Everything about Platinum Chains

Known as the King of Metals, platinum is increasingly becoming the choice of jewelry for special occasions like weddings or engagements. With its everlasting durability, people often symbolize platinum as a sign of their commitment to durable relationships. But before you decide on buying a platinum chain, you might want to read ahead for a few buying tips to make an informed choice.

Buy it as jewelry, not as an investment

Platinum consumption hasn’t yet gained the kind of popularity that gold or diamonds have in India. So if you’re thinking of buying a platinum chain as an investment, you might want to reconsider. The market doesn’t seem to have matured enough with most people still opting for gold investments. Especially since, it can be bought either as jewelry or as coins, biscuits or bars. Platinum, on the other hand, can be purchased only as jewelry. 

What makes it more valuable than gold?

Unlike gold which isn’t malleable in its purest form (24 carat) and must be mixed with other metals to make jewelry, platinum chains are made from the purest form of the metal. Platinum is said to be 30 times rarer to find than gold. Upon mining 10 tons of platinum ore, you get an ounce of its pure form – it’s really no wonder then that platinum is much more valuable than gold. It is eternal and shines radiantly for years together. A platinum chain will retain shape over time, doesn’t tarnish or fade away. Jewelry designers the world over prefer platinum for its splendid pliability leading to the most intricate designs. 

Be certain of its authenticity

Similar to gold, platinum also has its own hallmarking standards. It’s usually written as Pt950, in India, signifying a 95% purity. Also check for untampered quality assurance tags. Each piece of platinum chain will have its own Unique Identification Number stamp indicating the maker of that ornament. You might also want to make sure you’re not buying white gold instead of platinum. When you run a nail across platinum, it shouldn’t leave any scratches. Also, platinum is denser than gold, and will be nearly 40% heavier than an identical chain in gold. 

Pricing mechanisms

Now here’s where things can get tricky. Platinum has higher making charges than gold. This can be owed to the need for specialized factories to manufacture platinum jewelry and because India doesn’t really have its own platinum reserves – the metal is often imported from South Africa. Making charges are usually dependent on the price of platinum. Unfortunately, while the daily gold rate is displayed in most jewelry stores, no such thing is done for platinum. Based on market rates, each jeweler just fixes their own daily price which could vary up to 5%. So the higher the platinum price, higher the labor charges and eventually, higher the cost of platinum jewelry.

 

Ideally, to make the best of your purchase, it would make sense to compare prices at a few stores before buying that platinum chain. It would also do you good to explore buy-back schemes with your jeweler. Make the best of every occasion or don’t wait for one – regardless ofj your reason, a platinum chain will definitely be special.

Krutika Mehta is a traveler and has always been fascinated by any precious jewelry that isn’t gold. She vouches for a platinum chain as her favorite ornament and wears it everywhere she goes simply because she loves the compliments that come with it.

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