Superficially, silver and platinum resemble one another, due to their grayish appearance. However, beneath the surface, there are many differences between these two precious metals, yet both play an important role in the worldwide manufacture, sale and distribution of jewelry.

Comparing The Two Metals

Both of these metals have been known since ancient and medieval times, and even back then they were sometimes confused with being one another. During their conquest of South America the conquistadors found platinum and thought it was silver. Platinum is exceptionally rare and not subject to discoloration or corrosion over time. It plays a key role in the automotive industry and today most of it is mined in South Africa. More silver is mined annually than platinum, and although this makes it less rare, at one time it dominated the world’s stage and in many societies was even more rare than gold.  Compared to platinum, silver has also played a greater role in monetary history, having been used as currency in more societies.

However, neither the silver nor platinum used in jewelry has one hundred percent purity. Rather, they are combined with various metals to increase their strength. The purest silver is soft and as a consequence is usually alloyed with zinc or copper. Metal which contains more than 92.5 percent silver is called Sterling. Platinum, on the other hand, is typically combined with metals such as cobalt, ruthenium or palladium. Metal which contains anything below eight percent platinum is not referred to as being such.

Which Is More Durable?

Metallurgists consider platinum to be among the strongest metals on earth. This is partly due to its melting point, which is extremely high, and is one of the reasons it is the metal of choice for engagement and wedding rings. It is good at protecting gemstones and ensuring they don’t fall out. It also isn’t subject to tarnishing like silver; however, platinum jewelry which is smooth may develop a matte appearance, a phenomenon called patina. To prevent it the jewelry will need to be polished regularly.

The metal lacks the durability of platinum. As time passes, it might also lose its shape. Sterling silver may tarnish and can become dark if exposed to either pollutants or moisture. As such silver must be cleaned frequently to maintain its luster, and when this is done it can last for generations. Between the two, maintaining platinum is easier.

Which Is More Valuable?

Anyone who looks at the current spot price of silver and platinum per ounce will quickly conclude that platinum is more valuable; platinum is currently trading at almost $800 per ounce, while silver is less than $15 per ounce. However, there is a difference between price and value, and a number of things should be taken into consideration. First, far more silver is mined than platinum. Second, its spot price is heavily influenced by paper contracts, meaning there is far more “paper silver” on the market than the actual metal. Third, it is higher in demand for many emerging technologies than platinum and because it has historically maintained a 1/15 ratio with gold, various factors could push its price much higher, potentially surpassing platinum and even gold.