by Joelyn Pullano

Created on: January 21, 2009

The oldest record of platinum use is as an inlay in ancient Egypt. However, the Egyptians though it was a variation of electrum, (a natural blend of gold and silver.) Native Americans used it for centuries in small decorative objects. Platinum was unknown to Europeans until Spanish discovered it in Columbia. The Spanish called it platina, meaning little silver. It was not identified as a new metal until the 1700's. The metal was introduced into Europe from South America in the middle of the eighteenth century. It is always found in association with other metals, chiefly Rhodium, Osmium, Iridium, Palladium.

Platinum is one of the rarest and purest precious metals in the world. The perfect jewelry material for these fortuitous times, Platinum is regarded by many as a "new" metal. Platinum has been held in high regard as a symbol of wealth and nobility, the true worth of Platinum was underappreciated until the eighteenth century, when the Europeans began to recognize Platinum's beauty. As a matter of fact, France's Louis XVI proclaimed it the only metal fit for royalty. Legendary jewelers such as Cartier, Faberge and Tiffany created their timeless designs in platinum. The world's famous diamonds, including the Hope and Koh-l-Noor, are secured permanently in platinum.

Platinum reached its peak of popularity in the early 1900s, when it was the preferred metal for all fine jewelry in America. It dominated the world of jewelry design during the Edwardian era, the Art Deco period and well into the 1930s. At the onset of World War II, however, the U.S. government declared platinum a 'strategic' metal and its use in non-military applications, including jewelry, was banned.

Very few countries have platinum supplies, with South Africa (80%) and Russia (11%) accounting for approximately 90% of the world's supply. The yearly production from these mines is only 150 tons, which is 1/25 of the yearly production of gold. Moreover, the amount of platinum that can be produced from raw ore is relatively small. To make a single small ring of approximately 3 grams requires approximately 1 ton of raw ore.

Today, platinum is much more valuable than gold. Although it is used in many industrial applications, including the automotive industry, platinum jewelry consistently commands higher prices than even pure gold because of its rarity.

Two of the best ways to find the cheapest scrap platinum is through catalytic converters and scrap platinum jewelry. Due to the prices of platinum being so

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