Platinum

Platinum is regarded as one of the most precious metals available. It is one of the rarest metals possessing unique properties, which make it valuable across diverse sectors.

Some of the qualities of platinum – such as its resistance to chemical attack, wear and tear resistance characteristics, stable electrical properties, and excellent high-temperature characteristics – make it distinctive when compared with other elements of commercial interest.

Widescale industrial application of Platinum

Thanks to its versatile nature, platinum’s industrial applications have grown nearly four times since 1980. The metal’s fast-growing portfolio of industrial applications continues to expand even when its supply base remains narrow. As a result, platinum has become a critical metal for health as well as wealth of the world economy. It represents one of the most critical commodities of global economic importance.

It is widely used in the manufacturing industry for the production of a variety of products such as fertilisers, fiberglass, lightbulbs, and airbags. In the healthcare sector, it is being used in medical devices and cancer treatments. Platinum has found major application in lowering vehicle emissions and harnessing renewable energy. It also has properties suitable for renewable power applications that makes it usable in fuel cell electric vehicles as well.

Why more people are choosing platinum jewellery?

Platinum has grown in popularity among masses across the globe for its use as a jewellery item. Over the last five years, the annual jewellery demand stood at 24–31% of the total platinum demand worldwide. While China has emerged as the largest market for platinum jewellery, in the United States, platinum has become the first preference for engagement rings.

Platinum jewellery is ranked high for its global premier status. The metal develops a rich finish over time. Prongs made of platinum provide a stronger hold for precious gems and diamonds. In terms of weight, platinum is around 60% heavier than 14kt gold.

Understanding platinum-group elements (PGEs) 

Platinum-group elements (PGEs) consist of six rare metals, namely platinum (Pt), iridium (Ir), palladium (Pd), rhodium (Rh), ruthenium (Ru) and osmium (Os). In the Periodic Table of Elements, these are classified as Transition Metals.

Platinum group elements fall under Australia’s critical minerals.  To cope up with surging demand, PGE players have been undertaking more explorations as well as resource definitions. This has resulted in a remarkable increase in the economic inventories for numerous critical minerals.