Is Platinum Worth More Than Gold?
Additionally, platinum rings are usually 95% pure platinum, while 14k gold is only 58.5% gold(18k gold is 75% gold). Therefore, platinum rings are more expensive.
The Importance of Platinum
The per ounce cost will generally go down as the amount of ounces purchased goes up. For example, a dealer currently has a 1 ounce platinum Valcambi bar selling for $1,533 and a 10 ounce varied brand platinum bar selling for $15,030.
Not only is platinum less abundant than gold, it is found in only a few mine-able deposits on earth. Most platinum is mined in South Africa, Russia, and North America. South Africa produces over half (to 2/3rds) of the world supply. Russia is the next biggest producer. The North American mines are primarily palladium mines with platinum being a small percentage of the metal production. It takes about 10 tons of raw platinum ore to produce one pure ounce of platinum.