Firstly, a gram (gm) is a gram is a gram ... and a grain is a grain is a grain ...

Secondly, all ounces (oz) are not created equal.   There are avoirdupois ounces and troy ounces.
Avoirdupois ounces and avoirdupois pounds are the measure of common items.
Troy ounces and troy pounds (obsolete) are the measure of precious metals (gold, silver, platinum, and palladium).

But note that troy pounds are rarely used.
Note also that base metals, like copper, zinc, lead, etc., are measured in avoirdupois ounces and pounds

With precious metals, when just ounces are stated, it is troy ounces that are assumed.
With other stuff, avoirdupois ounces are assumed.

    1000 milligrams (mg)      = 1 gram (gm)
    1000 grams (gm)           = 1 kilogram (kg)
    1000 kilograms (kg)       = 1 metric tonne
  

    16 ounces (oz)            = 1 pound (lb)
    2000 pounds               = 1 short ton [generally used in U.S.]
    2240 pounds               = 1 long ton [generally used in Great Britain]
  

    12 troy ounces (toz or troy oz) = 1 troy pound
  

Remember, a gram (gm) is a gram is a gram ...   and a grain is a grain is a grain ...
The two types of ounces are defined in terms of grams.   Everything else derives from that.

    1 grain                   = 64.798 91 milligrams (mg) -- EXACTLY

    1 avoirdupois ounce (oz)  = 437.5 grains              -- EXACTLY
    1 troy ounce (toz)        = 480 grains                -- EXACTLY

    1 avoirdupois ounce (oz)  = 28.349 523 125 grams (gm) -- EXACTLY
    1 troy ounce (toz)        = 31.103 476 8  grams (gm)  -- EXACTLY
  

    1 gram (gm)               = 0.032 150 75 troy ounces (toz)
    1 kilogram (kg)           = 32.150 75 troy ounces (toz)
    1 metric tonne            = 32 150.75 troy ounces (toz)

    1000 troy ounces (toz)    = 31 103.476 8 grams (gm)
    1000 troy ounces (toz)    = 31.103 476 8 kilograms (kg)
    1000 troy ounces (toz)    = 0.031 103 476 8 metric tonnes
  

    1 troy ounce (toz)        = 1.097 143 avoirdupois ounces (oz)
    1 avoirdupois ounce (oz)  = 0.911 458 3 troy ounces (toz)
    1 avoirdupois pound (lb)  = 14.583 333 troy ounces (toz)
    1 avoirdupois pound (lb)  = 1.215 troy pounds
    1 troy pound              = 0.823 avoirdupois pounds (lb)
    1 short ton               = 0.907 184 74 metric tonnes    -- EXACTLY
    1 long ton                = 1.016 046 908 8 metric tonnes -- EXACTLY
    1 metric tonne            = 2 204.623 avoirdupois pounds (lb)
    1 metric tonne            = 1.102 311 3 short tons
    1 metric tonne            = 0.984 206 5 long tons
  

Of the four homophones -- karat, carat, caret, carrot -- the only one of interest in relation to the precious metals is the term "karat".

The term karat is a ratio.   It is used to describe the fineness of gold.

• Twenty-four karat (24K) gold is 24/24ths (100%) gold.
• Eighteen karat (18K) gold is 18/24ths (75%) gold -- 25% other metal(s).
• Fourteen karat (14K) gold is 14/24ths (58.3%) gold -- 41.7% other metal(s).
• Ten karat (10K) gold is 10/24ths (41.7%) gold -- 58.3% other metal(s).

24 karat gold (pure gold)

24K gold is very soft so it is often alloyed with other metals to make it harder.   For example, twenty-four karat gold is not normally used for diamond jewelry because the prongs created with it are too soft and bendable to securely hold a gemstone.

Alloyed gold

Different metals alloyed with gold change the color of the gold from its rich pure lemon yellow color.   18 karat gold is richer in color, but is softer than 14 karat gold.

White gold is made up of pure yellow gold and other metals, usually nickel, to make it white in color.   (Unlike white gold, platinum is itself a white metal.)   The metals that are alloyed with pure gold for strength can also modify the color of gold resulting in different shades of yellow, white, and pink gold.

Carat -- A measure of weight used in weighing gemstones such as diamonds.
Caret -- the symbol "^" above the "6" on a computer keyboard.
Carrot -- An orange crunchy root vegetable; OK raw, disgusting cooked.
Karet -- Not a word; a misspelling.

The Official Guide to Coin Grading and Counterfeit Detection (1st Ed)
John W. Dannreuther, Scott A. Travers (Editor), Professional Coin Grading Service, Q. David Bowers (Introduction), David Hall

A Guide Book of United States Coins 2003: The Official Red Book (Guide Book of United States Coins)
R. S. Yeoman, et al

2004 Standard Catalog of World Coins (Standard Catalog of World Coins, 31st Ed)
Chester L. Krause, Clifford Mishler, Colin R., II Bruce (Editor)

Standard Catalog of World Gold Coins
Chester L. Krause (Editor), Clifford Mishler (Editor), Colin R., II Bruce (Editor)

Coin Collecting for Dummies
Ron Guth

One-Minute Coin Expert
Scott A. Travers

Official A.N.A. Grading Standards for United States Coins
The American Numismatic Association (Editor), American Numismatic Association

Money: A History
Jonathan Williams (Editor), Joe Cribb (Editor), Elizabeth Errington (Editor)

Classical Deception: Counterfeits, Forgeries and Reproductions of Ancient Coins
Wayne G. Sayles

Current Golds and Silver Coins of all countries, their Weight and Fineness, their intrinsic Value in English Money with Facsimiles of the Coins
Leopold C. Martin, Charles Trubner

Since the First Amendment to the U.S. Constitution is null and void except where still tolerated in law, the following disclaimer seems necessary:

The above is not to be construed as financial or sexual advice.   Consult a duly authorized and approved government lackey before doing anything whatsoever.

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