Platinum is usually more costly when it comes to selecting a metal for your engagement or wedding ring. The primary explanation for this is that precious metals are valued according to their weight, and platinum is much denser than gold, so it would be heavier.
Platinum rings are even more valuable than gold rings because platinum is a much rarer element. Approximately 1,500 tonnes of gold are produced each year. In comparison, only 160 tonnes of platinum were mined.
The value of precious metals, like any other commodity, is dictated by supply and demand – forces that are not constant and can rise and fall depending on the performance of the overall economy.
Platinum differs from gold in that it has a much broader variety of industrial applications, which means its value fluctuates more like that of an industrial metal than a precious metal.
Anyone who has visited a jewelry store is aware of the price gap between platinum and gold jewelry, and in the music industry, the term "platinum" refers to an album that has sold over one million copies.
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