375 means 37.5 percent gold — nine parts in twenty-four. It is the lowest fineness that may legally be described and sold as gold in the United Kingdom and Australia, and it is extremely common in British jewellery, particularly anything mass-produced from the 1960s onwards.
The thing to be clear about is that a 9 carat piece is more base metal than gold. That is not an accusation — it is a lawful, hallmarked, perfectly genuine standard, and the alloy is hard, durable and cheap. But it means the melt value is a little over a third of the same weight in fine gold, and it means the metal behaves differently: it tarnishes more readily than higher karats, it can react with skin chemistry, and the colour is a paler, slightly harder yellow.
In the United States, 9 carat cannot be called gold at all — the American minimum is 10 karat. A piece stamped 375 sold in the US is legitimately gold by its country of origin's standard and would not have qualified if made domestically, which is a genuine and occasionally surprising asymmetry.