Understanding Why Platinum Commands A Higher Price Than Diamonds
18 / 4 / 2023
Platinum is more expensive than diamonds due to its rarity, as it is 30 times rarer than gold and found in limited quantities in the Earth's crust.
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The cost of platinum extraction and production is also high, requiring complex techniques and equipment, refining, and processing.
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Platinum's unique properties, such as its density, resistance to corrosion, and versatility in industrial applications, add to its value.
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Additionally, platinum has cultural and historical significance and is in demand for its use in catalytic converters and as an investment asset.
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Despite its higher price, efforts are being made to promote responsible mining and production practices in the platinum industry.
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