat 14 Karat
99.9% 91.600% 83.300% 75.000% 625.000 585.000
10 Karat 9 Karat 8 Karat
417.000 375.000 333.000
Or expressed another way for example:
24 Karat is “fine” gold or “pure gold” for all practical purposes.
18 Karat is 18 parts of gold and 6 parts of another metal/s.
14 Karat is 14 parts of gold and 10 parts of another metal/s
10 Karat (which rarely encountered in Australia) is 10 parts of gold and 14 parts of another metal/s. i.e. more other metals than gold!
As is obvious, as you move down the Karat scale the true gold content and value rapidly decreases and the brass and copper or other base metal content rapidly increases! There is no such thing as cheap gold! Never has been and never will be.
For comparative purposes please note that modern bullion coins such as the American Eagle, British Sovereign and the South African Krugerrand are only minted at 22 Karat purity. The Special Issue Canadian Maple Leaf, however, is minted in 99.999 purity and the regular Maple Leaf is 99.99 purity.
So now you know both the weight in grams and the stated purity of the gold. All you have to do now is work out the value of the gold content in the piece/s that interest you. To do this you simply multiply the Weight X Stated Purity. For example, if your article weighs 100 grams and is stated to be 18 Carat purity the real gold content is 100 (grams) X 75% (0.75) = 75 grams of gold for valuation purposes at the dealer’s or agreed price per gram.
So to conclude, you may be able to negotiate very slightly on the price per gram of gold and usually a bit more so on the cost of the workmanship. But always remember that the goldsmith is worthy of his hire and has a family to support too. Unless you have been foolish, the combined cost of the gold and the craftsmanship in Cambodia will usually be somewhat less than you could expect to pay in most countries.
Do not expect to easily find or even find “white gold” in Cambodia as there is almost no domestic market for it. White gold is an alloy of gold – 18 K white gold is yellow gold mixed with other metals, most commonly silver, platinum, nickel, copper or zinc to make it harder or, very rarely, palladium. Real Cambodian gold, as mined in Cambodia on the other hand has a different, warmer, colour to that of imported gold and you should expect to pay a premium for it.
* Chi = 37.14 grams.
* Damlung = 1.2 Troy Ounces.
* Tuk Dorp Meas = literally means = Water (acid) (from the) Bottle (to test the) Gold (or 100% purity.)
* Tael – Caution here. A gold or silver Tael is 37.4g. But the “weight” of a Tael varies slightly according to the commodity being weighed.
* In fact, in Cambodia, 14 Kt. And White Gold are known as mee’eh ba’rang = French/foreign/foreigners gold, so they clearly do not think much of it and for good reason as there is so little gold in it!
Karat and Carat:
American usage is to use spelling Karat for gold and Carat for gemstones.
International usage is:
Gemstone weight – One Carat = 200 milligrams.
Gold – Pure gold is 24 Carats.
One Carat = Four grains.
Cambodia/Khmer: Touchstone = thma som ret
Best regards. OML