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Platinum Demystified

Recently, there has been much hype in the markets and on the news about the rise in gold prices. All the while, its more illustrious metal cousin, platinum, has been quietly sitting atop her throne in the world of precious metals. Platinum’s rarity above ground has led to an aura of distinction and mystery surrounding the metal. However, its strength, purity and beauty have made it one of the most sought after metals for fine jewelry.

Though platinum has become synonymous with affluence, at one time it was considered a nuisance metal. In the 17th century, Spanish Conquistadors in South America were annoyed that the metal got in the way of their gold mining operations. Not knowing what to do with it, they used it to make pots and pans.

Two centuries later, platinum was discovered in the Ural Mountains. The Russians put the metal to better use, minting the platinum rouble. Over the next 18 years, the Russians minted nearly half a million ounces into platinum roubles, securing its status as a precious metal. Russia remains, along with South Africa, one of the major sources of platinum ore.

The durability of the metal combined with its white luster made it popular in jewelry making. However, during World War II, the United States government halted its use in all non-military applications. Demand for a substitute resulted in the use of white gold for jewelry making during that period.

Today, platinum is used in a number of applications other than jewelry making. More than 50 percent of the current production is used in the automobile industry as an autocatalyst to control carbon emissions. It is also used in chemical, electrical and glass manufacturing industries.

It remains a favorite of jewelers and consumers for reasons other than its beautiful white luster. When used in jewelry making, platinum retains at least 90 percent purity. Gold and silver are mixed with various alloys and range from 75 to 58 percent purity or less. Since platinum is one of the heaviest metals, it preserves its strength naturally and exhibits little material loss. It is regarded as the perfect metal for setting precious stones because the prongs tend not to show signs of wear over time. It resists tarnishing and is classified as hypoallergenic because of its purity.

Though it is difficult to mine and will remain a rare commodity, platinum is one of the most popular settings for diamonds and engagement rings today. Its beauty and durability ensure it will continue to be the metal of choice for jewelry meant to last a lifetime.