How platinum scrap value is calculated
Platinum is priced per troy ounce just like gold and silver. Multiply the item's weight in troy ounces by its platinum purity and by the spot price.
Platinum melt value = weight (ozt) × platinum purity × platinum spot price
Example: a 6 gram platinum wedding band stamped 950 PT holds 6 × 0.95 = 5.7 grams of platinum, or 0.1833 ozt. If platinum were $1,400 per ounce, the melt value would be about $256.60.
Platinum hallmarks and purity
| Stamp | Platinum content | Notes |
|---|---|---|
| 999 PT, .9995 | 99.9% | Bullion bars and coins |
| 950 PT, PLAT, PT950 | 95% | The most common jewelry alloy in the US |
| 900 PT, 900 Pt/100 Ir | 90% | Often alloyed with iridium |
| 850 PT | 85% | Common in Japanese and older jewelry |
Platinum is dense and heavy, so a platinum ring weighs noticeably more than the same ring in 14k gold. Some vintage jewelry is marked "IRID PLAT", a platinum and iridium alloy that is usually 90% platinum.
Platinum vs. white gold
White gold and platinum look alike, but they are valued very differently. White gold is karat gold (usually 14k or 18k) alloyed with white metals and often rhodium plated. Platinum is not magnetic and is stamped PT, PLAT or 950. If an item is stamped 14K or 18K, use the gold scrap calculator instead.
Catalytic converters and industrial platinum
Catalytic converters contain small amounts of platinum, palladium and rhodium coated onto a ceramic honeycomb. Their value depends on the specific converter part number and an assay, not on overall weight, so this calculator can't price them. For platinum jewelry, lab ware, wire and bullion, the weight-based calculation above is accurate. See also the palladium scrap calculator.
Frequently asked questions
How much is platinum worth per gram?
Divide the platinum spot price per troy ounce by 31.1035 to get the price per gram of pure platinum, then multiply by the purity. For 950 platinum, multiply by 0.95.
Is platinum jewelry worth more than gold?
It depends on the market. Platinum and gold prices move independently, and over the last decade gold has often traded well above platinum. Check both live prices on this page.
What does 950 PT mean?
It means the item is 950 parts per thousand, or 95%, pure platinum. It is the most common platinum jewelry standard.
Is platinum magnetic?
Pure platinum and normal platinum jewelry alloys are not noticeably magnetic. Some platinum-cobalt alloys can be slightly magnetic, so a magnet test alone isn't proof.
How much do buyers pay for scrap platinum?
Platinum scrap usually needs to be assayed, and buyers often pay a lower percentage of melt than for gold, especially on small lots. Ask for a quote as a percentage of the platinum spot price.