Platinum Industry outshines the glitter of gold
Beating the shine by the glitter of gold, platinum is a more rare, but equally precious. Investing in this dignified metal has not attained the goal mostly because, till date, it has commanded a better price than gold. However, the zooming price of the yellow metal over the past few years has made platinum more competitively priced. Platinum Industry experts believe that the present situation may continue for a few longer. This is often because the worldwide economy is experiencing a painful restructuring.
Platinum has come an extended way from being a metal, affordable only by the elite class of society and being accessible even to middle class patrons. Both the platinum industry experts and jewelry retailers are slowly changing their opinion about the exclusiviness of platinum jewelry.
- Never forget to check certification
For any valuable metal, the price you pay is directly associated to its purity. The purity and kinds of the metal are defined by a hallmark. The hallmarks of Platinum are shown in a different way in several countries. For example, platinum jewelry in India is stamped with a Pt950 mark, which denotes 95% purity.
Be sure to keep an eye out for tamperproof quality assurance cards. Besides this, each piece of jewelry also has a Unique Identification Number stamped on it to point the maker of the piece.
Keep the “making charges” in mind
Making charges refer to the amount you’d need to pay for the labor involved in making a piece of jewelry. Usually, labor charges of platinum industry are decided to match the percentage of the current platinum price. These charges are normally higher than that of gold. Therefore, the higher the cost of the platinum jewelry you purchase, the higher the making charges would be.
- Why are these making charges so high?
Well, there are several reasons for the higher making charges. The primary one being that platinum. It’s a tough metal, requires a high melting point for thorough carving and milling about. Now the platinum industry can done based on the factories with costly manufacturing facilities and skilled craftsmen. The second reason India need to import does not have platinum reserves, and usually imports the metal mostly from South Africa. All these factors increase high making charges.
While the costs of platinum were at a premium to gold in the past, today, they seem to be almost on par. The global prices of gold on 27 October that ended at $1,226.55 per ounce while platinum which ended at $1,257.25 per ounce.
Gold prices change every day depending on the market rate. These rates are displayed by most jewellery stores on that day. However, there is no standard pricing as far as platinum industry cares. It used to be sold at a fixed price until 2002-03, but currently every jeweler has their own price of the day, which differs between 4-5%. This makes calculating the price fairly difficult.
The best way to get the bang for the buck is to see the labor charges and the price of the metal separately. Sometimes the retailers are found to decrease the value of platinum and boost the labor charges. Thus, it’s important to match prices before you purchase platinum in order to be ascertained that you are getting the best deal.
- Know from your jeweler about buyback schemes
May be you never want to be a part with the ancestral jewelry of yours, but there could be an instance when you want to exchange a couple of pieces of platinum jewelry you’ve bought recently. If you would like to explore that option, be certain to keep the money receipt that mentions the certificate of purity and therefore the weight of the platinum. If you attend an equivalent jeweler from whom you bought the piece of jewelry, you’ll be ready the whole amount for the load mentioned. Even as the gold jewelers deduct making charges at the time of shopping back metal from the platinum industry.
Over gold the platinum has earned reputation for several reasons. As an example, gold is more abundant in the earth’s crust than platinum. While gold is mined 1,500 tons every year Platinum Industry is additionally heavier than gold. Due to this, precious metals are priced by weight, platinum has been acknowledged as higher-cost option in the context of shopping jewelry.
If tossed up between platinum and white gold, which share an almost similar visual, then platinum trumps on the hypoallergenic front, too. For achieving silvery hue of the white gold’s silvery hue, yellow gold must be alloyed with white metal(s) such as silver, nickel, manganese and/or palladium.
Nickel especially is an allergen for several people, earning white gold its itchy reputation. Whilst there’s no such thing as ‘pure white gold’, platinum is of course grey-white in colour and can only be sold as platinum if 90-95% pure. This not only makes it hypoallergenic, but also means a nofade guarantee is inherent in every piece of platinum jewellery.
Given the superiority of Platinum Industry, it’s not surprising that the average cost of platinum has always been higher than that of gold. It’s tougher, rarer, heavier, and therefore more required.