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What is DWT or Pennyweight?

April 26, 2017DWT pennyweight

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What is DWT or Pennyweight?

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DWT is the symbol for Pennyweights. Pennyweights is a measure of weight used in the jewelry business. There are 31.1 grams in an ounce but 20 DWT or pennyweights in an ounce. There are some competitors that quote their offers for buying gold in pennyweights. This makes the price sound higher when compared to a price based in grams. This is why we quote the amount we are buying gold for in grams and pennyweights so there is no confusion. This way, when you are comparing prices, you can easily see that Andre’s is the highest payer in Michigan and most likely the entire country.