Platinum Calculator

Platinum melt value is the raw worth of the pure platinum content in any item, whether a ring, dental crown, lab crucible, or coin. The calculation: convert the weight to troy ounces, multiply by the platinum purity, and multiply by the current platinum spot price. This calculator does all three steps automatically.

For example, a Pt950 platinum wedding band that weighs 15 grams contains 15 × 0.950 = 14.25 grams of pure platinum. Converting to troy ounces: 14.25 ÷ 31.1035 = 0.4581 oz t. At today's spot price of — per troy ounce, the melt value is approximately —. That's the starting point for any negotiation with a buyer.

Platinum Calculator by Purity

Platinum jewelry and scrap come in several common purities. Pt950 dominates the modern jewelry market. Pt900 appears in older and Japanese pieces. Pt850 is the minimum that can legally be sold as "platinum" in most jurisdictions. Fine .999 platinum is used in bullion and lab equipment. Use the platinum calculator above with the purity selector, or reference per-purity details below.

Pt950 Platinum Calculator: Price Per Gram

Pt950 platinum is 95% pure platinum, stamped "950 Plat," "Pt950," "PLAT," or "950." The Pt950 platinum price per gram is — at today's spot price. Pt950 is the standard for modern fine jewelry, especially wedding bands and engagement ring settings, because the 5% alloy (typically ruthenium, iridium, or cobalt) adds just enough hardness without compromising platinum's signature white color.

Pt900 Platinum Calculator: Price Per Gram

Pt900 platinum is 90% pure platinum, stamped "Pt900" or "900 Plat." The Pt900 platinum price per gram is — at today's spot price. Pt900 was common in mid-20th century American jewelry and remains the standard in many Japanese platinum pieces. The 10% alloy makes it slightly harder than Pt950.

Pt850 Platinum Calculator: Price Per Gram

Pt850 platinum is 85% pure platinum, the minimum that can legally be marked as "platinum" in most jurisdictions including the US. The Pt850 platinum price per gram is — at today's spot price. Pt850 appears in lower-cost platinum jewelry and some European pieces. Items below 85% purity must be marked as a platinum alloy rather than as "platinum."

Fine Platinum Calculator: Price Per Gram (.999)

Fine platinum is 99.9% pure platinum, used in bullion bars, coins like the American Platinum Eagle, and laboratory equipment such as crucibles and electrodes. The fine platinum price per gram is — at today's spot price. Lab-grade platinum from chemistry and research applications is one of the most valuable forms of platinum scrap because it requires minimal refining.

Platinum Price Per Gram, Pennyweight, and Troy Ounce

Platinum trades in three weight units. Per gram is the most common reference for jewelry sellers. Per pennyweight (dwt) is used by some jewelers and refiners. Per troy ounce is the global spot price quoted on NYMEX. The price table above shows all three for every purity.

Platinum Price Per Gram

Pure .999 platinum is worth — per gram at today's spot price. Pt950 jewelry is worth — per gram. Pt900 is worth — per gram. Pt850 is worth — per gram. A standard 7-gram platinum wedding band in Pt950 has a melt value of approximately —.

Platinum Price Per Pennyweight (DWT)

A pennyweight is 1.555 grams, or 1/20 of a troy ounce. At today's spot price, fine .999 platinum is worth — per pennyweight, and Pt950 platinum is worth — per pennyweight. Pennyweight is less common in platinum transactions than in gold, but some jewelers and refiners still quote platinum in dwt.

Platinum vs Gold: Price, Value, and Rarity Compared

Platinum and gold trade at different prices, and which is "more valuable" depends on the moment. At today's spot prices, gold is — per troy ounce and platinum is — per troy ounce. Right now, gold is more expensive per ounce, but that hasn't always been the case.

Why Is Platinum Cheaper Than Gold Right Now?

Three reasons drive platinum's current discount to gold. First, declining diesel vehicle demand has hurt platinum's industrial use in catalytic converters. Second, increased platinum supply from South African mines has loosened the market. Third, gold has surged as a financial hedge against inflation and currency uncertainty, while platinum lacks the same monetary status. From the 1980s through 2014, platinum consistently sold at a premium to gold, sometimes 50% to 100% higher per troy ounce. The current relationship may be temporary.

How Rare Is Platinum Compared to Gold?

Platinum is roughly 15 times rarer than gold in the Earth's crust. Annual global platinum production is about 250 tons compared to 3,000 tons of gold. About 75% of all platinum is mined in South Africa. Despite being rarer, platinum trades below gold because rarity alone doesn't set price. Supply and demand do. Gold has broader investment and jewelry demand worldwide, while platinum demand is concentrated in industrial applications and specialty jewelry markets.

Platinum Density and Weight

Platinum is significantly denser than gold. Platinum's density is 21.45 g/cm³ compared to gold's 19.32 g/cm³. A platinum ring of the same size as a gold ring will be about 11% heavier. This density difference means a platinum ring contains more metal by weight than a similarly-sized gold ring, which partially offsets the lower per-gram price when comparing finished jewelry.

Platinum vs White Gold: Which Is Better for Jewelry?

Platinum and white gold look similar but are very different materials. Platinum is a naturally white precious metal in its pure form. White gold is yellow gold mixed with white alloys like palladium, nickel, or silver, then plated with rhodium for a bright white finish. The choice between them affects appearance, durability, maintenance, and price.

Appearance and Color

Platinum has a naturally cool white-gray color that never changes. White gold has a similar bright white appearance but only because of rhodium plating. As the rhodium wears off over years of wear, white gold develops a yellowish tint and needs to be replated periodically (typically every 2–5 years) to maintain its bright white look. Platinum requires no replating.

Durability and Scratch Resistance

Both metals are durable enough for daily wear, but they wear differently. White gold (typically 14K or 18K) is harder than platinum and resists scratches better. When platinum scratches, the metal displaces rather than wearing away, so a platinum ring keeps most of its weight (and value) over decades. White gold actually loses metal mass through wear. Platinum is also hypoallergenic, making it the safer choice for people with metal sensitivities. White gold containing nickel can cause allergic reactions.

Price Difference Between Platinum and White Gold

Platinum jewelry typically costs more than white gold even when spot platinum is cheaper than spot gold. Three reasons: platinum is denser, so a platinum ring contains more metal by weight. Platinum jewelry is usually 95% pure (Pt950) compared to white gold's 75% (18K) or 58.33% (14K). Platinum's higher melting point (1,768°C) makes it more expensive to manufacture. At today's prices, expect a platinum wedding band to cost roughly 40–80% more than an equivalent 18K white gold band.

Platinum vs Palladium: What's the Difference?

Platinum and palladium are both from the platinum group metals (PGM) family and look nearly identical. Both are naturally white, hypoallergenic, and used in catalytic converters and fine jewelry. The key differences are price, weight, and rarity.

Palladium is about 40% lighter than platinum (12.02 g/cm³ vs 21.45 g/cm³), so a palladium ring of the same size will feel noticeably lighter. Both metals can be used as the white alloy in white gold, with palladium being the more hypoallergenic choice. For jewelry, platinum is the more traditional choice, while palladium offers a similar look at a typically different price point. See our palladium calculator for current palladium melt values.

Is Platinum a Good Investment?

Platinum's price is driven primarily by industrial demand (especially catalytic converters) rather than financial speculation, which makes it more sensitive to economic cycles than gold but potentially better positioned for industrial growth. Whether platinum fits a portfolio depends on goals, risk tolerance, and time horizon.

Arguments for Investing in Platinum

Platinum is currently trading at a historic discount to gold, which some investors view as a buying opportunity since the long-term average has platinum at a premium. Growing demand for hydrogen fuel cells (which use platinum as a catalyst) and emissions regulations on heavy diesel vehicles could increase industrial demand. Platinum is rarer than gold, with only 250 tons mined annually versus 3,000 tons of gold. Platinum bullion coins like the American Platinum Eagle are recognized worldwide.

Arguments Against Investing in Platinum

Platinum's price is volatile and tied to industrial cycles. The shift to electric vehicles reduces demand for catalytic converters, which is platinum's largest industrial use. Platinum lacks the financial hedge status that gold enjoys during periods of economic uncertainty. The market is small and less liquid than gold, with wider bid-ask spreads.

Use the platinum calculator above to track the current value of any platinum you already own.

How Much Is a Platinum Ring Worth?

A platinum ring's melt value depends on three factors: the weight in grams, the platinum purity (typically Pt950, Pt900, or Pt850), and the current spot price. To estimate the melt value of a platinum ring:

1. Weigh the ring in grams (use a kitchen or jewelry scale)
2. Identify the purity stamp inside the band (Pt950, Pt900, Pt850, or "950 Plat")
3. Use the platinum calculator above to apply live spot prices

A typical Pt950 wedding band weighs 5–15 grams. At today's spot price, that translates to roughly — to — in melt value. A heavier signet ring or men's wedding band can weigh 15–25 grams. An engagement ring's metal value depends on the band weight only; diamonds and other stones are valued separately.

Melt value is what the raw metal is worth. A platinum ring purchased at retail probably cost 2–4x its melt value due to design, brand markup, and labor.

What Platinum Items Are Commonly Scrapped

Platinum is one of the rarest and densest precious metals, and it appears in a variety of items that can be scrapped for their metal content. The most common source for individuals is platinum jewelry — rings, wedding bands, necklaces, bracelets, and earrings marked "Pt," "950 Plat," or "Pt950." Platinum jewelry is typically 95% pure (950 fineness), though some older or European pieces may be 90% or 85%.

Catalytic converters are the largest industrial source of scrap platinum. These emissions-control devices in vehicles contain small amounts of platinum, palladium, and rhodium coated on a ceramic honeycomb substrate. The platinum content varies widely by vehicle make, model, and year — from a fraction of a gram in some cars to several grams in diesel truck converters. Catalytic converter recycling is a specialized business; individual sellers should work with licensed buyers who can assay the converter's actual precious metal content.

Dental platinum is another common scrap source. Older dental crowns, bridges, and inlays sometimes contain platinum alloys, especially those made before the 1990s. Dental platinum is typically alloyed with gold and other metals, so the platinum content varies. A dental refiner can assay the exact composition and pay accordingly.

Laboratory and industrial platinum includes crucibles, electrodes, thermocouples, and other equipment used in chemical research and manufacturing. These items are often high-purity (.999) and can be quite valuable. Industrial platinum scrap should be sent to a precious metals refiner for assay and maximum recovery.

How to Identify Platinum Jewelry

The fastest way to identify platinum jewelry is to look for the hallmark stamp. Modern platinum is typically marked "Pt," "PLAT," "PLATINUM," "Pt950," "Pt900," "Pt850," "950 Plat," "900 Plat," "850 Plat," or "950." UK and European platinum often carries hallmarks with the purity number plus assay office marks.

Platinum Hallmarks and Markings

Common platinum stamps: "PLAT," "PLATINUM," "Pt," "Pt950," "Pt900," "Pt850," "950 Plat," "900 Plat," "850 Plat." Items marked "PT/IRID" or "Pt/Ir" contain platinum-iridium alloy. Watch for misleading marks: "WHITE GOLD," "PALLADIUM," "Pd," "RHODIUM PLATED," or any karat marking like "14K" or "18K" indicate the item is NOT platinum.

The Weight Test

Platinum is significantly denser than gold and white gold. A platinum ring will feel noticeably heavier than a similarly sized white gold or silver ring. Density: platinum 21.45 g/cm³, gold 19.32 g/cm³, silver 10.49 g/cm³, palladium 12.02 g/cm³. If a ring marked as platinum feels light, get it tested. It may be white gold or rhodium-plated silver.

The Acid Test

A platinum acid test kit uses a strong acid solution that does not react with real platinum. Apply a small drop to a hidden spot or scratch on the item. Real platinum will not change color or dissolve. White gold and other base metals will react and discolor. For valuable pieces, take to a jeweler or refiner with XRF analysis equipment for non-destructive testing.

Platinum Pricing and Dealer Payouts

Platinum is priced per troy ounce on international markets, just like gold and silver. However, the platinum market is much smaller, and prices can be more volatile. Even the strongest buyers in this trade pay around 70–80% of melt value for platinum jewelry, and it falls off quickly from there. High-purity platinum bullion and lab-grade platinum do better, closer to 90%, because there is almost nothing to refine out of them. The lower percentages for jewelry reflect higher refining costs — platinum's extremely high melting point (1,768°C / 3,215°F) makes it more expensive to refine than gold.

Where you land depends on what you are selling and who you sell it to. A wedding band and a kilo of lab crucibles are different transactions. Small jewelry lots go across a counter and sit at the lower end. Bullion and high-purity scrap need almost no refining and sit near the top. Volume moves you up too: once a lot is large enough to be worth an assay, it stops being a counter transaction and gets priced like metal rather than like jewelry.

What Different Buyers Pay

The biggest factor in what you walk away with is which door you walk through. The same piece can bring double at one buyer versus another, and the gap has little to do with how well you negotiate. It comes down to each buyer's business model and how far they sit from the refinery.

• Pawn shops: around 50% of melt at best on gold, often well below, and usually worse on platinum. Fastest way to get cash, lowest price. Most of their business is tools, electronics, and general jewelry, so precious metals are a sideline. Many cannot test platinum properly and will either price it as white gold or decline it.
• Jewelry stores: highly variable. A store may pay well for a piece it can resell as jewelry and poorly for anything it would scrap. Many will not buy platinum at all.
• Coin and bullion dealers: mixed on jewelry. Recognized platinum coins and bars resell as-is without refining, so those sit in their normal inventory. Jewelry does not.
• Specialist and mail-in metal buyers: roughly 70–80% of melt on jewelry, and 80 is a strong offer. Precious metals are the whole business. They refine or broker directly and carry less overhead than a storefront, so they can pay more for the identical piece. This is the top of the market for ordinary scrap jewelry.
• Refiners: higher on paper, and out of reach for most sellers. They sit at the end of the chain, so nobody takes a margin ahead of them. Collecting their rate is the hard part. Most refiners set minimum lot sizes measured in troy ounces or kilograms, and they will not open an account for one ring. Assay fees, lot charges, and refining costs come off the top, which barely register on a large lot and swallow a small one whole. Settlement runs weeks, not the same day. If you are holding a wedding band or a few pieces of scrap, the refiner rate is a number you can read about but not get. A specialist buyer who aggregates lots is how an individual reaches refinery-adjacent pricing without a refinery-sized pile.

Be careful with the payout percentages published elsewhere. Most of them come from buyers describing their own generosity, which is why you will see ranges topping out at 90 or 95. Those are advertisements. On the ground, 70 to 80 is what the strong buyers actually pay for jewelry, and the shape of the list above is the useful part: the more of a buyer's business is precious metals, and the closer they sit to a refinery, the more they can pay for the same piece.

An Advertised Percentage Is Not an Offer

You will see buyers advertising "up to 95% of melt." Read that as marketing, not as a number you are going to be paid. "Up to" describes a best case, and the best case is almost always bullion, not the ring in your hand. The rate that gets advertised and the rate that gets offered are two different rates.

It helps to know the ceiling. Even the strongest buyers pay around 70 to 80% of melt on jewelry, so an advertised number well above that is a claim about the buyer's marketing department, not about your metal.

The pattern worth knowing: a high headline number gets you to mail the package, and the real offer arrives after your metal is already in someone else's building. At that point saying no means asking for it back and waiting, and plenty of people just take the number rather than start over. The advertising did its job before anyone weighed anything.

So before you ship anything, get a figure in dollars for your specific item, in writing, based on your weight and purity. Ask what happens if you decline, who pays return shipping, and how long it takes. A buyer who will not put a number on your piece before it leaves your house has told you something useful about how the rest of it will go.

Platinum also has fewer buyers than gold. Many pawn shops and jewelry stores will not touch it, or will quote it as if it were white gold, which is a much worse deal than the melt figure above. Get at least two offers before you sell, ask whether the buyer refines platinum in house or brokers it onward, and ask them to weigh the piece in front of you. A buyer who will not do those three things is not the right buyer.

For gold and silver calculations, use our scrap gold calculator or scrap silver calculator. You can also calculate palladium melt values with our dedicated tool. Return to the melt value calculator homepage for all metals.