When it comes to buying and selling precious metals, gold always seems to monopolize the spotlight. However, platinum is among the rarest and most durable metals in existence, which means selling your platinum jewelry or other platinum items can bring a significant profit if you know how to do it correctly.
Why is platinum so desirable?
Platinum is a precious metal like gold, silver, palladium, and several others. Metals are considered precious because of their rarity, which makes them decidedly more valuable. If it were as easy to acquire platinum as it is to find, say, aluminum (the most abundant metal on Earth), it wouldn’t be nearly as coveted.
But rarity is not the only reason platinum is so adored.
Platinum is often described as one of the most durable metals for jewelry, which means it’s tough enough for everyday wear and can withstand scratching, denting, and losing its shape. Its characteristic silvery-white sheen is highly attractive, and platinum is often used to make engagement rings and wedding bands.
What determines the value of platinum jewelry and other pieces?
- Weight: Like gold, platinum is measured by troy ounce (abbreviated ozt, oz t, or t oz), which is heavier than a standard ounce. Determining the weight of your platinum pieces is important, not only to help determine their value, but also to distinguish them from other metals that are similar in appearance. (An identical plain band in white gold, for example, will be about 70% lighter than its platinum counterpart.)
Because of this, weighing your platinum jewelry is one of the first things a good appraiser will do.
- Market value (spot price): The term used to describe the current market value of a commodity—including precious metals such as gold, silver, and platinum—is called the spot price. As of this writing, the spot price of platinum is $858.25 per troy ounce.
Like other precious metals and commodities in general, the market value of platinum fluctuates constantly based on supply and demand, market conditions, current events, and other factors.
- Purity: The purity of your platinum jewelry is determined by the percentage of pure platinum it contains. Like gold, platinum often contains other metals or alloys that can diminish its purity. However, most platinum jewelry is between 90% and 95% pure platinum; this is represented by a purity mark (typically 900, 950, or 999).
Real platinum rings and other jewelry pieces will also be marked with the letters “PT” or “PLA” to identify them as real platinum. Unique designs, engravings, and settings may also raise the value of your platinum jewelry, and vintage pieces typically fetch a higher price.
Do your research before you sell your platinum jewelry.
Similar to selling gold or diamonds, you should have a good idea of what you have before you commit to selling your platinum items. Look online for the current market value of platinum, and if possible verify the weight and purity of your jewelry so you have a rough idea of what you can expect to earn.
Then, make an appointment for an in-person expert appraisal.
Be cautious of “We Buy Gold” businesses that typically offer the lowest price based on the weight of the metal and not the overall value of your items, and remember that the condition of your platinum jewelry should never affect the offer you receive. If someone tries to tell you your items have less value because they are damaged in any way, you should consider taking them elsewhere.
Trust Southwest Jewelry Buyers for superior service and the best prices.
Our highly respected jewelry professionals are certified by the Gemological Institute of America (GIA) and take the time to examine each piece to ensure you are getting the best offer. We keep tabs on the current platinum market so we can give you the fairest (and typically the highest) price for all of your platinum jewelry, regardless of its condition.