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karat (n.)

1854, variant spelling variant of carat (q.v.). In U.S., karat is used for "proportion of fine gold in an alloy" and carat for "measure of weight of a precious stone."

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Definitions of karat from WordNet

karat (n.)
the unit of measurement for the proportion of gold in an alloy; 18-karat gold is 75% gold; 24-karat gold is pure gold;
Synonyms: carat / kt
From wordnet.princeton.edu