What makes platinum so expensive?
Platinum is a very popular metal for its advantages. Unlike white gold, which has be to rhodiumed every so often to keep its shine, platinum retains its natural, bright appearance and doesn’t have to be re-plated. Platinum is also a little harder than gold, making it less susceptible to wear and tear.
Besides the advantages of platinum, the metal is more expensive for economical reasons. Generally, platinum is a rarer metal and more difficult to mine than gold. This drives its price up. Likewise, platinum is used in much higher concentrations in jewelry than in gold. For instance, the platinum alloy used in jewelry consists of 85% to 90% platinum, whereas gold uses a maximum of 750 parts to a thousands of gold (75%) for 18kt jewelry, and even less for 14kt and 10kt.
Furthermore, platinum is a denser metal than gold, which means a grater density or heaviness contributes to a higher price (metal price is calculated based on gram weight).
Traditionally, platinum had been mixed with an alloy of gold, but more recently with other members of the platinum family such as palladium and iridium. This helps the metal retain its whiteness. This change in mixture has contributed to platinum’s increase in value since palladium and iridium tend to have a higher value.
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