Last updated on September 6th, 2022 at 01:58 pm
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If you’re looking to buy an engagement ring for yourself or your significant other, you may be wondering, ‘is platinum better than gold?’
The short answer is yes, and no; platinum is more valuable, expensive, and denser than gold; however, it costs more while being identical to gold.
It is a rarer metal compared to gold, and each year worldwide, we excavate up to 160 tons of platinum, compared to 1500 tons of gold.
Platinum is generally purer than gold, with the average purity in rings being 95 to 98 percent platinum.
Let us explore some differences between platinum and gold to settle the debate once and for all.
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Are Platinum Rings Better Than Gold Rings?
Gold is available in various units of measurement, including 8 Karat, 10 Karat, and up to 24 Karat.
A 14 Karat gold ring consists of 58.5 percent gold, and the rest is made up of metals such as zinc, copper, and nickel.
Due to platinum’s higher purity, it is much denser than gold, making it a more versatile, strong, and durable metal overall.
However, a 24 Karat gold ring contains 99.9% of gold, which is the highest purity you can expect to find and, therefore, the most expensive.
However, gold is soft and flexible and gets scratched easily, so it is mixed with other metal alloys to give it a firm shape and add some hardness to its structure.
When comparing platinum with gold, they are practically the same in terms of appearance.
This is true because white gold has its characteristic color due to the presence of other silver metals, and platinum is already white.
Since they are identical and many people cannot differentiate between gold and platinum, it is up to the individual’s preference, whichever metal they choose.
Durability isn’t too much of a factor for gold because 14K and 18K white gold options are durable enough to be worn daily for several years, meaning platinum’s advantage over gold isn’t significant.
Despite being more durable and stronger than gold, platinum often gets scratched easily and accumulates general wear and tear. Still, many individuals feel like the ‘damage’ gives platinum a more unique and antique look.
White gold also starts to return to its yellow color over time, but the good news is that many jewellers offer their customers an option for restoring the metal to its natural beauty once a year.
Platinum is hypoallergenic, which is a big advantage for people allergic to nickel, a common metal present in many gold items.
If your significant other is allergic, it will make more sense to opt for platinum, which may cost more but is the better option for this particular case.
Your choice may also depend on how much money you’re willing to spend, with a 24 Karat gold item being more expensive than a 14 Karat gold set.
White gold options are cheaper because of the presence of other metal alloys that reduce the composition of gold. When comparing white gold with platinum, it is entirely up to the individual’s preference since it is a close tie.
The Price Difference Between Platinum And Gold
Although platinum and gold cost about the same per gram, the difference for rings is that platinum has a higher density, which means that more of it is needed to make the ring than gold.
Since platinum is considered up to 30 times rarer than gold in certain locations, it is priced accordingly, and another advantage platinum has over gold is that it is up to four times stronger.
If you’re looking to buy a jewelry set or a wedding ring, then you can easily expect platinum to cost around two to four times as much as gold.
Many people enjoy spending money on wedding rings, which is why platinum may be a better option for some, while those who choose gold enjoy the benefits of similar appearances and lower prices.
Investment in Platinum or Gold
If you’re looking to purchase gold or platinum as financial assets, you would be better off investing in gold.
This is because gold is always in demand, and during times of economic crises, this demand rises.
Platinum, however, is not suited for inflated economies and seems to be more popular when thriving.
If the economy is seeing an upwards trajectory and the industrial industries are booming; it makes sense to invest in platinum in the short term to enjoy bigger returns than gold.
However, it must be clear what your investment goals are and to do your research before buying either.
You may pick the wrong one to invest in without researching the commodities beforehand and yield lower returns over time.
The simplest option for investing in platinum or gold is to purchase blocks of the metals and store them away safely.
You can expect to buy bullion coils available in platinum, gold, and other metals.
These are available from different dealers, including coin dealers, brokerage firms, and other metal dealers.
Collectible coins may also contain a percentage of platinum and gold and have value beyond the presence of metals due to their historical and aesthetic worth.
However, if you do not want to store these metals in your deposit box, you can opt to buy stocks, mutual funds, and EFTs; this ensures liquidity and doesn’t require a physical location for safe storage.
Each metal has its strength and risk, which is why you must carry out a careful research of the commodities to ensure maximum returns.
Without determining your long-term objectives and patience for price variations, you cannot make an informed decision and must do proper research before making an important investment decision.
The answer to the question ‘is platinum better than gold’ isn’t black and white; it depends.
Platinum has certain advantages over gold and is preferred by many individuals as a superior metal due to its rarity and higher cost.
However, many people opt for gold because it is virtually identical to platinum while being more affordable, which boils down to personal preference.