Why is Platinum costly?

The high cost of Platinum is that makes us wonder. People love to wear expensive metals such as silver, gold and Platinum in the form of ornaments. While silver and gold are common jewellery, platinum is not as common due to its high cost. 

Ancient civilizations of Central and South America have used platinum for centuries. Archeologists have discovered traces of the element in the gold used by the Ancient Egyptians as early as 1200 BC. However, scientists started to study the element only after European exploration of the Americas began. 

Platinum, a highly valued and desired metal, has a wide range of use, including jewellery, electrical contacts, pacemakers, drugs and magnets. Platinum tends to be very expensive because of its rarity. 

Properties of Platinum

The characteristics of Platinum like density, ductile strength and impervious nature to corrosion makes it extremely useful in industrial applications. It is the heaviest of the precious metals, weighing quite high. It makes it excellent metal in jewellery making and crafting. Platinum is also used in manufacture of vehicle emissions control devices. More than 30 percent of what is mined is used in jewellery. 

Reason for being so expensive 

The mines of Platinum are rare in comparison to gold. Nearly 1,782 tons of gold mined, only about 133 tons of platinum are mined annually. It is estimated that there are more than 5 billion ounces of gold above ground. There are  only an estimated 200 million ounces of platinum. It is more difficult to mine Platinum than gold. Typically one millionth of one percent in the earth’s crust. It is probable that all of the platinum in the world would fit into a square of less than 25 feet on each side or in an average American living room.  As it’s most expensive, the production costs for an ounce of gold is about $957 – nearly half of what platinum costs.