Platinum is an extremely rare and precious white-grey metal that can sometimes be misidentified as silver. It has been found naturally in the alluvial sands of rivers, and at first was considered to be a nuisance to the gold panning Spaniards who had conquered parts of the New World in search of treasures and new resources.

With its extremely high melting point, many scientists did not know what to make of platinum for many years. It was not until the 19th century that new refining techniques increased availability of this precious metal.

Initially, Colombia was the major source for the world’s platinum, but large deposits in Russia, Canada and Africa were found and these regions supply most of the world.

Platinum jewelry exploded in the second half of the 1900s as it became the standard in diamond settings. Platinum is the strongest of the precious metals used in jewelry design and it is among the heaviest as well; almost twice as heavy as 14K gold. But ultimately it’s platinum’s beautiful white-grey luster that makes it so desirable as a fashion accessory.

In recent years, the value of platinum has skyrocketed and it’s even more costly than gold, partly due to its beauty and partly to its scarcity. About 160 tons of platinum are produced annually compared to around 1,500 tons of gold. Platinum is valued for its aesthetics, its luster, and its lucrative history.

Platinum is the most precious of the precious metals.  Why?  Shiny and durable, it is the hardest of all the metals.  It is remarkably resistant against corrosion, even at high temperatures and is often found in quantities in the earth chemically uncombined and pure, native platinum.

Platinum, while always being very high value, is unusual in that it seems to go in and out of style.  For instance, at the turn of the last century, it seemed to become very popular for jewelry gifts between couples.  That is, as bridal sets.  So if you see a white metal colored antique jewelry set, done early in the 1900s, it's very likely to have been crafted (or "smithed") in platinum.

It was also very stylish just a few years ago from 1995 to 2008.  it seemed every bride wanted her engagement and wedding rings made from "the most durable and lasting" of all precious metals.  Maybe it was also a sign of excess during that same time period.  For whatever reason, the beautiful white metal seemed to greatly enhance the beauty of every sparkling stone it came in contact with.  The price rose accordingly during those times, but as interest in it dropped in the last several years, prices have come down. This is also due to the slow down in the automotive industry.

While trends change and styles come and go, platinum retains its value for industrial applications.  Platinum is used in catalytic converters, laboratory equipment, electrical contacts, dentistry equipment and platinum resistant thermometers. Its durability in these applications is also highly valued.  And because only a few tons of platinum are produced annually, the market can drive the price even without factors like stock prices and the value of the dollar on the international market feeding in.

Manhattan Gold & Silver is available to assist with refining your industrial and other scrap platinum with the same integrity and concern that we handle with all of our refining material.