Raw platinum looks like a dull, heavy, silvery-gray metal, often with a matte or slightly pebbled surface, sometimes appearing darker or even blackish due to impurities like iron or chrome, but it's defined by its extreme density (heft) and metallic luster when polished, distinct from shiny gold or lighter metals.
Platinum's high thermal conductivity means it melts ice quickly. This test is quick and simple. Place a small ice cube on your platinum piece and observe how rapidly it melts compared to a non-platinum item. A quicker melt indicates a higher likelihood of genuine platinum.
Examine with a magnet
Most of the precious metals are not magnetic, including Platinum. So, you can use a magnet to verify the purity of Platinum jewelry. When the magnet comes close to the jewelry, it should not move or react with the magnet.
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. 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.
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.
Platinum is denser and thus heavier than white gold.
The Ice Test: Nondestructive Thermal Conductivity Check
Another simple at-home test takes advantage of platinum's excellent thermal conductivity. Platinum conducts heat much faster than gold or silver, which can be demonstrated using an ice cube. To perform the test, place an ice cube directly on the platinum piece.
No other hidden charges will be deducted from the loan. Our branches accept gold, diamond, and platinum jewelry and watches, as well as selected non-jewelry items such as cellphones and laptop computers.
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.
It occurs in some nickel and copper ores along with some native deposits, with deposits from across Russia's Ural Mountains, Colombia, the Sudbury basin of Canada, and a large reserve in South Africa all accounting for a major portion of mined platinum.
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.
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.
Platinum Has the Third Highest Density
Additionally, it will not dissolve in water. This allows miners to separate platinum from its impurities as the precious metal will sink while impurities will float to the top.
Test for Magnetism: Platinum is not magnetic. Hold the strong magnet close to the item and observe whether it's attracted to the magnet. If it reacts to the magnet, it's not platinum.
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.
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.
Elemental platinum is non-toxic and therefore does not have a mechanism of action. Platinum salts act as respiratory or skin irritants. They may also trigger a response similar to an allergic reaction. Platinum complexes are used as cytotoxic treatments of cancer cells.
How to Identify Real Platinum? 4 Expert Tips to Spot Genuine Pieces
Alluvial, eluvial, marine, or glacial placers often contain valuable minerals and supplied most of the gold for the ancient world. Although platinum has been found inlaid with gold from ancient Egyptian and Mesopotamian gold work (Jansen et al.
According to Reuters, the average global cost to mine and produce one ounce of platinum is $1110, which is barely under today's spot price.