So, let us tackle this one first. There are several factors. If you want the detailed reasons, read on. If not, jump to the end for the summary.
Raw Metal Costs
An ounce of gold sells for approximately $425 at this time, while an ounce of Platinum sells for over $875. Quite a difference. That means if you had two rings that each weighed an ounce, one made of gold and the other of platinum, one would cost nearly twice as much.
Alloying
A 14kt gold ring that weighs one ounce, will not have an ounce of gold in it. The ring will only have 58.5% of gold content so it will only have about $250 worth of actual gold in it if it were melted.
Most platinum jewelry is nearly pure, anywhere from 95% to 98% of the metal. It is generally alloyed with iridium and/or palladium, two other precious metals to enhance its look. So a ring that weighs one ounce, like the gold ring, would have around $850 worth of metal in it, if it were melted.
Density
Assume you had two rings, one made from 14kt gold and the other in platinum and they were equal in all sizes: diameter, width, etc. If you were to put each on a scale and the gold ring were to weigh an ounce...the platinum ring would weigh more than an ounce due to the fact that the metal is denser than gold is. So for the same size ring, you would get more precious metal with platinum.
Hardness
Platinum is one of the hardest metals we know. It is this durability that makes it attractive for use in jewelry. However, it also means that it is harder to work with and harder on the tools that must cut and shape it, making those tools wear faster than they normally would. Another factor to consider in the manufacture of platinum jewelry that most do not consider.
The durability of platinum is what makes it ideal for prongs in diamond settings. Gold prongs are prone to bend, but the platinum prongs tend to remain stiff and unyielding. This is a drawback in one sense, since it is known that while they may not bend, they are prone to brittleness and thus prone to snapping or breaking. While all prongs will eventually wear to the point that they will need to be replaced or repaired, this will should not happen as quickly with platinum jewelry.
Patina
One of the characteristics platinum has is that it will develop a "patina" or dull sheen which is not like the high polish usually associated with fine jewelry. Many like the metal specifically because of this, while others who like the look of white metal, but prefer the high polish, will either select white gold because it will hold a high polish longer, or they will opt to have their rings and jewelry polished regularly in order to restore the "high polish" look they want to present.
In Summary
Because the metal costs more per ounce than gold, because the jewelry is purer than most gold jewelry, and because the metal is denser and thus you get more weight for the same size item than gold, you get more precious metal in the Platinum Jewelry item. And thus the reason that platinum jewelry seems to be "more expensive" than gold. In the long run, is it really? You decide.
Do you want the durability of the metal vs gold and can you live with the dull sheen that it develops with continued usage? You decide.
After you make the decision, please turn to us for your Platinum purchases. We hope this helps.
Thank you, Cande & Greg
C and G inv 9822 Buckingham Lane Berlin, MD 21811 Cande & Greg White
Maryland's Largest Coin, Bullion & Jewelry Dealer!
( Well, Berlin's anyway. )
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