Platinum Jewellery: Valuation Shifts Over 15 Years

Platinum Comparisons

December 15th, 2025

Has valuing platinum jewellery been affected by the changes in precious metal prices and technology over the last 15 years? The answer is yes. One major factor is the surge in the gold price, which rose from $1,408.20 per ounce in June 2011 to $6,563.94 per ounce today. In comparison, the platinum price increased modestly from $1,609.27 per ounce in June 2011 to $2,640.50 in December 2025.

At the end of the 1990s, platinum may have been valued at $30.00 per gram, while 18ct yellow gold was only $22.00 per gram. Today, a valuer may cost out cast platinum at $130.11 per gram and 18ct yellow gold at $225.22 (according to a Sydney precious metal supplier).

The consistent factors of platinum include:

• Weight: 1.3 times heavier (20% denser) than white gold.
• Brittleness and Malleability: Harder to bend and shape compared to gold.
• Purity: 95% compared to 75% for 18ct gold.
• Higher Melting Point: 1772°C compared to 1064°C.

Separate clean workplaces and the extra time needed for soldering, welding, and polishing remain critical in today’s workshops. However, with advancements like CAD and more sophisticated casting techniques, the costs associated with working with platinum have decreased. The weight of a cast platinum mount is about 30% higher than that of 18ct gold. For instance, Greenwax, a Sydney jewellery CAD design company, quotes a casting cost of $10 to cast a gold item and $25 for the same in platinum, reflecting longer cleanup and polishing times.

Hand making in platinum varies significantly and largely depends on the jeweller's skill and experience. Most manufacturing jewellers have indicated they charge approximately 50% more for a finished platinum piece, with some even charging more based on the design's complexity. Laser welders have proven beneficial for platinum assembly and repairs, minimising heat transfer and reducing time spent. Furthermore, there has been an increase in the reuse of platinum in workshops, with some jewellers creating their own platinum alloy, as rare metals like ruthenium granules are available to supply the necessary 5% for 950 purity. High-temperature oxygen/natural gas or hydrogen flame torches and compatible crucibles also aid in the melting process, although experience is required for these tasks, as metal contamination may cause problems at any stage.

Practical Illustration

For a practical illustration, I have costed the same plain cast five-diamond ring made in 1999, 2011, and 2025 in both white gold and platinum. The labour and costs reflect the prices of the respective years, allowing the metal costs to illustrate the changes over the past 25 years.

Retail Prices Over the Years

Retail in 2011 (Platinum @ AU$1,609.23/oz) $2,950.00 (Gold @ AU$1,408.20/oz) $1,650.00

Retail in 1999 (Platinum @ AU$  572.77/oz)  $1,060.00 (Gold @ AU$  394.75/oz) $550.00