Platinum's top uses include catalytic converters in vehicles, jewelry, electronics (hard drives, contacts, electrodes), medical devices (pacemakers, stents, chemotherapy drugs), and as crucial catalysts in the chemical industry for producing fertilizers and silicones, leveraging its extreme resistance to corrosion and high temperatures.
Platinum is used in catalytic converters, laboratory equipment, electrical contacts and electrodes, platinum resistance thermometers, dentistry equipment, and jewelry.
One of the rarest and most precious metals
The name originates from Spanish word platina, meaning 'little silver'. It is one of the most stable metals and is resistant to corrosion, even at high temperatures, making it ideal for electronic components, laboratory equipment and jewellery.
Platinum uses are incredibly varied — the metal can be used in autocatalysts and jewelry, as well as for medical and industrial purposes. Platinum may be rare, but it is the third most-traded precious metal in the world, behind gold and silver. The world's platinum demand varies widely across many sectors.
As of early January 2026, the price for 1 kilogram (kg) of platinum fluctuates but is roughly in the range of $69,000 to over $110,000 USD/AUD, depending heavily on the dealer, market spot price ($69,407/oz USD reported by JM Bullion, ~ $2,500 AUD/oz by Guardian Gold as of Dec 2025), premiums, and if buying physical bars, with Australian dealers showing ~AUD $110,000 for 1kg bars.
Traditionally, platinum jewelry contained 85 to 95 percent pure platinum alloyed with other precious metals. In recent years, some platinum pieces have been alloyed with a larger percentage of non-precious base metals (like copper and cobalt).
Platinum-Group Elements (PGEs, i.e. platinum; Pt, palladium; Pd and rhodium; Rh) are extensively employed in the production of automotive catalytic converters to catalyze and control harmful emissions from exhaust fumes.
Here are eight practical applications:
Pure platinum, in its unadulterated form, does not tarnish. So, if your ring is turning black, it might be due to the presence of other metals in an alloyed piece. These metals, when combined with platinum, can react with certain external elements, leading to a change in colour over time.
Platinum differs from gold in that it has a much larger range of industrial uses, meaning its value fluctuates in a way that resembles an industrial metal much more closely than it does a precious one. This means that its value will typically show a closer correlation with the performance of the global economy.
Platinum is used in electronic medical devices like those mentioned above, as well as in catheters, stents and neuromodulation devices. It is ideal for these applications because of its durability, conductivity and biocompatibility. The metal is also inert within the body, making it safe for implantation.
PLATINUM. Generally platinum is not magnetic. However, it depends on the platinum alloy: if the platinum is mixed with ruthenium, iridium or palladium then no, none of these are magnetic; if it's mixed with cobalt then yes, cobalt is magnetic so, theoretically, platinum can be attracted by a very powerful magnet.
The unique hue of platinum color is almost silver, almost white, and subsequently seen as a color of purity and elegance. The properties of its namesake make the color platinum a symbol of strength and rarity, too.
7 Fun Facts about Platinum
Platinum sputtering targets are also used to produce platinum thin film for sensors in a wide variety of uses, including AI, where models need to be trained with large amounts of data.
South Africa is the biggest producer of platinum in the world. In 2024, it produced 140 metric tons, making up 74.3% of the global supply. The main areas where platinum is mined are the Merensky Reef, Plat reef, and Upper Group 2 Reef.
As of early January 2026, the price for 1 kilogram (kg) of platinum fluctuates but is roughly in the range of $69,000 to over $110,000 USD/AUD, depending heavily on the dealer, market spot price ($69,407/oz USD reported by JM Bullion, ~ $2,500 AUD/oz by Guardian Gold as of Dec 2025), premiums, and if buying physical bars, with Australian dealers showing ~AUD $110,000 for 1kg bars.
Its dense, durable nature means it doesn't easily react with most chemicals. However, platinum is not completely impervious to damage. Chlorine, in particular, can affect platinum, albeit less severely than sterling silver or gold. Repeated exposure to chlorine can cause platinum to develop a dull appearance over time.
Platinum is one of the most durable and hypoallergenic metals used in fine jewelry. It is highly resistant to corrosion and tarnish , making it safe to wear in the shower . However, even platinum can accumulate soap residue over time, so it's still a good idea to remove it occasionally for cleaning.
Palladium was the most expensive of the four major precious metals - gold, silver, platinum and palladium. It is scarcer than platinum, and is being used in great quantities for catalytic converters in cars.
Best Hypoallergenic Jewelry Metals
Platinum's reclassification is inseparable from China's national decarbonization strategy. Hydrogen plays a central role in Beijing's 2030 carbon peak and 2060 carbon neutrality targets, and platinum is indispensable in proton exchange membrane (PEM) electrolysers, fuel cell stacks, and catalytic applications.
The catalytic converter in your vehicle is an obvious target for recycling, as more than 50% of the world's platinum and Palladium supply goes into the manufacturing of catalytic converters for both diesel and automobiles.
In fact, central banks don't just avoid platinum, silver, or palladium but they practically can't hold them. That's because these metals simply aren't recognised by the international banking system and central banking community as monetary reserve assets.