Platinum shows up less often than gold in most pawn shops and jewelry cases, which is exactly why it's easy to misprice. The stamps are different, the purity rules are different, and the market price moves on its own schedule. This guide covers what to check and how to build a price.
What the stamps mean
Platinum jewelry is described by parts per thousand rather than karats. The Federal Trade Commission's Guides for the Jewelry, Precious Metals, and Pewter Industries (section 23.6) set out what each marking means:
| Platinum content | How it can be described |
|---|---|
| 950 parts per thousand or more | "Platinum" with no qualification |
| 850, 900 or 950 | The number before "Platinum," e.g. "900 Plat." or "900Pt." |
| 500 to under 850 | Must disclose the full composition, and that it may not have the same attributes as higher-purity platinum |
| Under 500 | Should not be described as platinum |
The guides also say platinum surface layers, such as plating, must be described as coated, and items containing more than one precious metal should list them in order of weight.
The platinum price
Platinum has its own benchmark. According to the LBMA, the LBMA Platinum Price is set by auction twice each London business day, at 09:45 and 14:00, and is quoted in U.S. dollars per troy ounce of 99.95% fine metal. Live spot prices are also widely available.
Platinum and gold prices move independently, so don't assume one tracks the other. Price platinum pieces from the platinum market directly.
Calculating metal value
The formula is the same one used for gold, with platinum's purity in place of karat:
Metal value = weight in grams x purity x (platinum price per troy ounce / 31.1035)
At a round example price of $1,500 per troy ounce, pure platinum is worth about $48.23 per gram:
| Stamp | Purity | Metal value per gram at $1,500/oz | 8-gram band |
|---|---|---|---|
| 950 Plat | 95% | $45.81 | $366.52 |
| 900 Plat | 90% | $43.40 | $347.23 |
| 850 Plat | 85% | $40.99 | $327.94 |
Swap in the current price for real figures. These are metal values only, before any margin, labor or stone value.
What else drives the price
Metal value is usually a smaller share of a finished platinum piece's price than it is for heavy gold chains:
- Labor. Platinum is harder to work than gold, and well-made pieces reflect that.
- Design and brand. Signed or designer pieces trade on their name.
- Stones. Diamonds and gemstones often dominate the value of rings and earrings.
A sensible approach is to start from metal value as a floor, then add markup for workmanship and value stones separately.
Tagging platinum pieces
- Use the correct description. "Platinum" alone only for 950 or higher; otherwise state the number, such as "900 Platinum."
- Note plating. White gold is often rhodium plated; the FTC guides require disclosing rhodium on items marked as precious metal. Don't let a white piece be mistaken for platinum.
- Keep metal value current. If your pricing is tied to metal value, update it when the platinum market moves.
PriceTaglet's spot feed covers gold, silver and platinum, so a platinum piece can be tagged with a formula based on weight and purity, the same way gold pieces are.
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