Platinum is a premium metal with many uses. It’s one of the main components in laboratory equipment, electrodes and electrical contacts, catalytic converters, and jewelry – to name a few. Since you are reading this particular post of ours, we assume you wish to know more about platinum jewelry. After all, it’s one of the best metal options for engagement rings, wedding bands, and so much more.
Understanding Platinum Jewelry: Facts and Trivia
Platinum is one of the most coveted metals among jewelry artisans. The resilient metal, which can last for generations on end, requires less maintenance and check-ups compared to sterling silver and gold. However, it has some disadvantages, too.
Our professionals here at Biltmore Loan and Jewelry have collected everything you should know about platinum jewelry. Allow us to begin with the basics.
Color and Patina
Platinum possesses a naturally brilliant, gray-white color. The metal develops a patina over time, making it appear less lustrous. Still, many people prefer to set diamonds on platinum, as it helps build the illusion of bigger, higher-carat stones. Moreover, platinum is easy to polish and restore.
Resilience and Durability
As mentioned, platinum is a durable metal. Like gold and silver, it is susceptible to scratches, but platinum will not chip or crack. The main difference between platinum and other metals when it comes to sustaining damage is that platinum simply displaces the metal when scratched, unlike gold which loses minuscule pieces of metal. This explains why both gold and silver wear down faster, whereas platinum can look brand new for years.
Platinum rarely has any plating on it as gold and silver do. As such, scratches do not appear as easily on a plated piece of gold jewelry. However, as the plating degrades, scratches will become more visible, and the gold of the jewelry will begin to wear down. Platinum jewelry does not experience this problem. Plus, platinum’s hardness prevents the need for regular trips to a repair shop.
How to Take Care of Platinum Jewelry
Like all jewelry crafted from precious metals, you should store each piece separately from others in your collection. Keeping platinum jewelry in a fabric-lined or padded container is ideal. This recommendation is less for the safekeeping of your platinum jewelry and more for the sake of your other pieces. Jewelry made from soft metals, such as silver or high-karat gold, is prone to dents and other damage when they brush up against platinum jewelry. Therefore, ensure to store them appropriately.
Read How to Care for Jewelry in Arizona’s Hot Weather for more information on caring for your pieces. No matter the type of precious metals you own, these tips will help you preserve the quality of your jewelry.
How Jewelers Work with Platinum
The majority of precious metals used in jewelry making are alloyed with base metals to alter and improve the metal’s hardness, tone, or pliancy. The formulation of platinum jewelry is the same. Palladium, titanium, ruthenium, rhodium, iridium, and copper are the common metals alloyed with platinum. Many luxury jewelry brands combine platinum with either ruthenium or palladium due to their silver-white coloring and ability to turn platinum into a more malleable material. As a result, jewelry manufacturers have an easier time handling platinum, molding it into fine pieces of jewelry.
In most cases, platinum alloys are also hypoallergenic. Since platinum is combined with resilient metals within its chemical family, it would be rare for such pieces to turn green or leave white and crusty residues on the skin. The exception, however, is when a jeweler merges platinum with copper. Copper oxidizes on the skin over time, forming an unsightly green residue.
Pro tip: Before making a purchase, ask about the metal types a piece of jewelry contains. Doing so prevents oxidation and allergic reactions.
Common Platinum Jewelry Settings
High shine and durability are the qualities that make platinum one of the most sought-after metals for engagement rings and wedding rings. One thing to keep in mind is that platinum is one of the heaviest metals, so you may feel a bit more weight on your finger. Regardless, many couples prefer a platinum ring’s hefty and premium feeling.
Designer jewelry brand Tiffany & Co. sometimes uses platinum in necklaces and bracelets. While the metal is strong, it becomes ductile when heated, which makes platinum easy to form into thin strands. Tiffany & Co. is one of the many brands that use platinum’s unique properties to create elegant platinum chains, all of which are more enduring than their sterling silver counterparts.
High-end watch brands such as Rolex, Patek Philippe, and Vacheron Constantin are also fond of incorporating platinum in timepieces. These brands use it as a heavier and more luxurious replacement for stainless steel.
Cost of Platinum
If you made it this far into our blog post, then you now have a better understanding of platinum’s popularity in the jewelry industry. However, it is a scarce resource, with the Earth producing only a few hundred tons each year. Platinum’s high demand and low supply are driving forces in the rising price of this precious metal. Research suggests that the average platinum price will reach $1150 in the fourth quarter of 2022.
You can still find genuine platinum jewelry for under $1000, but pure, higher-end pieces can cost hundreds of thousands of dollars.
Prices aside, perhaps the best thing about choosing platinum is that your investment will go a long way. Platinum jewelry can last long enough to be an heirloom for future generations.
Platinum Return on Investment
Platinum’s impressive credentials (precious and industrial) combined with effective promotions from the jewelry industry contribute to high global demand in the face of constrained supply. If you own authentic platinum jewelry that you’re ready to sell, Biltmore Loan and Jewelry is willing to offer competitive prices. You also have the option to use your platinum jewelry as collateral for a loan.
To start doing business with us, complete our online contact form or bring your jewelry to one of our location in Scottsdale, Arizona. Our team includes GIA-certified experts and appraisers experienced in assessing all jewelry types. Rest assured you and your investments will be in good hands.