Why Is Platinum So Expensive?

Platinum is beautiful, luxurious, and brilliant. Its white silver color is undeniably brilliant and makes diamonds and other gemstones stand out. Platinum jewelry appears luxe, and gorgeous. Desired by many, this rare metal has its charm. Let us know about that the Why Is Platinum So Expensive?

Why Is Platinum So Expensive?

Platinum is a precious metal with a beautiful sparkling white color. It is becoming increasingly popular in the jewelry industry. To manufacture platinum jewelry, a Platinum alloy is used. It is mixed with metals to increase its durability and hardness. 

Starbucks Rewards Hacks – Know Mo...
Starbucks Rewards Hacks – Know More

Platinum has ductile property and can be turned into intricate designs. As a noble metal, it is highly unreactive. It does not react with oxygen when exposed to air. It is resistant to corrosion. A piece of platinum jewelry can last for decades. Platinum is very costly because it is rare, difficult to take care of, is high in demand, difficult to produce, different from other metals, and used to produce valuable products like Jewelry. 

Cost Of Platinum

In the United States, the cost of Platinum is around 30 dollars for a gram. An ounce can cost up to 853 US dollars. For a kilogram, the price can reach a staggering 30000 dollars. It is a hefty price for metal. Platinum is highly unreactive and can retain its luster for years. It is resistant to corrosion. It has a high melting point, and it is a good conductor of heat and electricity.

History 

Platinum was found in ancient jewelry in the form of specks, intermingled with gold. Many civilizations used platinum in their ornaments. Platinum was derived from the word ‘Platina’ meaning little silver and was disregarded as an inferior metal. 

Refining platinum required skill. It quickly rose to popularity, due to its intricate and beautiful designs. It was considered a metal fit for kings. It became a significant part of European style and culture. During world war I, Platinum was mainly used in the manufacturing of armament and was swiftly wiped off the market. It was after World War II that the metal regained its former status.

Platinum Vs other metals

Gold is more expensive than platinum. An ounce of gold can range up to a whopping sum of 3000 dollars. Palladium is twice more expensive as compared to Platinum. But due to its properties, platinum jewelry is harder to make. Platinum jewelry will cost more than its gold counterpart.

If you are planning to buy platinum, it might burn a hole in your pocket. Let’s see why you have to pay such a hefty price for this metal?

Platinum is rare

Rarity makes it special. 

Earth’s crust has natural ores. That has a vast supply of elements. Platinum ores are extremely rare. Annually 200-250 tons of platinum are mined. It is much lower in comparison to gold. The supply of this metal is limited and has reached a stagnation

Besides, it is highly inaccessible. Platinum mines are difficult to reach and even more difficult to be mined. Concealed deep inside the Earth’s crust, the mining process is a mammoth task. Most of the ores are now depleted and have reached their maximum potential. Due to its rarity and high demand, Platinum is expensive.

Platinum is difficult to produce

12 tons of platinum ore can produce a meager 1 ounce of platinum. 

Gold and silver have been ruling the jewelry section for years. They are easier to process. The production cost is comparatively less. Platinum, on the other hand, goes through a tedious procedure. The arduous process of refining includes crushing the ore and melting it at a very high temperature. 

Platinum has a high boiling point, which indicates the refining process. The procedure of refining Platinum is comparatively new. It requires a lot of skills. Consequently, it was less used in earlier times. The production cost of Platinum is undeniably high. But it is just the first step of a cumbersome process. When metamorphosed into jewelry, it goes through more complicated procedures. Adding to the cost, that will be ultimately paid by the customer.

Platinum Jewelry

Platinum is the densest of all precious metals. Platinum jewelry will have more pure platinum. To create a piece of jewelry, platinum is used in the form of alloy. It is mixed with various metals like chromium, cobalt, and nickel. Due to its density, Platinum is difficult to work with and requires dexterity. 

Platinum jewelry will have 90- 95% of pure Platinum. Whereas, gold jewelry will have 50% of pure gold. It is a difficult metal to work with, because of its dense nature. Turning platinum into jewelry is a highly specialized skill. Thus, jewelers working with Platinum charge more. You have to pay a high making charge for the jewelry.

High demand

Platinum jewelry is extremely sought after. It is magnificent and brilliant, but the metal is used for various other purposes. Increasing the demand for this precious metal. 

Its use in the medical industry is manifold. It is an essential component in certain drugs, medical devices such as catheters, stents, and pacemakers. Due to its inert nature, it remains non-reactive and is biocompatible.

It is used to manufacture catalytic converters, hard drives, oxygen sensors, and turbine engines. Only 30% of the Platinum produced is used in jewelry. Its vast application has placed such high demand on the metal.

How to take care of platinum jewelry?

Buying jewelry is an investment. A piece of jewelry requires a hefty amount. It is prudent to know how to take care of these precious pieces so that they can last for a long time. 

  • Platinum should be stored separately in bags.
  • Routine cleaning is important. It could be cleaned with mild soaps. 
  • Always consult a jeweler for resizing. Routine polishing can help retain the luster for years. 

Conclusion

A piece of platinum jewelry is a work of fine art and skills. Difficult to produce, but breathtakingly beautiful. No doubt, the whole world is enamored by its beauty. You might have to pay an exorbitant amount for a piece of platinum jewelry. After all, it is a precious metal that is difficult to obtain. It has limited supply but the demand is extremely high. Creating a piece of jewelry is a laborious task. Due to its density and heavyweight, fine dexterity is required to create a piece of jewelry. 

But a piece of platinum jewelry can last for a long time. When properly taken care of, it retains its brilliance for years. Platinum is an investment that could be adorned, and mark a difference.

Why Is Platinum So Expensive?

Leave a Reply

Your email address will not be published. Required fields are marked *

Scroll to top