Platinum rings are becoming increasingly popular these days. They are slowly replacing gold as the preferred metal to use on rings. But a lot of people are still confused about how much one would cost and how it would compare to rings made of other materials. My wife’s wedding ring is platinum (see main picture), so I have been in the same position as you before and this is what I learned.
Due to the rarity of the metal, a platinum ring usually costs more than gold or any other metal of the same volume. A typical 4mm 95% pure platinum ring would cost you around $800, with wedding rings usually starting at about $2,000 (depending on the gem quality).
Platinum offers many advantages over other metals. In this article, I will look at this subject in more detail. I will also look at all the advantages and disadvantages of getting a ring made of platinum.
Determining the Price of a Platinum Ring: Purity
One of the key factors in determining the price of a Platinum Ring is its purity. Platinum, in its pure form, is very dense and strong. This makes it less malleable. Hence, to increase the malleability, it is added with some sort of alloy metal (usually palladium or copper).
Just like the purity of gold is measured in karat, the purity of platinum is measured on a scale ranging from 850 to 999 (or 85% to 99% pure). This purity level determines the price of a platinum ring. You will find the purity level mentioned in the form of a hallmark when you buy the ring.
Your typical high-grade platinum ring has a purity of at least 900 or 90%. What this means is they contain 90% platinum and 10% alloy metals. The highest grade platinum rings that sell in your average market have a purity level of 950 or 95%. These high-grade rings are marked as PLAT, PLA, or PLATINUM.
Of course, it isn’t that higher grade platinum rings are simply more expensive for no reason. They actually shine more and are much stronger. These are both parts of the natural property of platinum. This makes 95% pure platinum (or PLA) a great choice for wedding rings.
You can expect to be charged anywhere from $700 to $800 for a typical 4mm 95% pure (PLA) men’s wedding ring.
Value of Platinum
The reason platinum wasn’t as popular before as it is today is mostly due to the gold rush. People were so fixated with gold that they completely overlooked this rarer element. While platinum is usually priced similarly or sometimes even less than gold, it is worth noting that between the two platinum is the rarer element. The similar prices can be explained by the much higher demand for gold in the market compared to platinum.
But you can expect this to change in the future. Today, thanks to countless celebrities and trends, platinum is gaining more and more popularity by the day. So there will soon be a point in the future where the demand for platinum will exceed a certain limit where the price for its limited supply can be expected to go higher than that of gold.
Even at the current prices, if you’re looking to make something like a wedding ring, you can expect to pay more for platinum rings than gold rings. This is because platinum is much denser than gold. This means you will need more of the metal to make a ring than you would need gold to make a ring of that same size.
Also, most Platinum rings in the market are of 95% purity, meaning they contain 95% platinum and 5% alloy metals like palladium or copper. Since platinum is an incredibly strong metal, it can be used at this purity level as a ring.
In contrast to this, gold rings are available in all sorts of purity levels. 14 karat gold, for instance, contains just 58.5% gold, while the remaining 41.7% is made of alloy metals. 18k consists of 75% pure gold. 14k gold is the most popular choice for wedding rings since it offers the best combination of look and strength. Higher karat gold is softer and more malleable, making them less favorable as wedding rings.
So, you should expect to pay more for a platinum ring than you would play for a gold ring.
How Does Platinum Compare to White Gold?
Most people tend to confuse platinum with white gold. White gold is an alloy of gold and white metal (like nickel, silver, or palladium). White gold is by far more popular than platinum. But this has mostly got to do with its lower price range.
While white gold is cheaper and shinier than platinum, it simply cannot compare to the strength and durability of the latter. Also, with a platinum ring, you will be getting a large portion of the actual rare metal, unlike white gold. White gold also requires more maintenance than platinum rings.
Platinum rings are also popular for being hypoallergenic. This means that platinum will not cause any kind of metal related allergies. This makes it a great choice for anyone prone to these allergies. White Gold does not have this property.
Should You Get a Platinum Ring?
So, the question you might be having at this point is whether you should actually get a platinum ring. There are several reasons to consider getting one. But there are also a few reasons not to. The decision is ultimately yours to make. In this section, I will summarize the pros and cons of getting a platinum ring compared to a ring made of some other metal or alloy.
Advantages of Getting a Platinum Ring
- Platinum is an incredibly rare metal. It is thirty times rarer than gold. The only reason gold is more expensive is that it has a higher demand. But that is slowly changing with a shift in trends. Your platinum ring will only become more valuable with time.
- Platinum is hypoallergenic. They are a great choice for anyone who suffers from metal related allergies.
- Platinum rings are also heavier than other rings of the same volume. Most people prefer its heavier weight on their fingers.
- Platinum is incredibly fashionable these days. So if you like keeping up with the latest trends, a platinum ring is definitely the way to go.
- Platinum is an incredibly strong metal. So these rings are built to last, adding a nice symbolic gesture to them. They also won’t require any sort of special or frequent maintenance. A platinum ring is less likely to dull or fade compared to rings made of White Gold.
Disadvantages of Getting a Platinum Ring
- Platinum rings are generally much more expensive than any other rings in the market. This is because most platinum rings have a high grading of at least 90%. This is possible since platinum is a strong metal. In contrast, 14k White gold contains just 58.5% gold. That makes these rings less valuable than platinum rings.
- Platinum has a much higher melting point than most ring metals. So if you ever need to repair or redesign your ring, a platinum ring will set you back more.
Platinum rings are very popular these days. These hypoallergenic metals are preferred for several different reasons. Platinum is rarer, heavier, and stronger than gold. And some people simply prefer its shiny white color. Needless to say, my wife was very happy with my purchase and has been wearing it proudly ever since I proposed.
Currently, a typical 4mm 95% pure Platinum ring would set you back about $800. This is much higher than Gold rings or rings made of other metals. But despite this, many people love Platinum rings for their advantages. We absolutely love ours and I’m sure you would too!