The price of Platinum and Gold has changed dramatically over the last 10 years and caused a great deal of concern for both manufactures and retailers within the jewellery industry. Manufacturing items such as diamond engagement rings and wedding bands have become more expensive to make thus making the resale value to consumers a great deal higher.
As I write this 18ct Gold sits at a staggering £32.15 per Gram and Platinum and at a surprisingly lower cost than Gold at £25.12 per Gram. This makes a standard engagement ring of around 8 Grams cost £260.00 just for the metal alone. Once we add manufacturing costs, marketing, and advertising into it we are looking at a cool £600-£900 for the ring before we have even added the Diamond. So for those looking for a more cost effective solution what could Palladium be the new alternative?
“The symbol for Palladium is the Pallas Athene, the Greek Goddess of War, Wisdom and Crafts, after whom it was named. The mark was designed for use as part of the Palladium hallmark ”
A Lighter Brighter Future..
In fact the light and bright Palladium metal is slowly on the rise as more and more customers are seeking an affordable alternative. Its current price comparison against Gold and Platinum is just £16.74 per Gram making it 50% cheaper than Gold and almost 40% cheaper than Platinum. Thats a few ££ in saving on the ring alone.
So whats new about Palladium?
Palladium is generally alloyed with elements such as Ruthenium and Iridium (Palladium accounting for approx 95%). It is also a Platinum group metal and comes with many advantages. For example:
- It does not tarnish or lose whiteness when worn.
- Palladium does not need to be rhodium plated.
- Palladium is harder wearing.
As it’s a platinum group metal its makes the jewellery item hypo-allergenic. (none nickel based).
The colour of palladium is slightly darker than platinum making any set diamonds on the shank of the ring look more revealing.
Palladium is in the same price bracket as white gold but due to the price of gold rising Palladium should be less expensive.
Saving the best fact for last: PALLADIUM is actually rarer than GOLD and may hold a higher value in the future, especially if it becomes sought after over Gold due to jewellery trends in the buying market.
FACT: From January 2010 Palladium is now officially recognised as a precious metal. If a Palladium designed ring weighs more than 1 gram it is now a legal requirement for it to be hallmarked.
If you decide to go for a gorgeous Palladium engagement ring, don’t be afraid to make the change. Many large on-line and high street retailers are already offering this option.
We welcome your thoughts. Does anyone have Palladium or has decided to buy Palladium over other types of metal. Let us know by leaving a comment below.
