When it comes to jewellery, few materials exude elegance and sophistication, like platinum. Renowned for its durability, purity, and timeless allure, platinum has become a sought-after choice for engagement rings, wedding bands, and other fine jewellery pieces. However, the question remains: How much does a platinum ring actually cost? We also know platinum tends to be at least two to four times more expensive than gold. And to understand why and how much a ring made of platinum can cost, you have come to the right place.
Why does platinum cost more than gold?
The Rarity of Platinum
Platinum is a rare and precious metal, far scarcer than gold. Its rarity plays a significant role in determining its price. Mining platinum is a complex process, requiring extensive labour and sophisticated equipment. Additionally, platinum deposits are predominantly found in a few countries, including South Africa, Russia, and Canada. This limited availability contributes to the higher cost of platinum jewellery.
Purity and Quality
The purity of platinum is measured in parts per thousand, known as its fineness. Pure platinum is labelled as 999.5 parts per thousand, indicating that it is 99.95% pure. In the jewellery industry, platinum alloys are commonly used, which may have lower fineness. The most common platinum alloys are 950 parts per thousand (95% pure) and 900 parts per thousand (90% pure). The higher the purity of the platinum used in a ring, the more expensive it will be.
Market Fluctuations
As with any precious metal, the price of platinum is subject to market fluctuations. Economic factors, geopolitical events, and supply and demand dynamics all influence the cost of platinum.
Knowing that the price you see today may not be the same tomorrow is essential. Therefore, keeping an eye on the market when considering a platinum ring purchase is advisable.
When purchasing a platinum ring, it is crucial to consider additional costs beyond the metal itself. These expenses may include the gemstone(s) set in the ring, such as diamonds or other precious stones.
The size, quality, and cut of the gemstone(s) will significantly impact the overall cost. And factors like resizing or engraving and any customisations requested may incur additional charges.
How much does a platinum ring cost?
The design and craftsmanship of a platinum ring play a role in the ring’s cost. Intricate and unique designs often require more time and skill to create, resulting in a higher price. Custom-made platinum rings, which are individually crafted to suit personal preferences, tend to be more expensive than mass-produced designs. The level of detail, engraving, and additional embellishments, such as diamonds or gemstones, can further increase the cost. For example, the Glow Petals Platinum Ring weighs less than two grams and has 12 diamonds, and costs around 17 K, whereas a similar ring in yellow gold and the same weight range costs much less.
Also see: Fancy Couple Rings
You must factor in the weight of the platinum rings to work within your budget. The Susan Platinum Diamond Ring is between 2-5 grams and has 16 diamonds in a spectacular centre design. Still, it costs less than 22 K, whereas the made-to-order Minimal Platinum Diamond Ring costs around 30 K, proving that weight and design can dictate the price of platinum rings.
Platinum rings are known for their rarity, durability, and elegant appearance. They are often considered a symbol of luxury and are favoured by many as engagement rings, wedding bands, or special occasion jewellery.
Platinum bands are hugely popular, and they can be either minimalistic, like the Liz Platinum Band For Her, priced at around 30 K, or like the diamond-studded Megan Platinum Band For Her, costing about 36 K.
As mentioned above, the price of a platinum ring is influenced by various factors, including the metal’s rarity, its purity, the intricacy of the design, craftsmanship, market fluctuations, and any additional gemstones or customisation involved. As a result, the cost of a platinum ring can vary greatly. While platinum jewellery tends to be more expensive than other metals, its enduring beauty, exceptional durability, and investment value make it a worthwhile choice for those seeking elegance and longevity. Therefore, it is vital to choose the right store that offers a broad price range to make sure you have a choice to work within your budget.
When shopping for a platinum ring, it is advisable to research reputable jewellers, compare prices, and consult with experts to ensure you are making an informed decision. You will find that CaratLane has a dazzling platinum ring collection, from 16 K to a Lakh, with unique designs and exemplary craftsmanship. Whether it is the Helena Platinum Band For Her at 16 K or the Otis Platinum Band For Men at a little over 1 Lakh or rings anywhere in between, a platinum ring from CaratLane is not just a luxurious accessory; it is a symbol of love, commitment, and the timeless elegance that platinum embodies, and it is a treasure for a lifetime.
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