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Platinum is one of the rarest and purest precious metals in the world. The perfect jewelry material for these fortuitous times, Platinum is regarded by many as a "new" metal. In actuality, Platinum was discovered long before the concept of "modern" came into vogue. Dating back to 700 BC, when the ancient Egyptians mastered the techniques of processing Platinum, and to 100 BC when South American Indians combined Platinum with Gold, Platinum has been held in high regard as a symbol of wealth and nobility. Though widely utilized since then, the true worth of Platinum was underappreciated until the eighteenth century, when the Europeans began to recognize Platinum's beauty.

 

Very few countries have platinum supplies, with South Africa (80%) and Russia (11%) accounting for approximately 90% of the world's supply. The yearly production from these mines is only 150 tons, which is 1/25 of the yearly production of gold. Moreover, the amount of platinum that can be produced from raw ore is relatively small. To make a single small ring of approximately 3 grams requires approximately 1 ton of raw ore.

 

Platinum reached its peak of popularity in the early 1900s, when it was the preferred metal for all fine jewelry in America. It dominated the world of jewelry design during the Edwardian era, the Art Deco period and well into the 1930s. At the onset of World War II, however, the U.S. government declared platinum a 'strategic' metal and its use in non-military applications, including jewelry, was banned.

 

Today, platinum is much more valuable than gold. Although it is used in many industrial applications, including the automotive industry, platinum jewelry consistently commands higher prices than even pure gold because of its rarity.

 

Also, no reserves of platinum are maintained, as in the case of the federal gold reserve in Fort Knox, TN. The annual worldwide production of platinum amounts to some 160 tons, compared to about 1,500 tons of gold. In fact, in order to produce just one ounce of platinum, about ten tons of ore must be mined.

 

The following are live updated charts for platinum prices. The four charts include 8hr and 24hr prices per ounce 8hr and 24hr prices per kilo.