Raw platinum looks like a dull, grayish-white to steel-gray metal, often unassuming and sometimes coated in dark minerals, but it's distinguished by its extreme density (feeling much heavier than it looks) and high metallic luster when cleaned, with natural forms appearing as nuggets or crystals. Unlike shiny gold, raw platinum nuggets are often inconspicuous, resembling pebbles or distorted cubes, but reveal a bright silver streak and high heft.
The magnet test
Platinum is not magnetic, so using a magnet can be a quick way to test its authenticity. Simply bring a strong magnet close to your platinum piece. If there is no attraction, it's a good sign that your item may be genuine platinum.
Over the last few centuries mining has varied from small-scale family operations to large mining conglomerates. In contrast to gold, platinum nuggets are relatively inconspicuous. They have a dull grayish or blackish color but when you handle them, they can be distinguished by their extraordinary heft .
Platinum leaves a characteristic gray streak when rubbed against unglazed ceramic. This property distinguishes it from metals like silver or aluminum, which produce a bright silver streak.
Platinum is denser and thus heavier than white gold.
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.
But why do jewelers not like platinum? The answer lies in its unique properties that make it both a prized and challenging material to work with. Platinum is significantly denser than gold, making it heavier and more difficult to shape. This density also causes tools to wear down faster, increasing costs for jewelers.
Platinum is a metallic white to silver-gray colour. Its streak is a shiny silver-gray. Crystals, if found, tent to be distorted cubes. Platinum has a very high specific gravity.
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.
We accept all forms of platinum including platinum bars, platinum coins, platinum crucibles, platinum wire, and all forms of overstock material containing platinum. Request an appraisal kit and send us your old or unwanted platinum for cash today.
Yes, platinum is generally more expensive than gold due to its extreme rarity, higher density (meaning more metal is needed for the same size item), and purity (used at 90-95% pure versus gold's 58.5-75% in jewelry). While gold prices can fluctuate, platinum's scarcity and industrial demand (like catalytic converters) often keep its price per ounce higher, though market shifts can sometimes see gold surpass platinum temporarily.
The Metal: Hydrogen peroxide is a mild oxidizing agent.
This means it can cause discoloration and corrosion on metals over time. While it might not instantly dissolve your platinum or gold setting, repeated exposure can lead to a dulling of the metal's finish and weaken prongs.
The mine walls are drilled and explosives are placed inside. Once detonated, the broken rock containing the platinum and other metals is transported to the surface for processing. The ore is crushed then subjected to 'froth floatation', and the resulting 'soapy' residue is heated up to 1,500 degrees Celsius.
In the precious metals market, platinum is often viewed as a valuable commodity with both industrial and investment potential. Its primary uses today are in the automotive industry (for catalytic converters), the jewelry market, and increasingly, in the clean energy sector.
It is a very rare, silvery-white, hard, corrosion-resistant transition metal. It is a noble metal and a member of the platinum group.
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.
To be considered platinum, a piece must contain 95% or more of the metal, making it one of the purest precious metals you can buy. Over time, platinum will fade in a different way. It won't turn yellow, like yellow gold; but, it will begin to lose its shiny finish and build a natural patina (more on this in a bit).
In terms of its abundance on the planet, then, platinum should always be more valuable as it is much rarer. However the price of metals doesn't work like that and while, in theory, platinum should arguably be worth more than gold, this is not necessarily always the case.
Over time, your platinum ring, bracelet, or eternity ring will not need the extensive aftercare services which white gold and other precious metals require. Platinum will naturally incur light scratching and wear and tear over time, but the colour will not fade since platinum is a naturally white-coloured metal.
Weakness: Platinum demand is more cyclical and tied to automotive and industrial sectors, making it less reliable as a pure safe-haven asset compared to gold.
Samarium Cobalt Magnets (SmCo)
Samarium Cobalt, another rare earth magnet, is made up largely of Cobalt and Samarium and is the most expensive magnetic material to fabricate. Most of the cost is due to the high Cobalt content and the brittle nature of the Samarium alloy.