Is scrapped Platinum worthless?

[mellowyellowgirl]

You know how you can sell scrap gold for surprisingly good prices? Does the same apply to platinum or is it worthless after it’s been turned into jewellery?

Asking so I can’t work out if I need to avoid platinum in the future. I’ve got a lot of heavy 18k settings that I had made when gold was cheap so I could scrap them in a pinch but don’t know much about platinum.

 

[Crimson]

No, it’s not worthless, but…
Some jewellers in Singapore who have a workshop and craftsmen will take in used gold because gold is popular, has a lower melting point and is more malleable. They do not take in platinum, because it doesn’t have as big a market as gold, and because it’s more difficult to handle. The cost of recycling is higher.

 

[mellowyellowgirl]

Thanks @Crimson

We have kiosks in shopping centres that buy scrap gold here. I don’t think that’s the case for platinum right?

 

[AllAboardTheBlingTrain]

Perhaps enquire with your jeweller? Mine does take in scrap platinum, but it’s not as good of a price (relatively) as gold.

 

[Dreamer_D]

This is very interesting. It’s funny that plat is widely considered (marketed as?) the luxury metal for jewelry but without resale it’s a sunk cost… I suppose that’s the sign of true luxury!

 

[mellowyellowgirl]

This is very interesting. It’s funny that plat is widely considered (marketed as?) the luxury metal for jewelry but without resale it’s a sunk cost… I suppose that’s the sign of true luxury!

Ha! I was always suspicious of it! All well and good when times are good but I want to be able to trade that ring to feed my family if the worm turns one day!

Some of my friends have managed to sell the sketchy 9ct gold jewellery we bought as impoverished uni students for decent prices! Shocker that platinum fetches nothing (we can’t find a kiosk that will buy it but they buy gold everywhere)

 

[kenny]

Everyone, you can mail all your "worthless" platinum to me.

And since I'm such a kind and thoughtful guy, I'll even pay for your postage.

 

[nala]

My jeweler quoted me 24 bucks a gram a few months ago—which was half of 14k gold at the time

 

[mellowyellowgirl]

My jeweler quoted me 24 bucks a gram a few months ago—which was half of 14k gold at the time

Ooh that’s super useful info Nala!

9k gold is fetching $34 usd a gram today at my local shops

 

[LilAlex]

Yeah, pure Pt is $30/g now whereas gold is $100/g. So that's a huge difference. But it takes a lot more g of platinum to make the same piece. (Yes, 90:10 Pt/Ir is 21.5 and 24K Au is a close 19, but 14K is only 13 - 14.5 so about a third lighter than the typical Pt jewelry alloy.)

I see lots of online vendors willing to buy scrap Pt -- but closer to $25/g.