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If we are discussing a gold ring and the ring is 18 carat gold (fairly pure: 18/24 by weight gold) and "they" are paying only for the gold content then there are 4 * 18/24 = 3 grams of gold "they" are going to pay you for.

Gold is measured in "troy oz", not avoirdupois ounces like most everything else!

There are 31.1 grams in 1 troy oz so your ring has about one tenth of an ounce of gold in it. You will get about 140 (dollars?) for it.

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