Platinum is how half the price of gold, why is it still more expensive for settings?

[craighnt]

So maybe this is a very stupid question, but why are most jewelers still charging way more for a platinum when it's half the price of gold theses days? I understand when it was the other way around, and platinum was the most expensive, reason being more rare. But now that the market finds it less rare than gold, why haven't jewelers adjusted their prices to reflect current market value? Is it just marketing?

 

[Eeveepenny]

When I was getting my ring made 2 months ago all the jewellers I spoke to quoted platinum cheaper than white gold

 

[Luce]

Hi @craighnt , platinum is more dense or heavier than gold and it is 95% platinum and 5% alloy while 18kt gold is only 75% gold and 25% alloy. This is at least part of the reason for the price difference.

 

[craighnt]

When I was getting my ring made 2 months ago all the jewellers I spoke to quoted platinum cheaper than white gold

Did you go to any online places?

 

[bludiva]

It’s also harder to work with not every jeweler can do it in house

 

[Eeveepenny]

Did you go to any online places?

No sorry, they weren’t online stores

 

[Bron357]

The $$$ metal value in a piece of jewellery is a relatively small component of the cost.
An average ring in 18ct is around 4 grams. That’s about $180 gold value.
A designer setting might be over $1,500 because of time, design and manufacture costs.

 

[flyingpig]

Platinum is much harder to work with and requires higher temperature. This is a major reason why Platinum settings are more expensive. Also, since there is higher cost and loss in re-processing platinum, you get less when you sell.
In addition, while platinum is common in the luxury sector, gold settings are more common and produced much much more in general, which can keep the gold setting prices relatively low.

 

[MillieLou]

I have also been quoted a slightly lower price for platinum than gold for a custom ring with my local jeweller who creates settings in-house. This seems to be where you can take advantage of the lower metal price, as opposed to the mass produced settings, for the reasons above.

 

[Garry H (Cut Nut)]

You got all my answers already hahahaha.
It is really hard to emery and polish.
Casting costs a lot more because of the super high temperature.
Platinum is heavier (specific gravity: 21.4 heavier than water) than gold (specific gravity: 19.3)
At 95% platinum vs 75% gold (alloyed with metals that weigh less than gold) - it all adds up.
Some rings should cost less in platinum - some should cost more - it depends on the cosntrustion and all sorts of factors.

 

[craighnt]

Thanks everyone. I guess there are reasons for it after all.