Colloquially known as ‘earth’s money’, gold remains one of the rarest elements on earth, however, the even-rarer precious metal, platinum, is climbing the ranks as the jewelry-lovers front runner. Gold and platinum have very similar properties; durable, resilient and versatile, with white gold and platinum looking alike to the naked eye.
Until 2010, platinum was more expensive than gold, however, the opposite is now true. Currently, an ounce of gold is priced at $1,861.48, compared to an ounce of platinum for $855.35. The cost of gold has increased, from $450 for an ounce in 2005, whereas the cost of platinum hasn’t fluctuated.
Despite the pure metal costs, in jewelry terms this may differ for three main reasons: density, purity, and difficulty to work with.
Platinum is more dense than gold, and so more of it is required to make a ring, often making it more expensive than its gold counterpart. As well as this, platinum rings are usually 95% pure platinum, while 14k gold is only 58.5% gold (18k gold is 75% gold) – being mixed with cheaper metals reduces the overall cost, thus making platinum more expensive based on purity.
Many of the popular alloys (defined as any malleable base metal that is added to precious metals to improve its corrosion resistance) for platinum involve expensive metals, such as iridium or ruthenium, whereas gold is typically alloyed with much less expensive silver and copper, which are also much lighter.
For jewelers, platinum requires a lot more work than gold. Melting at nearly 3,215°F (versus less than 1,948°F for pure gold), it creates problems protecting gems that are already set in the casting as they may be damaged by the higher temperatures.
Platinum also requires a more skilled eye in terms of soldering/welding, as well as a much ‘cleaner’ environment and longer polishing cycle than gold, therefore increasing labor costs.
What are the advantages of platinum?
The main selling-point of platinum is the jaw-dropping fact that every piece of the platinum ever mined could fit into your living room, making it much rarer than gold and silver. Almost 10 times as much gold is mined annually then platinum; 1,500 tons versus 160 tons respectively.
Unlike gold or white gold, platinum is a very durable metal, which makes it extremely resistant to corrosion and wear, even without plating, unlike white gold. The ability to withstand wear and tear makes it ideal for everyday jewelry, such as an engagement or wedding ring.
Although similar, there is a discrepancy between the appearance of white gold and platinum bands – platinum has a more silver finish, whereas white gold appears grey and sometimes duller. Platinum’s color will not fade to yellow like white gold and can be shined professionally relatively inexpensively.
Platinum is also considered hypoallergenic. For those with nickel allergies, platinum is a safer option than gold as nickel is often one of the white metals alloyed with yellow gold when producing white gold.
Although platinum is prone to scratches, they can be polished out, although this may make the metal thinner and weaken the prongs. Vintage jewelry-lovers may appreciate the charm of a slightly worn piece for its antique feel.
What are the advantages of gold?
White gold is currently the most popular precious metal for engagement and wedding rings due to its visual likeness to platinum, without the price tag. It’s flexible as a precious metal in that it goes well with any skin tone and gemstone.
Rose gold is ‘on trend’ and reflects youth and stylishness while retaining its color and resisting scratches.
Although white gold and rose gold are contemporary favorites, yellow gold is a timeless classic.
White, rose and yellow gold are all strong and damage-resistant, aside from needing the occasional polish. Although the former does require special upkeep to ensure the yellow hues don’t shine through, it is resistant against general wear and tear, in contrast to platinum.
Despite both metals being durable, white gold may be the better option to protect diamonds or gemstones as it is often mixed with hard and plated with rhodium, giving the ring additional luster and protection.
Although if white gold is exposed to chemicals such as chlorine, the prongs can get damaged and become more likely to break, depending on the setting of the stone, platinum prongs may be easier to bend than white gold ones. Although platinum prongs are nearly impossible to break, they can still bend and make the stones in your settings loose.