What Is Mazaneh? Converting Iran’s Gold Quote to Price per Gram

In Iran’s gold market, “mazaneh” usually means the price of one mithqal (4.608 g) of melted gold at 705 purity. To get the price per gram of 18-karat (750) gold from the mazaneh, divide it by about 4.3315; for the price per gram of the same 705 gold, divide by 4.608.

Most retail customers only know the “18-karat price per gram”, but much of the wholesale trade between jewelers, melted-gold dealers and wholesalers (bonakdars) runs on mazaneh. A shop owner or gallery accountant who can’t convert it accurately either loses money on bulk purchases or shows rates that don’t match the market. This guide explains mazaneh, melted gold, the conversion formulas in both directions and how a shop sets its daily rate, with hypothetical figures in Iranian toman (1 toman = 10 rials). If you trade in the Gulf or elsewhere and deal with Iranian partners, the same math tells you what their quotes mean.

What Does Mazaneh Mean in the Iranian Gold Market?

In market language, mazaneh means the base rate deals are struck on. In Iran’s gold market the word is commonly used for the price of one mithqal of melted 705 gold, and other rates, from 18-karat per gram to gold of any purity, are derived from it. Keep in mind that this is a market convention, not an official definition; in a particular city or among a particular group of traders the quoting basis may differ. Before any calculation, ask the source exactly which weight and purity their number refers to.

A quick glossary of the units involved:

• Mithqal: a traditional weight unit; in the Iranian gold market one mithqal is taken as 4.608 g.
• Purity in thousandths: Iranians express gold purity as parts per thousand, so 750 is 18 karat and 1000 is pure gold.
• Melted gold (ab-shodeh): gold that has been remelted into a bar or lump, usually from old or scrap gold.

What Is Melted Gold, and Why Is It Priced at 705?

Melted gold usually comes from melting old jewelry, broken pieces or workshop scrap, then casting it into a lump or small bar. The actual purity of each lump is determined by an assay and marked on it, and it may be above or below 705. The number 705 works as the “quoting purity”: the rate is announced for 705, and each lump is converted to its 705 equivalent based on its real purity, then priced.

How to Calculate the Gold Price per Gram From Mazaneh

All conversions come from two constants: one mithqal is 4.608 g, and mazaneh is quoted at 705 purity. From those you get this table:

Hypothetical example: if mazaneh is quoted at 18,000,000 toman:

• Price per gram of 705 gold = 18,000,000 ÷ 4.608 = 3,906,250 toman.
• Price per gram of 750 gold ≈ 18,000,000 ÷ 4.3315 ≈ 4,155,585 toman.

These numbers only illustrate the method and have nothing to do with today’s real rate. Factors for other purities are listed in our gold karat conversion guide.

Pricing a Melted Gold Lump That Isn’t 705

Suppose a trade partner sells you a 120.500 g melted lump assayed at 740, and the agreed mazaneh is the same hypothetical 18,000,000 toman. You have two equivalent routes:

1. Via the 705 mithqal: 705-equivalent weight = 120.5 × 740 ÷ 705; divide that by 4.608 to get the number of 705 mithqals (about 27.448), then multiply by the mazaneh.
2. Via the 750 gram: 750-equivalent weight = 120.5 × 740 ÷ 750 ≈ 118.893 g; multiply by the 750 price per gram.

Both routes land at about 494,071,000 toman. Round too early in either route and they will differ by a few thousand toman, so keep rounding for the final figure and agree on the rounding direction with your counterparty in advance.

How Mazaneh Relates to the Global Ounce Price and the Exchange Rate

A troy ounce contains about 31.103 g of pure gold, and one 705 mithqal contains about 3.249 g of pure gold; the ratio is roughly 9.574. That’s why the market computes a “theoretical mazaneh” with this formula:

Theoretical mazaneh ≈ ounce price in USD × USD rate in toman ÷ 9.574

Hypothetical example: with the ounce at 3,000 dollars and the dollar at 57,000 toman, the theoretical mazaneh is about 17,860,000 toman. The real market mazaneh rarely matches this exactly; local supply and demand, market expectations and the exchange rate traders actually use create a gap, which the Iranian market sometimes calls the “bubble” (hobab). The formula helps you read the market’s direction, not set your shop’s selling rate.

How Do Gold Shops Set Their Daily Rate From Mazaneh?

Every shop does it slightly differently, but an orderly routine usually looks like this:

1. Get the mazaneh from a reliable source: ideally two, so a wrong number is caught quickly.
2. Convert to per-gram rates: using the formulas above for 750 and any other purity you sell.
3. Apply your buy and sell policy: derive the rate for buying customers’ gold and the selling rate from the base rate, according to your policy.
4. Publish on the board and enter in the system: the board rate and invoice rate must be the same; a price board disconnected from your accounting is a common cause of customer disputes.
5. Update during the day: on volatile days, log the time of every rate change so it’s clear which rate each invoice used.

To keep the rate you show customers transparent too, read our gold price board guide for jewelry stores.

Common Mazaneh Calculation Mistakes

Trading With Wholesalers on Mazaneh: What to Record

In bulk trades, the final price is usually fixed at the moment of the deal using that minute’s mazaneh; the 10 a.m. mazaneh may differ from noon’s. To avoid arguments later, record in every bulk-trade document:

• The agreed mazaneh and the time of agreement.
• The weight and assayed purity of the lump, and the lab or method used.
• The base-equivalent weight (705 or 750) and rounding method.
• Whether settlement is in money or in gold weight, and if weight, at what purity.

If part of a deal is settled in weight, mazaneh only matters for the money part; the gold part should stay in your partner’s account as weight. How to keep these dual accounts is covered in gold wholesale (bonakdari) accounting. One simple habit helps too: if a deal is closed by phone, send the mazaneh and weight in a short message straight away so both sides record the same number.

Entering the Daily Rate in Gold Accounting Software

When the rate is entered once in the system and every invoice takes it from there, a typo can only happen in one place and is easier to catch. Zaran, P-Soft’s gold accounting software (Persian interface, built for the Iranian gold market), supports per-gram and per-mithqal pricing and automatic karat conversion from the Start plan, and its live rates come with automatic validity checks. The manager’s trading desk is part of the Elite plan: on one screen the manager sets today’s rate and records trades without delay, which suits galleries where the manager changes the rate several times a day while also handling bulk deals.

Frequently Asked Questions

What does mazaneh mean?

In Iranian market usage, the price of one mithqal (4.608 g) of melted gold at 705 purity, from which other rates are derived.

How do I convert mazaneh to the 18-karat price per gram?

Divide the mazaneh by about 4.3315. That factor comes from 4.608 × 705 ÷ 750.

What is melted gold?

Gold usually obtained by melting old jewelry or scrap, with its purity set by assay; it is priced from the mazaneh and its actual purity.

Why does the market mazaneh differ from the ounce-based calculation?

Local supply and demand, market expectations and the exchange rate traders use all affect the real mazaneh; the ounce-based figure is only a theoretical benchmark.

How many grams is one mithqal of gold?

In Iran’s gold market, one mithqal is counted as 4.608 g.

To see daily rate entry and the manager’s trading desk up close, explore Zaran gold and jewelry accounting software and request a demo.

Further reading

• How to Choose the Best Gold Accounting Software for Your Shop
• How to Calculate Gold Jewelry Price: Making Charge, Profit, VAT
• Gold Wholesale Accounting: Transfers and Weight-Based Settlement

Complete guide: gold and jewelry accounting software