Platinum Wedding Band Prices Down Sharply
November 20, 2008 by Afshin Yaghtin
Apples of Gold Jewelry has lowered prices recently on all of its platinum rings, including their line of plain platinum wedding bands, design platinum wedding bands, and Celtic platinum wedding bands.
Many jewelers have been hesitant to lower platinum prices due to the unusual amount of volatility in the precious metals markets, especially for metals like platinum which are historically more volatile than metals such as gold.
Platinum reached its high in March 2008 when it peaked at approx. $2,300 per ounce. As we approach the end of the year and the upcoming holidays, platinum sits unnoticed at approx. $800 per ounce–a staggering loss in the platinum markets.
This does not mean that platinum prices are now 1/3 of the price, but reputable jewelers should now begin to lower their prices on platinum. Since platinum is a nearly pure metal with platinum jewelry mostly being 950 grade (95% pure platinum), it will always cost more than its gold counterpart (which is often 58% pure such as in 14k gold vs. platinum’s 95% purity). Other cost factors include higher manufacturing and labor costs for platinum jewelry, as well as lower demand compared to other precious metals such as gold.
Still, you should now begin to see platinum jewelry prices falling approx. 25% or more, if the jewelry industry takes note of a vastly changing market.
Platinum wedding bands, now slightly more affordable than before, remain an excellent choice for longevity, low maintenance, and for their hypoallergenic properties.
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