Diamonds are women’s best friend’ a saying we have all heard and most of us has encountered it, but what about Platinum? Who’s friend Platinum is? Should I say rich people or very rich people.
Platinum, which was found in Egyptian jewellery dating from 700 B.C, is the world’s most demanded metal in wedding market and more than 70 percent of the world’s platinum is mined in South Africa. It’s the heaviest precious metal ever found. But the question here is not about the platinum origin but about its cost. Why platinum is so expensive?
Platinum use in jewellery making has grown substantially in the past 10 years. The metal has great strength and it’s chemically inert which makes it an ideal commodity for industrial use. This metal is used in gun parts and in batteries and fuel cells. But there are many metals which have industrial use then why platinum is exceptionally costly?
Platinum is more expensive than gold because
1. It is rare metal found on Earth.
2. Mining of this metal is very difficult.
As Compared to 1,782 tons of gold mined, only 133 tons of platinum are mined annually. It is an estimate that there are more than 5 billion ounces of gold above ground but only an estimated 200 million ounces of platinum. And unlike Gold, platinum is only one millionth of one percent in the earth’s crust.
Platinum is also more difficult to mine than is gold. Mining process of Platinum takes five to seven months and may require as much as 10 tons of ore to yield one ounce of platinum. About $1,800 is the cost to produce one ounce of platinum compared to Gold for which the cost is about $957.
Platinum is also used in higher concentrations in jewellery making than the proportion of gold used in jewellery. The platinum alloy used in jewellery consists of 85% to 95% platinum whereas Gold jewellery generally uses a maximum of 75% for 18 carat jewellery.
Platinum is also more denser and heavier metal than gold, making a ring design crafted in platinum heavier than the same design made in 18 carat gold. As the metal price is calculated based on gram weight, the more heavy the ring the more it costs thus contributing in making platinum more expensive.
So next time someone gives you an option to choose between Platinum, Gold and Diamond, you know what to choose now.