With gold trading near an all-time high, it might be a great time to take a closer look at another undeniably elegant noble metal, platinum.
Gold was in the news last Friday as it hit $2,448 per ounce due to investors flocking to the precious metal as a hedge against inflation and international uncertainty. By contrast, an ounce of platinum was priced at $1,000 per ounce, about 41% of gold’s value.
Historically, platinum has traded at a premium to gold. In January of 2014, for instance, one could purchase an ounce of platinum for $1,378, while an ounce of gold sold for $1,225. In January of 1990, platinum stood at $475 and gold stood at $404.
But, then at the beginning of 2011, gold started to overtake platinum.
This was an unsettling phenomenon because platinum always reflected a higher status overall. The record industry, for instance, awards a gold album at 500,000 units and a platinum album at 1 million units. The American Express Platinum Card offers far more benefits than its Gold Card.
King Louis XVI of France once said that platinum was the “only metal fit for kings.” In the jewelry industry, platinum was always preferred over gold to secure the most valuable and famous gemstones in the world — including the 45.52-carat Hope Diamond.
The status of platinum in 2024 is not the first time it’s been undervalued.
In the 1500s, platinum was belittled and cast aside by the Spanish conquistadors who encountered the material while mining for silver in Rio Pinto, Colombia. They named the curious metal “platina” or “little silver.” In one version of the story, the conquistadors threw the platinum nuggets back into the river hoping they would ripen into silver. (Silver is trading today at $28.45 per ounce).
Here are some additional fun facts about platinum…
Platinum is 30 times more rare than gold. If all the platinum ever mined was melted and poured into an Olympic-sized pool, the platinum would barely reach your ankles. All the mind gold, however, would fill three Olympic-sized pools.
Platinum is stronger than gold. When platinum is scratched, the material moves aside and no platinum is lost. When gold is scratched, tiny bits flake away. This is why gold rings that are worn for a long period of time often need to be re-shanked.
Platinum jewelry is typically 90% to 95% pure and includes markings in the band that say “PLATINUM, PLAT, PT, PT950, 950PT or 900PT.” Canadian quality marks can say “”platinum,” “plat.” or “platine.” In the UK, the platinum marks will say “850,” “900,” “950” or “999.” Gold purity, on the other hand, is measured in karats. Most commonly, 14-karat gold is 14/24th (58.3%) gold and alloyed with other metals. Eighteen-karat gold contains 75% precious metal.
Platinum is a true white metal. White gold, by comparison, is actually yellow gold that has been mixed with other white metals and then plated with rhodium to give a bright white appearance. That plating does wear off over time and requires re-plating.
Platinum is hypoallergenic and an excellent choice for people with sensitive skin or allergies to other metals.
Platinum is 60% more dense than 14-karat gold. It’s a difference you can actually feel.
Platinum typically occurs as small grains and crystals in certain layered igneous rocks. The extraordinarily rare platinum nugget, above, weighs 444.4 grams (just under 1 pound) and is so special that it’s on permanent exhibit at the Smithsonian’s National Museum of Natural History in Washington, DC.
Credit: Photos by Chip Clark / Smithsonian.
📅 Experience elegance and history at Elliott's Jewelers Estate Jewelry Event, August 22-24! Explore timeless pieces ready to tell their next story. Preview and select your favorites (like this dazzling ring) here: www.elliottsjewelers.com/from-the-vault/#categories& and book a private appointment to see them in person. Your journey through time awaits! ✨
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💎 Step back in time with Elliott's Jewelers at our August Estate Jewelry Event! From August 22nd to 24th, explore exquisite, historical pieces from our collection. Preview our treasures here: www.elliottsjewelers.com/from-the-vault/#categories& and reserve your private viewing appointment between 9:30 am and 5:00 pm. Don’t miss your chance to own a piece of history! 👑 🕰️
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Picture this: an 'Anniversary Diamond' that sparkles with brilliance and the memories of years together. Why not consider upgrading the diamond in your wedding ring this upcoming milestone anniversary?
It's a beautiful way to renew your commitment and add an extra chapter to your love story. 💖💍
We carry ONLY Natural Gemological Institute of America Certified diamonds. All shapes and sizes are available. All colors and clarities.
1.00 carat and larger diamonds are our specialty. Set your new diamond in some of our most beautiful and unique settings or custom design your dream ring.
Call Elliott's Jewelers today at (936) 661-5363 or book an appointment online: www.elliottsjewelers.com/book-an-appointment/
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Mark your milestone anniversary with a special upgrade from Elliott's Jewelers.💕 Can I make this ring for you?
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That is a very beautiful ring! What would something like this cost?
That’s a Beautiful ring WOW!
I no longer have anniversary’s, but it’s very pretty. Thanks for sharing. JS
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🌟 Uncover the history and beauty of estate jewelry at Elliott's Jewelers this August! Join us for our exclusive Estate Jewelry Event from August 22nd-24th. Dive into our vault here: www.elliottsjewelers.com/from-the-vault/#categories& and select pieces to view at your private appointment. Book now to secure a spot from 9:30 am to 5:00 pm each day and make history part of your style! 🕰️✨
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Make your old jewelry work for you! 🌟 At Elliott's Jewelers, every piece holds value. Trade in your unworn treasures for funds or upgrade to something new and sparkling. Refresh your collection today. See how far your jewelry can take you with us! 💍 Find out more: www.elliottsjewelers.com/sell-your-jewelry/
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Book an Appointment At Elliott’s Jewelers, you can be sure that you are getting the best possible appraisal for your jewelry. Our jewelry experts are trained and certified in jewelry appraisal, and ...1 CommentComment on Facebook
I have sent you pictures twice but never received a response.
🌟 Step into a world of timeless elegance with our August Estate Jewelry Event at Elliott's Jewelers! 📅 Mark your calendars: August 22nd-24th. Immerse yourself in the stories of exquisite pieces from our vault. To make this experience truly personal, we are scheduling exclusive appointments from 9:30 am to 5:00 pm each day.
Spaces are limited to ensure privacy and dedicated attention. 🕒 Book your appointment now and let us help you find a piece that not only enhances your collection but enriches your story.
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💎 Discover timeless treasures at our August Estate Jewelry Event! Join us from August 22nd-24th at Elliott's Jewelers. Each piece has a unique story waiting to be part of yours.
Explore our exclusive collection here and book your private appointment from 9:30 am to 5:00 pm daily. Spaces are limited to ensure personalized attention. ✨ Find your next jewel with us! See more here: www.elliottsjewelers.com/from-the-vault/#categories&
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Very pretty.
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Beautiful 😍
Well done!
Thank you so much for your support & for such a beautiful piece!
Elliott's Jewelers wishes you and your family a Happy 4th of July! We will be closed on Thursday, July 4th. Elliott's Jewelers was thrilled to be part of Mitch and Lauren Fussell's love story. Do you have an Elliott's Jewelers story too? Let's celebrate by sharing it with us so we can continue making history together! Your stories inspire us every day. 🎆
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