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.
The cost of platinum extraction and production is also high, requiring complex techniques and equipment, refining, and processing.
Platinum's unique properties, such as its density, resistance to corrosion, and versatility in industrial applications, add to its value.
Additionally, platinum has cultural and historical significance and is in demand for its use in catalytic converters and as an investment asset.
Despite its higher price, efforts are being made to promote responsible mining and production practices in the platinum industry.