The incredible surge in the price of gold over the last decade has taken it into the same ballpark as the historically supreme metal, platinum. Late last year gold even leapfrogged platinum’s price, and the Perth Mint is still currently pricing gold above platinum. It’s pretty incredible when you consider platinum is around 30 times more rare than gold.James Courage, CEO of Platinum Guild International, the organisation set with the task of “inspiring a passion for platinum that ensures it is the precious jewellery of choice” puts the gold price surge down to the economic times. Courage was in Australia last week to gain a better understanding of the Australian jewellery industry.
“I think one of the reasons the gold price has gone up is the [economic] uncertainty we are living through in many markets,” he told Jeweller. “It is a store of value, particularly in the last couple of years as an investment because there haven’t been many other investments that have had an upward trend to them.”
Naturally this has made gold more expensive for jewellers and consumers, which in turn has helped spawn silver’s explosion as a leading metal used in jewellery. The other consequence of gold’s price rise is the lavish and rare platinum is now comparatively cheaper than any time in recent memory.
“Jewellers and consumers still see platinum in the premium position so they think it’s priced super premium,” Courage explained. “Today you have that opportunity where it’s the same price as gold.”
The exclusive metal is now more attainable and the Platinum Guild wants to see that convert into higher sales of platinum jewellery. Courage says the white metal’s key jewellery market is still bridal.