How To Care For Platinum
April 30, 2009 by Yelena Jenkins · Leave a Comment
Platinum is the rarest and most expensive metal used in jewelry crafting. Thirty-five times rarer than gold, the lovely metal is currently quite close in price to gold, fueling the flames of its popularity. Many couples choose platinum for their wedding bands and engagement ring due to its strength and durability. But despite the fact that it is much stronger than gold, platinum jewelry still requires vigilant care and cleaning to keep it looking beautiful and new.
Proper Storage of Platinum Jewelry
Platinum, though a strong metal, can still be scratched by other items in your jewelry box. As such, your platinum jewelry should be kept away from other jewelry with gemstones, especially diamonds. Over time, platinum jewelry kept with other hard items will gather small scratches and dents in the surface that affect the luster and wear off the high shine polish of the metal.
Store your platinum properly in individual soft chamois bags, or in their own space in a suede or soft fabric-lined jewelry box. This will keep the metal shiny and lustrous for years to come. 
Cleaning Platinum Jewelry
Platinum jewelry can be cleaned with the same jewelry cleaners used for gold. Or, simply mix a mild soap and water solution, and allow the platinum jewelry to soak in the solution for ten minutes. Then, rinse off the solution thoroughly with warm water (not over a sink, or with the drain completely plugged) and polish gently with a soft cloth. Platinum can be cleaned once per week for items that are worn frequently. Remember to always remove your platinum jewelry before doing housework or cleaning in order to keep the metal looking newer, longer.
Polishing Platinum Jewelry
Though platinum will never dull, oxidize or change colors, owners of platinum jewelry will note that over time the platinum seems to “dull” and appears to be a deeper gray color. This is actually due to small scratches and dents in the ring that accumulate over time. These scratches wear off the high sheen polish that the metal has when purchased.
In order to restore platinum’s high polish, the jewelry should be taken to a qualified jewelry who works with platinum. He or she can easily polish the item to eliminate the scratches and dents, restoring the platinum piece of jewelry to a nearly new condition.
Understanding the Price of Platinum Jewelry
February 3, 2009 by Afshin Yaghtin · Leave a Comment
Why is Platinum Much More Expensive Than Gold?
Platinum is a hypoallergenic virtually pure precious metal. Jewelry stores who sell high quality platinum offer 950 Grade (95% pure platinum) jewelry. Anything less should not be considered either pure or hypoallergenic or of substantive quality.
This means that 95% of the content of a piece of platinum jewelry is pure platinum and 5% is another platinum group alloy such as palladium, ruthenium, or iridium. Most of these alloys are excellent choices to mix with platinum jewelry, but palladium and ruthenium should be considered top choices.
In addition, unlike white gold, platinum does not require rhodium plating for maintenance.
Platinum Purity Compared to Gold
Platinum is 30 times rarer than gold!
Compared to 14k gold (which is only 58% pure gold or 14 of 24 parts gold) or 18k gold (75% pure gold or 18 of 24 parts gold), platinum can cost significantly more due to its purity and value as a rare precious commodity.
Since platinum is a purer and denser metal than gold, it will weigh more than gold (about 60% heavier).
For example, the same wedding band weighing 10.0 grams in gold will weigh 16.0 grams in platinum.
Since the amount of a precious metal (or the gram weight) is a significant factor in determining prices, platinum tends to be more costly than gold, but well worth the difference in price if it meets your budget.
Manufacturing and Labor Costs
Platinum is also more expensive than gold due to the fact that it is slightly more difficult to work with and less platinum jewelry is produced than gold jewelry, thereby effecting the manufacturing and labor costs of platinum vs. gold.
Overall, you can expect to normally pay 3-4 times more for platinum than for gold. Although with platinum prices historically lower than average, you may be able to find platinum jewelry costing closer to 2.5 – 3 times more than gold currently. Still a premium, but a bargain today regardless.
Market Price of Platinum
Platinum is a voraciously volatile precious metal whose base price is directly connected to the metal’s market price. As of today, platinum hovers at $965.00 per ounce (a historically low price that will probably change by the time I finish writing this).
In figuring out the base price of a piece of platinum jewelry, a rudimentary formula is used to determine the value (exclusive of labor, manufacturing costs, as well as wholesale and retail markup).
Platinum Formula for 950 Grade Platinum Jewelry
Market price of platinum per ounce + 18 / 31.1 = Price of Platinum Per Gram
Taking today’s price of platinum of $965.00 per ounce, this yields:
965 + 18 / 31.1 = $31.60 per gram
(Why +18 and divide by 31.1? 18 is the amount of estimated loss of platinum when the metal is refined into jewelry, and 31.1 is the number of grams per ounce).
Keep in mind that rarely should platinum jewelry’s value or price be determined solely on gram weight alone–there are many factors including design and labor, limited production of a specific piece, whether the item is handmade or mass produced, and many other factors. But this formula will give you an idea of the base price of your platinum jewelry.
For example, a ring weighing 20.0 grams of platinum may cost $1,425.00. If you divide 1,425 / 20 — you will get $71.25 per gram. That is the amount you are paying per 1 gram of platinum in your ring (inclusive of labor, retail markup, etc.).
Apples of Gold has recently reduced the prices on all of its platinum wedding bands–in response to platinum’s current market valuation. Now is the time to buy platinum, before platinum prices skyrocket as they have in times past. (Platinum used to be valued at $2,300+ per ounce just 11 months ago!) It will probably return to such levels again.
The jewelry has not changed–but the market’s valuation of the metal has–for now.
Featured 950 Grade Platinum:
View more Designer Platinum Wedding Bands from Apples of Gold.
Platinum Wedding Bands
January 1, 2009 by Yelena Jenkins · 1 Comment
As mentioned in our article about Holiday Proposals, December is by far the most popular month for couples to get engaged. Despite the economic outlook, couples are still falling in love, pledging to spend their lives together, and planning weddings. The good news for today’s couple on a budget is that jewelry’s most precious metal, platinum, experienced a huge price drop during the year. Platinum started off the year at over $1600 per ounce in January 2008, but has steadily declined due to a slowing demand. On the final day of the year platinum closed at only $928 per ounce.
At a time when the prices of gold and platinum are so close to each other, it makes sense to purchase a platinum wedding band. Since platinum is much rarer than gold, investing in a platinum ring when the price is depressed means that your investment will likely increase in value faster over time. Platinum wedding bands come in just as many styles and designs as gold bands, and are more durable as well. If you are interested in a platinum wedding band for you or your fiancé, consider checking out some of our popular designs. The wide selection has something for everyone; from hammered platinum bands to rings intricately engraved with Celtic crosses.
Hammered Platinum Band
The hammered platinum wedding band is for the traditional couple who appreciates a unique look. The band features beveled edges with a matte hammered pattern down the center of the ring. It is also a comfort fit ring, which makes a huge difference in its wearability.
Plain Platinum Band
Plain platinum wedding rings are handsome in their simplicity. They also come in a wide variety of widths so you can find the perfect fit and look for your finger. We carry all the way from a thin 2 millimeter platinum ring up to a big, thick 8 millimeter platinum band. Often women will feel more comfortable with a slim, light band in the 2 millimeter size and men will choose the 5, 6 or 8 millimeter size so it looks proportional on their larger hands. This allows a couple to pick our matching rings without having to sacrifice the perfect look and feel of a ring on their hand.
Intricately Designed Platinum Rings
Platinum bands also come in a wide range of beautiful designs. Some of the most popular platinum wedding ring designs include rings with Celtic patterns, braided patterns, and brushed finished rings. Within each of these categories, there is a plethora of styles, widths and sizes to choose from.
If you still have not found the perfect platinum wedding band in the above picks, try browsing through our entire platinum collection of platinum rings. There is something for every taste, and the prices are perfect for couples who want beautiful wedding bands within their budget.
Platinum Wedding Band Prices Down Sharply
November 20, 2008 by Afshin Yaghtin · 1 Comment
With platinum prices down significantly this year, it is the perfect time to buy that platinum wedding band you’ve been eyeing all year.
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.
Visit Apples of Gold Jewelry to view their unique and affordable line of platinum wedding rings.
Platinum — The More Volatile Precious Metal
October 25, 2008 by Afshin Yaghtin · Leave a Comment
Gold and jewelry enthusiasts, even economists and investors, have been closely watching the unpredictable gold market in the past several years as it began to behave uncharacteristically erratic. But platinum, its more expensive counterpart, has been largely ignored.
Platinum has had some dramatic swings as of late – enough to make gold seem tame by comparison. Platinum, reaching a high of $2,300 an ounce in March 2008, today closed at $794.00 (October 24, 2008), losing more than 65% of its value in the space of only 7 months.
Have platinum jewelry prices followed? Not entirely. Jewelers are still hesitant about lowering platinum prices for several reasons:
- Unstable platinum prices means that platinum as a commodity could quickly increase again in price. Platinum markets sometimes see a 15-20% swing in a single day.
- Jewelers have a genuine need to make up for lost profits due to record prices in other precious metal categories, such as gold and the overall loss of sales, margins, and unprecedented challenges in the jewelry industry.
- A considerable increase in business expense and risk to jewelers over the past several years. Many manufacturers have simply closed their doors after decades of business.
Jewelers will have to see a sustained decrease in the price of platinum and other precious metals over the long term before safely lowering prices. In addition, for jewelers who stock inventory there is the added challenge of buying jewelry at the right moment—and the subsequent fear of losing the value of the jewelry if they buy high and prices fall shortly after.
Our stance at Apples of Gold Jewelry? We have tested the waters recently by lowering prices on all of our platinum wedding bands in order to meet changing market conditions. Or goal is to continue lowering prices if we see a steady decline in the platinum precious metals market.
The question now remains—where will the gold, platinum, and precious metals markets head tomorrow?
