Price of platinum

[Mr New York]

In the last 60 days platinum has dropped from $1630 to about $960. Anyone know if/when this is going to be represented in the prices of rings?

 

[LostieLovesBling]

Great question!

 

[CharmyPoo]

I hope someone has the answer. We just paid for our setting last week based on a quote from 3 months ago. I guess nothing we can do now.

 

[Darthkim]

When I finally pulled the trigger, the price of the setting did drop. But obviously, this varies by retailer. I don''t expect the settings from whiteflash or JA to react immediately to the price drop in platinum. But if you were looking at setting where the store has to get a price from the manufacturer, you may be in luck (which was my case...)

 

[Modified Brilliant]

Date: 10/5/2008 4:58:25 PM
Author:Mr New York
In the last 60 days platinum has dropped from $1630 to about $960. Anyone know if/when this is going to be represented in the prices of rings?

The metals markets are currently very unstable with daily swings upward and downward...a real roller coaster ride!

Typically, a retailer may have purchased at a higher price and now owns the item at that higher price. A downward price

adjustment would potentially mean a loss for the retailer. Retailers purchase mountings/wedding bands from the manufacturers based on

the current daily price of platinum. After their profit is figured, your retail price will be quoted.

Currently (as of the last few days) platinum has dropped significantly, so it would be a better time to "special order" your item.

Hope this helps to answer your very timely question.

www.metrojewelryappraisers.com

 

[neatfreak]

I assume anything in stock or platinum bought while the price is high will still reflect the higher price. Any platinum bought now theoretically should have the price brought down, but it might take awhile to trickle down...

 

[jewelerman]

Date: 10/5/2008 9:13:00 PM
Author: Modified Brilliant

Date: 10/5/2008 4:58:25 PM
Author:Mr New York
In the last 60 days platinum has dropped from $1630 to about $960. Anyone know if/when this is going to be represented in the prices of rings?

The metals markets are currently very unstable with daily swings upward and downward...a real roller coaster ride!

Typically, a retailer may have purchased at a higher price and now owns the item at that higher price. A downward price

adjustment would potentially mean a loss for the retailer. Retailers purchase mountings/wedding bands from the manufacturers based on

the current daily price of platinum. After their profit is figured, your retail price will be quoted.

Currently (as of the last few days) platinum has dropped significantly, so it would be a better time to ''special order'' your item.

Hope this helps to answer your very timely question.

www.metrojewelryappraisers.com

I agree....prices will still be high in stores until that stock is sold and prices even out over a stretch of time...special orders will reflect the most current price.

 

[Mr New York]

So I''m sure it''s safe to assume that if the opposite had happened (price of platinum had doubled) I would only have to pay the cost of what it was when I bought it right? hmm...

Oh just FYI also, the cost of rhodium has decreased from about $10,000 this summer to around $3300 today.

 

[Mr New York]

price of when *they* bought it

 

[Baxter]

When it''s going up, prices are based on "current market value."

When it''s going down, prices based on "when stock was purchased."

To be honest, I don''t understand how a few grams of a metal can result in such drastically varying quotes to "reflect the market".

 

[wishinpink]

This is a dumb question- what''s a special order? ^_^;

 

[jewelerman]

Date: 10/6/2008 1:25:01 AM
Author: wishinpink
This is a dumb question- what''s a special order? ^_^;

Not a dumb question...special order=When piece is not in house and must be ordered or manufactured for the client in a special size(sz.3 or 4 is an example)or metal....the piece is manufactored at current gem and metal prices and that is what the clients cost is based on at the time of order.

 

[Avplayer]

Date: 10/6/2008 2:18:19 AM
Author: jewelerman

Date: 10/6/2008 1:25:01 AM
Author: wishinpink
This is a dumb question- what''s a special order? ^_^;

Not a dumb question...special order=When piece is not in house and must be ordered or manufactured for the client in a special size(sz.3 or 4 is an example)or metal....the piece is manufactored at current gem and metal prices and that is what the clients cost is based on at the time of order.

does that include custom settings aswell?

 

[Snarleyow]

For up-to-the-minute platinum spot prices, see this link:
http://www.kitco.com/charts/liveplatinum.html
In addition to the 24-hour spot chart for bid prices, there are charts for 30 day, 60 day, 6 months, 1 year, and 5 years.

Snarleyow

 

[corgan]

Yeah I just e-mailed Jamie about it as I was looking at a custom piece and I wanted to get platinum but didn''t like the price!

 

[DiamondGirlHH]

I have been watching the price of platinum for a while at the kitco.com and when it dropped to the current lows I went to my jeweler and bought a great pair of earrings and a pendant almost four hundred dollars less when I was quoted in April. My jeweler told me that the designers adjust their pricing according to the precious metal market so it''s a great time to do some bargain shopping of platinum jewelry before it goes back up for Christmas shopping.

Here is the set I bought: Platinum and 18K Pink gold. Designer: Verragio

 

[kcoursolle]

I haven''t seen much of a change yet with any of the vendors I stalk regularly...hopefully it will come soon before or after the holiday season, but who knows.

 

[Mr New York]

Date: 10/6/2008 12:04:24 PM
Author: DiamondGirlHH
I have been watching the price of platinum for a while at the kitco.com and when it dropped to the current lows I went to my jeweler and bought a great pair of earrings and a pendant almost four hundred dollars less when I was quoted in April. My jeweler told me that the designers adjust their pricing according to the precious metal market so it''s a great time to do some bargain shopping of platinum jewelry before it goes back up for Christmas shopping.

Here is the set I bought: Platinum and 18K Pink gold. Designer: Verragio

WOW! those are gorgeous.


Corgan: I''m interested in her response. I was just about to email her the same question. Could you post the reply?

Kcoursolle: I haven''t seen any change either... but it''s nice to know I''m not the only website stalker haha

 

[DiamondGirlHH]

I think the cost will only reflect the current low platinum market when you place a "special or a new order". You most likely won''t see any difference in price when buying something from the jeweler''s existing inventory. I actually contacted the designer and they gave me the suggested retail price before going to the jeweler to purchase and the retail price was lower than quoted previously.

 

[Dancing Fire]

Date: 10/5/2008 10:22:12 PM
Author: neatfreak
I assume anything in stock or platinum bought while the price is high will still reflect the higher price. Any platinum bought now theoretically should have the price brought down, but it might take awhile to trickle down...

it should base on todays replacement cost and not what they paid. that''s how i would do business.

 

[stone-cold11]

Date: 10/6/2008 7:07:00 PM
Author: Dancing Fire

Date: 10/5/2008 10:22:12 PM

Author: neatfreak

I assume anything in stock or platinum bought while the price is high will still reflect the higher price. Any platinum bought now theoretically should have the price brought down, but it might take awhile to trickle down...

it should base on todays replacement cost and not what they paid. that''s how i would do business.

I guess that depends on their business model, some go by the 1st in 1st out.

 

[Dancing Fire]

Date: 10/6/2008 7:10:59 PM
Author: Stone-cold11

Date: 10/6/2008 7:07:00 PM
Author: Dancing Fire

Date: 10/5/2008 10:22:12 PM

Author: neatfreak

I assume anything in stock or platinum bought while the price is high will still reflect the higher price. Any platinum bought now theoretically should have the price brought down, but it might take awhile to trickle down...

it should base on todays replacement cost and not what they paid. that''s how i would do business.

I guess that depends on their business model, some go by the 1st in 1st out.

if that''s their business model then they can wait til the cows to come home. we may not see platinum price going back up to $2000 for a long long time.

 

[Mr New York]

Date: 10/6/2008 7:26:27 PM
Author: Dancing Fire

Date: 10/6/2008 7:10:59 PM
Author: Stone-cold11

Date: 10/6/2008 7:07:00 PM
Author: Dancing Fire

Date: 10/5/2008 10:22:12 PM

Author: neatfreak

I assume anything in stock or platinum bought while the price is high will still reflect the higher price. Any platinum bought now theoretically should have the price brought down, but it might take awhile to trickle down...

it should base on todays replacement cost and not what they paid. that''s how i would do business.

I guess that depends on their business model, some go by the 1st in 1st out.

if that''s their business model then they can wait til the cows to come home. we may not see platinum price going back up to $2000 for a long long time.

Yeah it''s kinda like people that have devalued real estate thinking that they can sell houses at 2005 prices. I guess if the place I''m looking at doesn''t come down then I''ll just go somewhere else. I''m sure there''s lots of people looking to sell in this economy.

 

[ysj99]

I had the same question recently too. I had been keeping an eye on the 2mm platinum flat band at e-weddingbands.com for a while. It was $449 and then after the platinum price drop, it fell to $308 so I swooped in and bought it!

I guess now is the time to buy platinum jewelry.

 

[corgan]

Jamie didn''t respond to my e-mail but I did notice that my new quotes for a custom in platinum was considerably less this week than it was last week.

 

[Mr New York]

Price of platinum still dropping... prices of wf rings? No.

WF ignored the part of the email where I asked about the price of platinum too. Kind of annoying. Actually a lot annoying

 

[neatfreak]

Date: 10/18/2008 11:49:49 PM
Author: Mr New York
Price of platinum still dropping... prices of wf rings? No.


WF ignored the part of the email where I asked about the price of platinum too. Kind of annoying. Actually a lot annoying

Well the stock rings were probably cast when platinum was still expensive, so it'll probably take awhile to trickle down. I would think that custom pieces should reflect a price difference, but at the same time most of the cost of a custom piece is the labor.

If you really want to know, call them. Some people aren't good at replying thoroughly to emails.

 

[denverboy]

Date: 10/19/2008 12:00:09 AM
Author: neatfreak


Well the stock rings were probably cast when platinum was still expensive, so it''ll probably take awhile to trickle down. I would think that custom pieces should reflect a price difference, but at the same time most of the cost of a custom piece is the labor.


If you really want to know, call them. Some people aren''t good at replying thoroughly to emails.

I got a new quote after prices dropped about 15-20% but the new quote was basically the same. But now prices have dropped even more so I would expect at least a couple of hundred dollars difference but nothing extremely drastic b/c as mentioned, a lot of the cost goes into labor.

 

[jmaisch]

I was given a quote today for a custom ring setting for $2125.00
Was told that due to the drop in platinum prices, this is $375.00
less than it would have been 3 months ago. Sweet

 

[jen2M]

anyone know when Whiteflash might drop their prices to reflect market value?