With the Games of the XXXIII Olympiad Paris underway, 10,500 athletes are competing for the Olympic’s ultimate prize—the gold medal. While the true value of a gold medal to an athlete who has dedicated their life to achieving it is immeasurable, the materials used for the gold, silver and bronze medals can be quantified.
The estimated production cost of a 2024 Olympic gold medal, considering the current spot prices of gold, silver and iron, is around INR 79,729 ($950). This gold medal might just be the most valuable ever in the history of the modern Olympics, largely due to soaring gold prices. It outstrips the INR 50, 414 ($708) value of the gold medal from the 2012 London Games. It’s worth noting, though, that the value of gold medals from previous years has also surged, reflecting the dramatic rise in gold prices over time.
The Olympic gold medal weighs 529 grams, but it’s mostly silver—505 grams to be exact, which is over 95% of the medal. Only 6 grams are pure gold, used for the plating and the remaining 18 grams are iron. If the medal were made entirely of gold, it would be worth about INR 34 lakh ($41,161.50). Given the high value, it’s no wonder that the last time pure gold medals were awarded was in 1912.
The silver medal tips the scales at 525 grams, with 507 grams of that being silver and the rest, 18 grams, iron, with an estimated value of around INR 40,785 ($486). The bronze medal weighs 455 grams, made up of 415.15 grams of copper, 21.85 grams of zinc and 18 grams of iron. Its value on the podium is roughly INR 1,090 ($13).
Iron is not typically used in Olympic medals, but this is not just an iron, it comes from sections of the Eiffel Tower that were removed during an elevator modernization in the 20th century. This metal was refined in the forges of Pompey, in eastern France, through a process called “puddling.” By removing excess carbon from the cast iron, what’s left is “almost pure and extremely robust,” according to the official Olympic website.
The iron from the Eiffel Tower, stripped of its brown paint, forms the hexagon-shaped center of all the medals, symbolizing the shape of France. Engraved on this iron centerpiece is the emblem of the Paris 2024 Games, blending the gold medal, the Olympic flame, and the face of Marianne—a beloved symbol of the French Revolution and the French people. Below the emblem, you’ll find the words “Paris Olympics” and the iconic five-ring Olympic logo.
Linking the iron core to the surrounding rays are two techniques commonly employed by Chaumet in its high jewelry and watches. Six metal appendages on each corner of the hexagon-shaped center feature a “griffe setting,” a decorative technique characterized by its oversized, ornamental overhang. This setting mimics the “Clous de Paris” hobnail pattern, which consists of small pyramid-like squares often seen in fine jewelry and watchmaking and is specifically designed to replicate the pattern of rivets on the Eiffel Tower.
As with every Olympics, the back of the Paris medals tells the story of the Games’ rebirth in Greece. This design, introduced by Elena Votsi, features the goddess of victory, Athena Nike, in the foreground, emerging from the Panathenaic Stadium, which hosted the revival of the Olympic Games in 1896. A staple of the medals since 2004, Athena Nike is shown with the Acropolis of Athens in the background. For the first time, the Paris 2024 design adds the Eiffel Tower to this historic scene.
On the other hand, the reverse side of the Paralympic medals tells a different story. With a graphic of the Eiffel Tower viewed from below, it presents a perspective rarely seen. Surrounding the base of the tower are the words “Paris” and “2024” written in Braille, honouring the symbolic language of accessibility and its French inventor, Louis Braille. To help visually impaired athletes distinguish between the medals, the edges are engraved with dashes: one for gold, two for silver and three for bronze.
The ribbons for the medals are also rich in meaning. Each ribbon showcases the latticework of the Eiffel Tower. Olympic medal ribbons are dark blue, while Paralympic medal ribbons are deep red, reflecting the two original coats of paint—“Venice red” and “red-brown”—used on the Eiffel Tower.
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