Enter your name and email to create an account. With the spot price of platinum and gold being very much the same nowadays, many people ask us why platinum is still more expensive that white gold. Because platinum is a very rare metal that produces only a few hundred tons annually, it is considered to be a very precious commodity. When the cost of Gold exceeds the cost of Platinum, our Platinum engagement rings remain more expensive due to the higher density and additional weight compared to 18ct Gold. The historical average is that platinum is somewhere around a third more expensive than gold. And just like gold, it is collected and traded for its inherent value. There are four main reasons for this: Platinum is denser, and thus more material weight is needed to produce the same ring than from white gold. They named the pesky metal as “Platina” which would roughly translate to “little or small silver”. Platinum is also high resistant to wear and tear, and it hardly ever gets tarnished. Currently, gold costs around $1,300 per … Value of Platinum. All Rights Reserved. The cost depends on factors such as the ring style, amount of platinum used a… As of today, Ruthenium costs approximately $260 per ounce. White gold was actually made as a substitute for platinum, because platinum was scarce during WWII. It has jumped by more than 25% in the last two weeks alone, and almost doubled in … The Gold-to-Silver Ratio Explained Briefly, Basics of Gold And Silver Investments in Miners And Streaming Companies, Popular Methods of Gold And Silver Investments, Portfolio Diversification with Gold And Silver, 5 Better-Than-Gold Precious Metals Investments. As such, platinum jewelry costs more than gold, not only because it is 60% heavier (a 10 gram ring vs. a 16 gram ring noted in #1 above), but those grams of precious metal are more pure, and therefore, more valuable and costly in platinum compared to gold. The displayed metal prices are estimates only. Metals investors who want to hold the most concentrated wealth in a single ounce bullion product should opt not for gold or platinum…but for a different platinum group metal called rhodium. The third most expensive precious metal in the world is gold. Platinum is an industrial metal, and it's specifically a car industry metal. If you have a 10 kg ingot of gold, then that would be equivalent to 16 kg of platinum. Jewelries and metal ingots usually have their value determined by their metal content and weight, so in short you will be paying for more for the platinum. Silver and palladium are surging, too. By using our site, you acknowledge that you have read and A naturally white metal, platinum is typically utilized in a nearly pure form for jewelry—ranging from 95-98%. White gold is really yellow gold with some other white alloys added to the mix to make it look white. Despite the higher cost per gram, Platinum being 1/3rd heavier retains its higher price for our finished rings. How expensive is platinum? Due to its rare nature, platinum is historically more expensive than gold, but there are times when the opposite is true. One such sought application was Platinum’s ability to increase the octane rating of gasoline which would save a lot of time and money. In the modern age Platinum has a variety of applications that makes it a very sought after precious metal. Some of these applications would be: Just like gold, platinum is a shiny and beautiful metal. The platinum ring is almost twice the price of the gold ring. There are multiple reasons why platinum is more valuable than gold. Yes, that's historically been the case. Platinum is ductile, malleable, dense, and highly unreactive, it has a silvery white look and it often mistaken for silver. Platinum prices reached parity with gold earlier this year and have now settled around $1,200. Platinum is rare. But currently, the ratio is around 1.6, which means platinum is cheaper and more attractive. Unlike the next most popular white metal; white gold. White gold isn't rare since its base (yellow gold) isn't very rare. - Platinum does NOT need to be coated, is much harder than gold, about the same as rhodium, and generally wears by microscratching vs. gold having larger scratches. Platinum is almost 3 times the rate of white gold. The Casket of Thebes is an Egyptian sarcophagus than can be dated back as far as 700 B.C. 14kt white gold has a very slight tint of yellow. And yes, it is rarer, and it is pretty. These white metal substances that were mixed with gold was considered a pest because they tend to stick to gold and other metals. At high temperatures and high pressure the light petroleum is eventually converted into high octane liquid with rich aromatic compounds. Platinum is more expensive because it is rarer and mined much less than gold. Historically, the ratio has been below 1, meaning the price of platinum has been higher than gold. Only 160 tons of platinum are mined annually, as opposed to 1,500 tons of gold. While both gold and platinum prices have continued to fall so far this year, platinum has taken a harder hit, making the white metal cheaper than gold. The main reason platinum is more expensive is that, even at the same cost, it takes more platinum to make a platinum ring than it takes to make a similar size ring in gold. But platinum prices are down almost 15% year-to-date. Gold has risen nicely since the meltdown following Lehman's collapse, with the gold price in dollars rising 130%. Compare this platinum matte classic wedding band with this similar matte white gold wedding band. The demand for Platinum grew in the Second World War because of the discovery of new applications for platinum. They brought the strange white metal back to be investigated and to find out if it had value like gold and silver. Another reason would be that platinum is harder to process and would take up more time, resources and labor than that of gold. They considered it to be worthless and believed that it had no inherent value. Platinum and gold are both precious metals. Platinum jewelry is more expensive than gold… It’s a well-known fact. Although both gold and platinum are rare earth metals, platinum is rarer and thus has a higher value. Over time scientists found multiple applications and uses for platinum, and with the discovery of platinum mines and the discovery of better platinum refining techniques, platinum found its way into coins. Copyright © 2021 Metalary. Lately, platinum has traded at an abnormally large discount to the yellow metal. This is why historically the white metal has been more valuable – just think of platinum credit cards which offer greater privileges and prestige than the gold ones. Combining section 1-3 above makes Platinum jewelry much more expensive which naturally has a negative effect on the demand which leads to another price increase parameter. Autocatalysts are usually made up of metals or ceramics coated with platinum group metals. Platinum is also highly resistant to corrosion and it is considered to be a noble element. Also, platinum is more dense than gold, so the same ring will weigh significantly more in platinum than in gold (and precious metals are priced by weight). Another reason is because platinum is 60% heavier than 14 Karat gold. Then they were added coins denominated in 6 and 12 rubles. Being about 20% denser than white gold, platinum is about two-and-a-half to five times more expensive than white gold. Platinum is between 90 - 99% pure whereas 14K white gold is only 58.33% pure gold with the rest being alloys. Gold prices have soared more than 20% in 2020, and they hit a new record high earlier this year. This is also one reason which makes white gold cheaper than platinum. Platinum is one of the rarest elements in the world, much rarer than gold. The earliest known object that contains platinum would be the Casket of Thebes. By the way, even before the start of platinum mining local Ural hunters used silver grains as a fraction, funny, because they did not know that they shoot metal, which is more expensive than gold. Actual prices may vary based on region, supplier, or various other factors. Because of its hardness, platinum can be used in a purer form than gold. It is widely used in several electronics devices and equipment. Often, platinum commands a higher price than gold. Platinum is a very rare metal and it is considered to be very valuable resource. Buying bars of platinum can be rather costly, so a more accessible way to gain exposure to platinum is with the ETFS Physical Platinum Shares (PPLT), which is backed by physical bullion. While gold and platinum are similar in price per gram, platinum is more dense and so more of it is required to make a ring. Why is Platinum More Expensive than Gold? Platinum engagement ring settings range in price from approximately $300 for a simple solitaire to $3,000 for an intricate vintage setting. The Spanish Conquistadors of the early 16th century viewed platinum as an impurity. They had a very hard time dissecting the metal because of its high melting point and its high resistance to corrosion. Autocatalysts reduce the pollutants released by the vehicle by converting 90% of carbon monoxide and hydrocarbons into water vapor and carbon dioxide. Platinum is 95-99% pure (the remaining 5 percentage is usually other platinum groups as well). Usually at about 95%. Thanks to modern technology it is now possible to create beautiful platinum rings and jewelry. Although both gold and platinum are rare earth metals, platinum is rarer and thus has a higher value. That is why we have platinum credit cards which provides us with more benefits. The price of the precious metal palladium has soared on the global commodities markets. This means that a platinum piece of identical specifications as a gold or silver piece will be heavier and as a result, more expensive. But platinum is used not only in jewelry, it is widely used in medicine and technology. Therefore, platinum rings are more expensive. 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