Platinum has come a long way from being a metal only the wealthy could afford; it has now become accessible even to middle-class customers. Both industry experts and jewelry retailers are changing their perceptions about the exclusivity of platinum jewelry—especially as the trend spreads from metropolitan cities to other parts of the country. According to Platinum Guild International (PGI—an industry body supported by South African platinum producers and refiners), platinum jewelry is expected to grow by more than 35% this calendar year. The industry has grown from just 2 manufacturers and 15 retailers in 2000 to 17 manufacturers and over 800 retailers today.
If you’re planning to add platinum to your jewelry box, here are a few things you should know:
Platinum as an Investment
If you’re considering buying platinum jewelry as an investment, think again. Although platinum consumption is on the rise, it still isn’t as popular as gold or diamonds in the country. Currently, gold consumption stands at around 850 tons, while platinum consumption is only about 40 tons in comparison. This means that the market doesn’t yet look mature enough for platinum to be a reliable investment.
When it comes to gold, buyers can choose between jewelry, bars, biscuits, or coins. With platinum, however, none of these alternatives are available—people are limited to purchasing only jewelry.
Check the Certification!
The price you pay for any precious metal is directly linked to its purity. Purity and metal type are identified through hallmarking. Platinum specifications vary across countries. For instance, in India, platinum jewelry is stamped with a Pt950 mark, denoting 95% purity. Always make sure you check for tamper-proof quality assurance cards. Additionally, each jewelry piece carries a Unique Identification Number stamped on it, indicating the manufacturer.
Platinum as a Jewelry Metal
One of the most common misconceptions about platinum is related to its value. Many clients who request quotes for bespoke platinum creations are often shocked at the cost. Platinum is typically the most expensive jewelry metal on the market. Depending on economic conditions, it can sometimes even be priced higher per gram than gold. If you’re looking for a custom platinum creation, expect it to cost more. A typical custom platinum design starts at around $1,000.
Beyond its value as a precious metal, the high cost of customization is justified by the level of expertise required to work with platinum. It demands higher heat than gold or silver and often requires specialized equipment for casting. As a result, labor costs drive up the final price of bespoke platinum jewelry.
The Price Factor
“Making charges” refer to the amount you pay for the labor involved in creating a piece of jewelry. Typically, these charges are calculated as a percentage of the prevailing platinum price. They are usually higher than those for gold. This means that the more expensive your platinum jewelry is, the higher the making charges will be.
Gold prices fluctuate daily based on market rates, which most jewelers display openly. Platinum, however, has no standardized pricing. Until 2002–03, platinum was sold at a fixed price, but today, jewelers’ daily prices can vary by about 4–5%. This makes calculating its cost more complicated.
The best way to get value for money is to check both the metal price and the making charges separately. Some retailers are known to lower platinum rates while increasing labor charges. Therefore, comparing prices before buying platinum jewelry is a smart way to ensure you’re getting the best deal.