The Platinum Standard

There never was any single event to mark the passage but it has now become obvious that platinum has overtaken gold as the emblem of wealth, refinement and elegance.

Rare
Platinum is rare. It is found in only a few places in the world and all of the platinum ever mined in the history of the world could fit in an average sized living room.

And it is expensive to mine. It takes approximately 10 tons of ore and 8 weeks of processing to produce one ounce of platinum. This compares to 3 tons of ore to produce an ounce of gold.
Rarity and high cost of production guarantee high value
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Some History
Though platinum was first used by the Egyptians 3000 years ago, its first appearance as jewelry in Europe came around the year 1780 in France at the court of Louis XVI.
The name comes from the Spanish platina which is the deminutive form of plata or silver. It was called “poor man’s silver” since it was so strong and hard that it was difficult to work with and, for that reason, inferior to silver.
This changed when the ability to bottle oxygen in the 1880s led to the torch thus allowing the metal to be worked with a reasonable amount of effort.
The purity and understated elegance of platinum made it popular with (among others) Carl Fabergé, Louis Cartier and Charles Louis Tiffany. In 1886, Charles Tiffany, the “King of Diamonds,” introduced the Tiffany Setting. A simple platinum ring with six prongs to hold a brilliant cut diamond, it is still, more than a century later, the most popular ring design for weddings and engagements.

Platinum Today
According to the Platinum Guild International, USA, just seven years ago the market for platinum for brides was negligible. Today, platinum has over a 25% market share. “Eight years ago, the idea of selling platinum jewelry was considered novel or even impossible to most of the American jewelry trade.” Today, 22% of heavy fine jewelry owners include platinum in their collection. “We are, indeed, firmly ensconced in the Platinum Era,” says the PGI-USA.
As one might suspect, this has had a serious effect on price. Until relatively recently, platinum sold for only a little more than gold. In the last year that has changed with platinum almost doubling in price. The day this was written, platinum went for $610 an ounce while gold sold for $266 an ounce.

Characteristics
Its rarity would guarantee its value in any case but platinum, under a happy set of circumstances, has several other characteristics which make it even more desirable.
Platinum is lustrous. Its simplicity, its understated elegance is beautiful in itself. Yet it is also ideal for allowing the brilliance and depth of a diamond or other stone to take center stage. “Platinum enhances the sparkle of a diamond,” is a phrase I heard a number of times. From a white diamond to a black pearl, from emeralds to rubies and sapphires, platinum makes the most exquisite jewels show their best.
Platinum is one of the world’s strongest metals. This produces several desirable results. It doesn’t break like a softer metal such as gold does. This is important in jewelry since a diamond may last forever but the setting doesn’t.
Because of platinum’s strength, it can be manufactured in much greater purity than gold. Platinum is usually 85-95 percent pure while gold is usually 75% (18k) or 58% (14k). Gold is too soft a metal to be used pure (24k) as jewelry so we only see 24k gold as painting or decorative covering.
One effect of platinum’s strength is that it is heavier than gold. A platinum ring is 60% heavier than a 14k gold piece of similar size. Platinum jewelry is, literally, weightier. It satisfies the natural desire to get more “heft” for your money.
The ability to produce almost pure platinum jewelry has the added advantage that platinum is hypoallergenic. People who get rashes from other jewelry can wear platinum.
Also, because of its purity and hardness, platinum doesn’t tarnish, oxidize or corrode. This allows it to be worn everyday since it will show little wear.
Platinum and gold are not incompatible as some of the pictures accompanying this article vividly attest. Many of today’s designers are creating exquisite pieces in platinum with 18-karat gold accents.
Perhaps because of this, more and more bridal jewelry is being created in platinum. Weddings start with the hope that the union of man and woman will last forever so diamonds have been the traditional stone in wedding jewelry. As the saying goes, a diamond is forever. But more and more, the traditional gold setting is being replaced with a platinum or platinum with gold accents setting. The strength of platinum and the hardness of diamond truly make an eternity ring.