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How and where to sell platinum jewelry, scraps or coins in 2024

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Platinum is a naturally occurring, silver-colored, or “white” precious metal. In addition to being used for jewelry, platinum has many industrial applications because of its resistance to corrosion and other chemical reactions.

If you are looking to sell platinum jewelry or coins, it is important to understand the value of your item, as well as the resell market.

How to sell platinum

There is a big difference between selling platinum coins and scrap/jewelry. You would typically sell platinum coins and bullion to a precious metals buyer or collector, while scrap can most easily be sold to an online metals buyer.

Platinum coins are only produced by a few mints, including the U.S. Mint, which made just 40,000 of them in 2019. That rarity of type can add to the value of your coins, which can be sold for close to the spot price.

The age and condition of your coins also factor into their value. One-ounce 99.95 percent platinum coins currently listed in the U.S. Mint catalog were priced at $1,495 each as of May 4, 2024. 

More here on selling valuable coins.

Platinum jewelry, unless it’s from a brand like Tiffany or Cartier, is likely to fall in the scrap platinum category.

Assuming you are likely here looking for information on selling your platinum jewelry or scrap, it’s important to take a few steps to so you will not be ripped off:

1. Check platinum markings

When you're selling a platinum ring or other piece of jewelry, you should first determine how much your platinum is worth based on the current price of platinum, then get multiple offers from reputable buyers.

In addition to the item's weight, consider the quality, whether there are any stones, where it was originally purchased, and if it is a known brand like Tiffany, Cartier, or Harry Winston

You can check the symbols stamped on a platinum ring to see how much platinum it contains:

  • 850 = 85% pure platinum
  • 900 = 90% pure platinum
  • 950 = 95% pure platinum
  • 999 = 99% pure platinum

More on the symbols stamped on jewelry here.

2. Check today’s platinum price

The price of platinum and other precious metals are set twice daily by the London Bullion Market Association, which posts the latest price.

Typically, you’ll never get the exact spot price (the buyer needs to be able to make money reselling it, after all), but you can shop around to find the buyer who is willing to give you as much as possible for your metal.

Platinum prices fell in 2023, as investors have favored high-interest bonds and money-market accounts over metals.1 However, experts expect a surge as its use in the manufacture of emission-control catalytic converters and other uses mean a 24% demand increase this year, while supply is predicted to grow by just 3%, according to a 2023 report2 from the World Platinum Investment Council.

12-month gold future from Yahoo Finance as of May 2, 2024.
12-month gold future from Yahoo Finance as of May 2, 2024.

3. Find reputable platinum buyers

Next, seek a reputable buyer to sell your platinum. The Better Business Bureau, Trustpilot and Yelp are good indicators of places to sell platinum locally and online. Search any companies you’re considering and look for customer reviews and any negative press. 

Here are some places where you can sell platinum “near me”:

  • Pawn shops: If you need cash quickly, searching for a quality local “pawnbroker near me” can be a good option.
  • Cash for gold stores: Similar to pawnshops, cash for gold stores will buy any weight of platinum on the spot for cash, but their price may not be great.
  • Jewelry stores: If you have a platinum ring or other piece of platinum jewelry, you can sell it to some jewelry stores. Do a search for “jewelry stores near me” to find a list of local places to contact. 
  • Consignment shops: Some high-end consignment shops buy platinum jewelry. 

Here are some places where you can sell platinum online:

  • Online consignment shops: If you have platinum jewelry, an online consignment store that sells such items may be a good option.
  • Online marketplaces: You can also sell platinum jewelry on online marketplaces like ebay, though you should ensure you are buying from a reputable seller with a lot of positive reviews. 
  • Online metal buyers: An online metal buyer like CashforGoldUSA is a good fit, thanks to the convenience, A+ BBB rating, 24-hour payment, privacy, and reputation for high payouts.

What platinum is worth

Platinum can be sold by the ounce or by the gram. Here's how platinum is valued:

How much can you sell a platinum ring for?

How much you can sell a platinum ring for will depend on:

  • The current market price, which goes up and down in relation to the economy, stock market, inflation and demand for platinum
  • The size and weight of the ring
  • The purity of the metal 
  • The quality of the metal
  • Whether or not it is set with any stones, such as diamonds
  • If it is a branded piece of jewelry

Are platinum rings worth anything?

Yes, platinum rings are, at a minimum, worth their weight in platinum. To find out what your platinum ring is worth:

  1. Determine its purity
  2. Find its weight in grams
  3. Multiply its weight by the current price of platinum
  4. Discount that number by about 50% to 70%

At today's platinum price, a typical men's platinum wedding band will sell for about $800 retail and fetch about half that in scrap prices.

Online diamond buyers can offer an online estimate immediately, though a full actual offer price requires a jewelry appraisal or lab report.

FAQs about selling platinum

What is the resale value of platinum?

Although platinum is rarer and generally considered to be more valuable than gold, its resale value is less stable, and fewer shops are willing to buy it back. If you have platinum scrap, the resale value when compared with the retail price will be a greater difference than that retail-resell difference for gold, typically.

This is because platinum is less popular and less in demand, since manufacturers and jewelers alike are using palladium more and more — replacing platinum.

Can platinum be pawned?

Yes, you can pawn platinum just like you can pawn any other thing of value. That said, if you would like to pawn your platinum it’s important to find a reputable, local pawn shop that will give you a fair price for your metal. Selling through an online platinum buyer, like CashforGoldUSA, will often be easier than comparison shopping between individual pawn shops.

If your platinum is part of a piece of jewelry, such as your engagement ring, then the stone may be worth more than the platinum, which would typically be melted down for scrap and bring separate prices from the same buyer rather than pawned.

CashforGoldUSA, however, accepts all forms of platinum, including platinum jewelry.

How much does platinum sell for? What is the platinum price today?

As of , platinum is per ounce or per gram.

The price of platinum can be extremely volatile, often soaring to twice the value of gold in good economic times and dropping below gold in bad times.

The London Bullion Market Association maintains the globally accepted benchmarks for all precious metals, including the LBMA Platinum Price

The spot price for platinum is its value immediately after purchase. It’s determined by the trading of futures contracts, influenced by expectations of supply and demand, as well as Federal Reserve policies and other current events. 

Is platinum more expensive than gold? 

Platinum spot price was per ounce as of .

As of , the spot gold value in the United States was trading at $ per ounce, or $ per gram. 

In most cases, platinum is more expensive than gold, though their values fluctuate greatly.

For example, these two identical engagement ring settings in 18k white gold and platinum have an original price difference of $140:

Platinum vs. white gold engagement ring in 18k.
Platinum vs. white gold engagement ring.

While the value of gold typically rises in times of economic uncertainty, the opposite is true when it comes to platinum value. That’s because gold is considered a good store of value, making it a safe haven during recessionary periods.

The demand for platinum, on the other hand, is more dependent on its industrial uses, which tends to be reduced in a slowing economy. 

Platinum vs white gold: Which is more valuable?

What makes platinum so valuable?

Platinum is valuable because of the characteristics it carries as a metal. The fact that it is dense, corrosion-resistant, ductile, and chemically stable and typically unreactive, with a high melting point, makes it ideal for many industrial applications.

Its beauty, stability, and strength also make it an ideal choice for jewelry. These characteristics drive up the demand for platinum, while its relative rarity drives up the price. 

Bottom line: Is it hard to sell platinum?

It’s not hard to sell platinum now that you know what you're doing.

In fact, we recommend CashforGoldUSA when selling platinum jewelry, coins or scrap for several reasons, including their best price guarantee:

  • Pays within 24 hours
  • BBB A+ rating
  • Price match guarantee
  • Free return guarantee
  • 10% bonus if you ship within 7 days

CashforGoldUSA accepts all forms of platinum including platinum jewelry, platinum bars, platinum coins, platinum crucibles, platinum wire, and all forms of overstock material containing platinum.

CashforGoldUSA also buys all quantities and qualities of gold, silver, diamonds and fine watches.


Sources

  1. Gold prices slump as global bond yields rise, U.S. dollar strengthens,” by Joseph Adinolfi, MarketWatch, Aug. 7, 2023 https://www.marketwatch.com/story/gold-prices-slump-as-global-bond-yields-rise-u-s-dollar-strengthens-5efd6b50
  2. “Platinum deficit in 2023 to be deeper than expected,” Reuters, March 07, 2023. https://www.nasdaq.com/articles/platinum-deficit-in-2023-to-be-deeper-than-expected-wpic

What is the resale value for platinum?

Although platinum is rarer and generally considered to be more valuable than gold, its resale value is less stable, and fewer shops are willing to buy it back. If you have platinum scrap, the resale value when compared with the retail price will be a greater difference than that retail-resell difference for gold, typically.

Can platinum be pawned?

Yes, you can pawn platinum just like you can pawn any other thing of value.

Is it hard to sell platinum?

It’s not hard to sell platinum. We recommend selling to an online metal buyer.

4 Comments

My name is Thomas ,I have almost a tonne of platinum taken from a Japanese submarine and trying to look for buyers..

My name is Dwayne and I have a platinum rock and I don’t know the purity of it how can I find that out and where can I sell it thank you for ypur time

I have a statue about 3 inches high that I believe is platinum. The pawn said it was not gold or silver and that was all they could tell me. I believe it was made many years ago by native Americans. How could I find out if it’s platinum? I have a app that says it’s platinum.

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