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. It’s used in catalytic converters for automobiles, laboratory equipment, hard disk drives, anti-cancer drugs, turbine engines, and more.
Platinum is 30 times rarer than gold, and the total supply of platinum is about 8.1 million ounces in 2020, according to the U.S. Geological Survey. South Africa is the top producer of platinum, with a 72% share of mine production, followed by Russia with a 12% share.
Our top recommendation for selling platinum jewelry, coins or scrap is CashforGoldUSA, which offers free, trackable and insured FedEx shipping, payment within 24 hours, and an A+ rating with the Better Business Bureau.
Whether you are selling jewelry, coins, scrap or other platinum pieces, here is what you need to know:
- How to sell platinum
- Can platinum be pawned?
- How much is platinum worth?
- More questions about selling platinum?
How to sell platinum in 2 easy steps
Just as you might sell gold or silver, you can sell platinum in a number of ways. The most common of these is to bring your silver to a pawn shop, a metals exchange, consignment shop, a local jeweler, or by using an online website.
Before selling your platinum, it’s important to understand the current going price for the metal so that you will not be ripped off. 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.
- Check Kitco's platinum price. Kitco's exchanges are widely accepted as the going price for precious metals
- Seek a reputable buyer.
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Sell a platinum ring
When selling a platinum ring or other piece of jewelry, its weight is a major factor in determining price. Also consider the quality, whether there are any stones, and where it was originally purchased and if it is a known brand like Tiffany or Cartier.
Sell platinum coins
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. 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’s catalog were priced at $1,345 each mid-April, 2020.
Sell platinum scrap
Since platinum is widely used in industrial applications, you can find scraps in a variety of places. For example, you can remove the catalytic converter under any old cars you have access to and sell it as is for its scrap platinum. And you can sell broken jewelry, ring settings and other platinum jewelry scrap.
Sell your platinum to CashforGoldUSA >>
Can platinum be pawned?
Yes, you can pawn platinum just like you can pawn any other precious metal like gold or silver. That said, if you would like to pawn your platinum it’s important to find a reputable 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 a diamond engagement ring, then the stone may be worth more the the platinum, which would typically be melted down for scrap and bring separate prices from the same buyer.
FAQs about selling platinum
How much is platinum worth?
How much does platinum sell for? What is the platinum price today?
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.
Platinum spot 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.
Platinum price for per ounce
As of May 10, 2021, Kitco platinum prices were about $1,248 per ounce—up 3.6% over the last month and 61.41% over the last year.
Platinum price per gram
As of May 10, 2021, platinum was worth about $40.12 per gram—up 3.6% over the last month and 61.41% over the last year.
The change in platinum price can be extremely volatile. While the value of gold typically rises in times of economic uncertainty, the opposite is true of platinum. 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.
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. It’s beauty, stability, and strength also make it an ideal choice for jewelry. These characteristics drive up the demand for platinum, while it’s relative rarity drives up the price.
FAQs about selling platinum rings
How much can you sell a platinum ring for?
Platinum prices vary daily depending on the current demand. How much you can sell a platinum ring for will depend on:
- The current market price
- 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. A simple way of calculating how much your ring is worth is to determine its purity, find its weight in grams, and multiply it by the current price of platinum. Online buyers, like CashforGoldUSA and Worthy.com can offer an online estimate immediately, though a full actual offer price requires a jewelry appraisal or lab report.
What do you do with old platinum rings?
If you have an old platinum engagement ring that you no longer want, you can of course hold onto it, but that just clogs up your jewelry box with something that no longer brings you joy. By selling the ring, you’ll generate cash that you can use to reach your financial goals or buy something that actually does make you happy and which you’ll use. On the other hand, you can also melt the platinum down and use that metal as a base for a new piece of jewelry that you like more.
Bottom line: Where to sell platinum
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 pays within 24 hours,
- Found by Fox Business News investigation to pay 3X their competitors
- BBB A+ rating
- Price match guarantee
- Free return guarantee
- 10% bonus if you ship within 7 days