Platinum has become a popular choice for jewelry due to its strength, durability, and marketing efforts of the platinum industry in recent years. Platinum is three times more expensive than gold. Jewelers aggressively market it because they make three times the profit on every platinum item they sell compared to gold. Platinum is a naturally white, lustrous metal that is long lasting. Sometimes the claims of strength and scratch resistance are overstated. Like all precious metals, platinum will scratch. A platinum scratch is different from white gold because it simply plows the metal instead of removing it.

Traditionally, jewelry manufacturers used platinum alloyed with metals from the platinum group metals (iridium, osmium, palladium, platinum, rhodium, and ruthenium). With the proper mix of these platinum group alloys, platinum becomes one of the hardest metals making it a strong and durable jewelry metal. Platinum will not rust or corrode and the platinum family metals make it hypoallergenic and ideal for persons with sensitive skin.

Federal Trade Commission (FTC) guidelines for platinum jewelry state that only items consisting of 950 part per thousand of pure platinum can be marked stamped PLATINUM or PLAT without more alloy information. From 750-950 Platinum, the platinum group metals must also be indicated. For example, PLAT900IRID for 10% Iridium alloy. Historically, the most common alloys in America were 95% Platinum with 5% Ruthenium or 5% Cobalt and 90% Platinum with 10% Iridium.

There is a misperception that the 950 platinum is better than the 900 platinum. However, pure platinum is very soft and the right alloy mix is what is important. Different alloys and different percentages produce better results for different jewelry purposes. Some alloy mixes work better for casting and some are better for handcrafting like bending the prongs over fragile diamond corners. Many artisans feel that PLAT900IRID is the best general-purpose alloy for diamond rings.

While platinum is best known for its use in jewelry, more than 60% of platinum is used for other industrial purposes such as catalytic converters in autos and pacemakers in the medical field. Because of its rarity and the rapidly increasing demand for this versatile metal, the price has soared in recent years.
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For decades, jewelers have had enjoyed the position of being the keepers of the knowledge about diamonds and gemstones. They stood behind jewelry counters and shared little tidbits of information about jewels to shoppers. The jeweler seemed to be talking down to the shopper, making them feel as if they should be grateful to even be in the store or touch the precious gems in the display case.

This monopoly of knowledge went hand in hand with the monopoly of supply. The only way you could purchase a diamond or precious gemstone was to buy in a jewelry store. The prices were artificially high with markups of 100% to 300% of wholesale costs. The factors that differentiated stores included the ornate decorations, the fancy display cases, and elaborate storefronts. Life was simple and very profitable for the jeweler. The shopper came in, the jeweler said this is what you should buy, and the shopper paid the price because they had no other options. Can you recall any poor jewelers before the millennium change in the year 2000?

It was about this time that the most feared word in the jewelers vocabulary began to change the industry forever. That word was Internet. Suddenly there were competitors springing up who could supply diamonds and jewelry delivered to your door, often at prices lower than could support the high overhead of the jewelry store. However, the greatest fear was that the hidden knowledge of diamonds and precious gemstones was available to any shopper who wanted to spend a little time researching online.

The jeweler of the past said here is what I have and which one do you want to buy? Then came the knowledgeable shopper armed with printouts of online diamond advice. Instead of simply asking for a one-carat diamond, the shopper now has a detailed list of requirements that all but guarantees that nothing in the store will meet their requirements, regardless of the price.
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