Why Platinum Jewelry is Expensive?
Given gold’s association with wealth and prosperity, you may well be surprised to learn that platinum jewelry is actually more expensive.
And this price tag is one of the reasons why white gold is a popular alternative to platinum jewelry. While the two metals appear fairly similar to the naked eye, platinum is the pricier of the two.
But why does this metal cost more than its counterpart? And is it worth the price?
It’s denser than gold
The first reason behind platinum’s prime price tag has to do with the makeup of the metal, and how much of it is used in jewelry design.
Since pure gold is soft in its natural form, it is unsuitable for jewelry design. For this reason, pure gold is mixed in with other metals to give it greater durability. This different combination of metals is how we produce varied shades of gold, such as white, yellow and rose gold.
And when we discuss how much pure gold is in a ring, we do so by talking about karat weights. Gold rings come in a variety of karat weights. An 18k ring is 75% pure. A 14k ring is 58.3% pure. A 24k item would be 100% pure.
All platinum rings, on the other hand, are 95% pure. That means that platinum rings will always have a higher percentage of this precious metal than gold counterparts. That translates directly into a higher cost.
Platinum can also be rather tricky to work with. Typically, you’ll need an accomplished jeweller to work with this metal, and achieve the master-crafted finish you are looking for. And that costs extra.
It’s rarer than gold
Platinum is far less plentiful than other precious metals, such as gold. A reported 190 metric tons of platinum are mined annually. While that might sound like a great deal of platinum, it is a paltry sum compared to the 3,300 metric tons of gold mined each year.
In terms of straightforward supply and demand, the reason for the price difference between these two becomes quite clear.
Is it worth the price?
So given how rare platinum is, and how much of the metal is required for jewelry, it’s no wonder it comes at a hefty sum. But it is worth the price tag?
Given the density of the metal, these items will be heavier, and feel more substantial, and that matters to many people. Platinum is also very durable, and is stronger than gold. This makes it the ideal choice for those of us who are clumsy, or work a great deal with their hands. Platinum will not reflect daily wear and tear.
Platinum is also naturally white, unlike alternatives such as white gold. This means its colour will not fade, or lose its lustre over time (which is not the case with white gold). And a professional annual cleaning will ensure a platinum piece gleams as bright as ever.
So now that you know what’s behind platinum’s hefty price tag, will you decide on this rare metal for your next piece of jewelry?