How to Sell Pure Platinum
Following its discovery in South America in the mid-1700s, platinum has proceeded to take the world by storm. Initially dismissed as worthless simply because it wasn’t gold, platinum’s true value has since been acknowledged to the point that it has become a household name.
Platinum is a noble, precious, and relatively rare metal used not only for producing fine jewellery, but also in various industries. As well as being used to embellish lab equipment, platinum has been utilised in chemical production, and the manufacturing of automobiles. It has even ventured into the space industry.
Existing in the earth’s crust at a mass fraction of 5 parts per billion, platinum is one of the rarest metals in the world. The metal also boasts a high strength and melting point, as well as an inertness to many chemicals. For these reasons, there has been both an increase in demand and high prices for platinum products throughout recent history.
This demand means that it is rarely difficult to find a buyer for those looking to sell platinum. Throughout this article, we talk you through the dos and don’ts of selling pure platinum.
Why is platinum a coveted metal?
There are many reasons for the popularity of selling platinum. Many of these boil down to the qualities of the metal itself.
A naturally white metal, platinum is typically utilised in its almost pure form for platinum jewellery ranging from 95-98%. Platinum looks almost identical to white gold, and remains looking the same for many years (as long as it is well-maintained and properly cared for.
Platinum is also hypoallergenic, making it a great choice for people who are allergic to cheaper alloy metals, such as nickel. This allows wearers of platinum to trust that their jewellery won’t irritate their skin, as it's very unlikely to cause an allergic reaction down the track.
Next up, platinum’s durability is almost second to none. It is one of the strongest metals on Earth, which also results in it being scratch-resistant and durable. Another shining attribute of platinum is that it shifts its mass upon being nicked or scratched instead of chipping off.
Because of this glowing quality, many people opt for jewellery made from platinum over other precious metals.
Platinum’s scarcity means that it is rarer than gold, and because platinum is less common than gold, it is often traded more for a higher price. Furthermore, this scarcity means that it is often considered a symbol of prestige (i.e. “platinum” credit cards have greater privileges than “gold” credit cards).
On top of being slightly heavier and more durable than white gold, platinum also does not corrode easily. This means platinum is resistant to corrosion and tarnishing and will retain its charming natural white colour for years to come.
Is it worth selling platinum?
Any owners of platinum jewellery and other platinum products know exactly how rare and expensive it is. This material not only has an aesthetically noble colour but also surpasses silver and gold in many areas. With all that considered, it’s no surprise that it’s usually a relatively easy task to sell platinum at a high price.
Pure platinum jewellery is highly-priced. This means that an expensive piece can create value for you instead of just gathering dust in a jewellery box. You can profitably sell platinum in order to purchase a new piece of jewellery down the track.
At 7879, we offer a buyback service for your platinum jewellery, allowing the sale of your platinum to become a simple and stress-free task. With our buyback service, you can always be sure that you will receive a fair price for your item, as we constantly monitor the market value and update our prices according to the current rate.
This system allows you to make a profit reselling the jewellery you bought from us - whenever you choose to.
Where can you sell your platinum jewellery?
Knowing where to sell platinum is vital for anyone in the market. You could, for example, opt to sell your platinum to a pawn shop close to your home or place of work. Here, however, you will most likely only receive the smallest offers for your treasured product.
Besides choosing to sell to specialised pawn shops, you can also offer your platinum to regular jewellery stores to see how much they are willing to pay. A step above pawn shops, professional jewellers will have a far better idea of what your item is worth. If choosing this option, you should always ensure you’re well-versed in your jewellery terms and know the daily market rate for platinum.
Online auctions are also an option, but it is recommended that you contact them as a last resort. This is because online auctions typically don’t offer the highest price for your ingot, jewellery, or platinum coins. In addition, scammers are quite prevalent in online marketplaces, and such a transaction aren’t always reliable.
Another option to sell your platinum is to combine two methods by taking your business to a jewellery broker who operates on the internet either privately or through a regular business. The products are evaluated using the latest technology, so you don't have to worry about damaging your item. Furthermore, you can also sell your antique jewellery or branded watches there.
As already highlighted, if you buy your jewellery from us at 7879, you can avoid all the hassle by simply taking advantage of our trusted and reliable buyback service. This way you know that you will always receive a transparent, fair price for your item and the convenience of not having to look for a buyer yourself.
Things to keep in mind when selling platinum
There are a few things you should always keep in mind when selling platinum.
The first and foremost of which is the price of platinum itself. Always check the current market value of platinum, and keep in mind that the price of platinum changes daily. It's important to check the current spot price before selling. If you’re unsure how to do so, you can always find the current price of platinum per ounce on websites such as Kitco.
The second thing to do is weigh your platinum, as the weight of your platinum will determine how much it's worth. Most platinum is weighed in troy ounces, which are slightly different from regular ounces. One troy ounce is equal to 31.1 grams (as confusing as that is), or about 10% more than a regular ounce.
You should also always consider the purity of your platinum because, like your item's weight, the purity of your platinum will also affect its value. Most platinum is between 95% and 99% pure, and the higher the platinum’s purity, the more valuable the platinum will be.
Another preventative measure is to check any potential buyer's credentials. You can do this by asking for references, or simply checking online reviews.
While we’re on this topic, you should also always be cautious of scams. There are many scams associated with selling platinum, so be sure to do your research, and only deal with reputable buyers.
An interesting element of selling platinum is that the price is negotiable. Once you've found a buyer, you'll need to take the next step by negotiating a price. The buyer will more often than not offer you less than the current market value, so be prepared to haggle!
Finally, always get a receipt! Once you've been paid, simply ask for a receipt for the sale. This will help you keep track of your finances and ensure that you can check that you were paid the agreed-upon amount.
So there you have it: the ins and outs of the platinum-dealing world. As you’ve gathered, there are few certainties when conducting your business with anyone but a licensed jeweller or trader.
There are, unfortunately, plenty of opportunities to be taken advantage of unless you really know what you’re doing. So make sure you always do your homework and that you’re well-practised in your jewellery vernacular.
If you’re interested in buying or selling platinum and want to eliminate any chance of being ripped off, then 7879 is the option for you.
Our transparent and reliable buyback service is one of the safest, allowing you to buy and sell jewellery in a regulated and protected environment. Our fair prices are updated daily according to the live market rates, allowing you to see exactly how much your jewellery item is worth at any moment.
If you’ve decided that you’re ready to invest in some platinum jewellery of your own, check out our esteemed Pure Platinum collection.
Our expansive range of pure platinum jewellery boasts a wide range of bespoke platinum jewellery in all sorts of shapes, sizes, and designs. This gives you the best chance possible of finding that perfect item of jewellery that speaks to you.
If you’re going to invest in platinum jewellery, do it right with us at 7879.