Did you know? Platinum is one of the rarest precious metals on Earth and far less of it is produced each year than gold.
Gold may be the precious metal most people immediately recognize, but when it comes to scarcity, platinum has an extraordinary story.
Just How Rare Is Platinum?
Platinum is often described as being around 30 times rarer than gold. The Royal Mint has used that comparison when discussing the scarcity of the metal, while the World Platinum Investment Council currently reports that platinum’s annual availability is approximately 20 times lower than gold’s.
To put annual production into perspective, the World Platinum Investment Council reports that roughly 190 metric tons of platinum are mined worldwide in a typical year, compared with approximately 3,300 metric tons of gold.
That is a remarkable difference for two metals we regularly see side by side in fine jewelry.
Could All the Platinum Ever Produced Fit in One Room?
You may have heard the fascinating claim that all the platinum ever mined could fit inside an average-sized living room.
It is a popular comparison, but there is an even better-documented way to visualize platinum's scarcity.
According to the World Platinum Investment Council, if all the platinum ever produced were placed into an Olympic-sized swimming pool, it would only be deep enough to cover your ankles. By comparison, the organization says all the gold ever produced would fill approximately four Olympic-sized swimming pools.
Think about that for a moment.
Centuries of mining, exploration and production and the world's historical supply of platinum would occupy an incredibly small space.
Why Is Platinum So Special for Jewelry?
Rarity is only part of platinum's appeal.
Platinum has a naturally white appearance, so it does not require plating to achieve its white color. GIA notes that platinum is valued by jewelers for its durability, malleability and substantial weight, and that it does not tarnish. These characteristics have made it particularly desirable for heirloom jewelry and settings designed to securely hold diamonds and gemstones.
Platinum jewelry is also exceptionally pure. Platinum alloys used in jewelry are commonly 90% to 95% platinum, while 14K gold is 58.5% gold and 18K gold is 75% gold.
That higher precious-metal content also helps give platinum jewelry its distinctive, substantial feel.
More Than a Jewelry Metal
One of the most interesting things about platinum is that its value extends far beyond jewelry.
Platinum's unique physical and catalytic properties make it important in industries ranging from transportation to medicine and advanced technology. It has long been used in vehicle emissions-control systems, and platinum also plays a role in technologies associated with hydrogen and cleaner energy.
The World Platinum Investment Council notes that platinum is considered a critical or strategically important mineral by several major economies, including the United States, China, the United Kingdom and the European Union.
So that beautiful platinum wedding band represents the same remarkable element being used in some of the world's most advanced technologies.
A Precious Metal With an Extraordinary Story
Platinum combines something unusual: rarity, beauty, durability and practical usefulness.
It is naturally white, remarkably dense, resistant to tarnishing and produced in much smaller quantities than gold. Perhaps that explains why platinum has maintained such a distinctive place in fine jewelry.
The next time you pick up a platinum ring, consider just how uncommon the metal in your hand truly is.
A small piece of platinum may not look unusual at first glance but you're holding one of Earth's rarest precious metals.
Sources & Resource Credit
Information for this article was researched using materials published by the World Platinum Investment Council (WPIC), Gemological Institute of America (GIA) and The Royal Mint.
World Platinum Investment Council — Platinum Facts and platinum market research.
Gemological Institute of America — Platinum: A Metal Fit for Kings and GIA jewelry-metal educational resources.
The Royal Mint — educational information regarding platinum's rarity and precious-metal characteristics.