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Karat refers to purity of gold while ounce is the weight [32 gms if it's gold and called a troy ounce].For example in a cup of tea the strength of tea can be compared to carat and the amount can be compared to ounce. As a measure of purity, one carat is 1/24 purity by mass.

Diamond and gemstone weight is measured in carats. One carat is 100 points.The carat is a unit of mass equal to 200 mg (0.007055 oz)

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How many Karats in 1 troy ounce?

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