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Discovered in Colombia in the 18th century by Spanish colonist Antonio de Ulloa, platinum’s name derives from the Spanish word ‘platina,’ meaning little silver.
One of platinum’s most distinctive characteristics is its exceptional density and weight. Platinum is 60% denser than gold, making even a small platinum wedding band feel significantly heavier than a gold ring of the same shape and size. Platinum’s high melting point – around 1,768 °C – and its remarkable resistance to corrosion and tarnishing make it highly desirable for applications spanning various industries.
Platinum is a member of the platinum-group metals (PGMs), which consists of six noble metallic elements clustered together in the periodic table: ruthenium, rhodium, palladium, osmium, iridium, and platinum. These transition metals share similar physical and chemical properties and tend to occur together in the same mineral deposits.
Platinum’s origins are cosmic; its journey begins in the skies, through a process called ‘stellar nucleosynthesis’.
In the cores of large stars, nuclear fusion reactions convert lighter elements like hydrogen and helium into heavier elements such as iron, platinum and gold. Sometimes these huge stars exhaust their nuclear fuel to undergo a supernova explosion, or collide and merge with one another. These cataclysmic events generate intense energy, enabling a process known as the rapid neutron capture process (or ‘r-process’), wherein free neutrons fly around to be quickly captured by nuclei, which become heavier and transform into new elements, like platinum. In other words, the r-process is like a cosmic assembly line in the universe’s most extreme environment, building some of the heaviest elements we know.
Once formed in the cosmos, platinum is dispersed into space. When the solar system formed around 4.6 billion years ago, dust and gas coalesced to form the Sun and its surrounding planets. Platinum, along with other heavy elements, was integrated into the solid material that formed some planets, including Earth. Today, platinum is found in specific geological environments, typically occurring in association with other PGMs and often found in ore deposits with nickel and copper. The most significant sources of platinum are large ‘igneous’ provinces – areas formed by volcanic activity. 80% of the world’s platinum production currently comes from South Africa and the Sudbury Basin of Canada, with smaller reserves also found in the USA, Zimbabwe and Australia. Each year, roughly 25% of platinum supply is obtained through recycling.
Platinum's formation is testament to the incredible processes that govern the universe, from the explosive deaths of stars to the slow geological movements on Earth. Its rarity and the complex journey it undertakes from cosmic creation to terrestrial deposit underscore why platinum is so highly valued.
Unlike white gold, which is a combination of yellow gold with white metals and white rhodium plating, platinum’s naturally silvery hue does not require plating and retains its colour over time. What’s more, platinum scores a 4 – 4.5 on the Mohs Scale of Hardness, making it significantly more robust than pure gold and silver, which score a 2.5 and 2.8 respectively and are thus more prone to scratching over time, calling for regular polishing to maintain their lustre. This resilience to ageing makes platinum a popular choice for jewels worn every day for years on end, like engagement rings and wedding bands.
Platinum’s density means it’s also much heavier than gold. This heft, which is noticeable when comparing one piece of platinum jewellery to a gold or silver counterpart, is often perceived as a marker of quality and luxury, with some people preferring the substantial feel of platinum on their body. Moreover, this density contributes to greater resilience to wear or deformation, with platinum jewellery prone to retaining its shape and detail.
What’s more, unlike most other metal alloys, platinum is hypoallergenic, making it a safe bet for anyone with sensitive skin or metal allergies.
Platinum is found in much smaller quantities than gold, and its mining is concentrated in fewer regions across the globe. Historically, it’s this rarity, along with its density and complex extraction process, that has endowed platinum with a higher price tag than gold.
The jewellery industry also plays a crucial role in platinum pricing, its resilience and desirable perception as a premium material contributing to its high value. Whilst gold remains more widely used and recognised, platinum's exclusivity and superior properties continue to command a premium.
However, in recent years, the price dynamics between platinum and gold have shifted. On numerous occasions throughout the early 2020s, gold prices have surpassed those of platinum, which is why our recycled gold jewels are currently priced identically to their recycled platinum counterparts. This fluctuation is driven by a higher demand for gold as a safe-haven investment during times of economic uncertainty, like the COVID-19 pandemic. Whilst gold has been used as a hedge against inflation and currency fluctuations for millennia, the price of platinum can be volatile, making it a less popular choice for long-term investment.
Despite these fluctuations, platinum remains a highly valuable metal. Its price is influenced by its demand industrial applications, particularly in the automotive industry, where it’s used in catalytic converters to reduce vehicle emissions. Changes in automotive technology, such as the shift towards electric vehicles, are further impacting platinum demand and prices.
It's possible to embrace the beautiful materials that Mother Nature offers us without harming our beautiful planet. By asking questions, simplifying supply chains and sharing our knowledge with the world, we can achieve this balance.
