8 Facts About Platinum Everyone Should Know
Pure, rare and eternal, platinum jewellery is the ultimate symbol of luxury.
Many of the worlds most precious gemstones, including the Hope Diamond, have Platinum settings. so lets look at some facts about this rare metal
History of Platinum
Platinum has been found in ancient Egyptian burials as early as 1200 BC, i in South America artifacts circa 600 BC, the metal has fascinated and captured the imagination of people worldwide. Revered for its purity, platinum’s rare brilliance won the Royal court of Louis XVI and was declared the metal of royalty.
1. Platinum is more than 15 times rarer than gold, taking the name “King of Metals”. It is one of the rarer elements in Earth’s crust, 90% of the worlds annual supply of Platinum is extracted from four mines. Three of these mines are located on the continent of Africa.
2, Platinum Markings By law platinum jewelry must have the markings look for “PLAT,” or “PT” followed or preceded by the numbers “950” or “999.” These numbers refer to the purity of the platinum, with “999” as the most pure. For example, an authentic piece of platinum jewelry might have a stamp reading “PLAT999.”
3. Platinum Jewelry Prices Platinum is more expensive because it is rarer and mined much less than gold. Only 160 tons of platinum are mined annually, as opposed to 1,500 tons of gold. Also, platinum is more dense than gold, so the same ring will weigh significantly more in platinum than in gold (precious metals are priced by weight)
4. A comeback into fashion Did you know that platinum jewelry was the preferred kind of jewelry leading up to World War II? Platinum was then declared a strategic metal by the United States government and the use of platinum in jewelry design was banned. In the absence of Platinum, white gold appeared in the marketplace to appease consumer.
5, Platinum’s resistance to tarnish Platinum is hypoallergenic and rarely tarnishes, making it easy for sensitive people to wear. Also, platinum’s purity makes it one of the strongest, most durable metals in the world.
6. No Colour Platinum does not fade or change color; it actually accentuates the brilliance of a sparkling diamond
7. Name origin The name platinum comes from the Spanish word ‘platina’ which means “little silver”.
8. London is the centre for platinum trading but physical delivery tends to take place in Zurich, Switzerland. The NYMEX division of the CME offers futures contracts on platinum. Each futures contract represents 50 ounces of the metal. The price of platinum tends to rise and fall with global industrial conditions. The price of platinum peaked in 2008 at $2,300 per ounce just before the global economic crisis of 2008.