A karat (spelled K or kt) is a measure of the purity of gold. Pure gold is 24 karats, so the karat number tells you how much of the metal is actual gold versus alloyed with other metals for strength and durability. For example:
24K = 100% gold
18K = 75% gold
14K = 58.3% gold
10K = 41.7% gold
This is different from a carat (C or ct), which measures the weight of a diamond or gemstone. A carat equals 200 milligrams and can also be expressed in points (100 points = 1 carat).
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