How Much Can You Sell a Platinum Ring For?

POSTED IN: Platinum Prices, Platinum Rings, Sell Platinum, Selling Wedding Bands, Selling Wedding Rings

Platinum rings have been gaining in popularity over the past several years, especially for men. Popularly worn just as casual jewelry pieces, they’re also common used for wedding bands (for both men and women). Using platinum in wedding bands makes them a bit more unique, and they look fantastic too. Renowned for their enduring value, exceptional durability, and exquisite aesthetics, it’s no wonder a lot of couples choose platinum bands.

Sometimes marriage doesn’t work out though, causing many people to want to sell their platinum wedding rings. For those that wear platinum rings and other jewelry more casually, you my want to sell if the jewelry breaks, loses its meaning, or you want to buy something new. Whatever the reason, Cash for Gold Mailer is a great choice when it comes to selling your platinum.

Unlike gold, platinum bands are typically crafted from 95% pure platinum. This distinguishes platinum from gold, which is often alloyed with other metals to enhance its strength and durability (you can learn more about gold purities here). You’ll typically see platinum jewelry referred to as PL950, standing for 95% platinum. While gold offers various shades through alloying, platinum’s natural color remains consistent—a luminous, silvery-white hue that captivates the eye.

In other words, platinum wedding bands, unlike their gold counterparts, are not subject to the variations of karats. Instead, they are prized for their inherent purity, ensuring that each band possesses an unmatched brilliance and luster. This purity makes the value of your platinum ring a lot more predictable, and there’s less to worry about when evaluating and selling platinum rings. The value calculation is much simpler and more straightforward.

How Much is Your Platinum Ring Worth?

Value of Your Platinum Ring = (weight of the ring in troy ounces) * (purity of platinum) * (price of platinum)

Below, we’ll go over the elements of that formula to estimate the value of a typical platinum wedding band.

Weight of Platinum Rings

While platinum is cheaper than gold these days, it is a little bit denser, and thus weighs a little more than a gold ring of the same size. Compared to pure gold, it may only weigh about 10% more, but compared to 14k gold (which is more common for jewelry), it can be up to 67% heaver! Regardless, you’re going to need to weigh it to get an accurate price.

Accurately determining the weight of a platinum band is essential for assessing its value. Utilizing precise scales capable of measuring to several decimal places ensures an accurate evaluation, whether conducted at home or by a professional jeweler.

The weight of platinum rings can vary quite a bit, with men’s rings often weighing more than women’s rings. We’ll call the average weight of a platinum ring about 10 grams for calculation purposes, but be aware thick platinum rings can even be double that!

10 grams needs to be converted to troy ounces (which is how platinum is priced). 1 gram = 0.0322 Troy ounces. A quick search or calculation will help you with this, but it comes to 0.3215075 troy ounces.

Purity of Platinum

Platinum jewelry, unlike gold, is made of a consistent 95% purity. This part of the formula will always be .95, unless the ring is blended with other metals. In these cases, the pricing gets more complicated, and you need a professional machine (we have one of course, but they’re far too expensive for hobbyists).

Because of its purity, Platinum is hypoallergenic and is highly resistant to tarnish.

Platinum Prices

As of February 2024, the value of platinum is $913 USD/ounce. The price of platinum fluctuates frequently, so you may want to check the current price of platinum or learn more about selling platinum in general.

Price Calculation

Value of Your Platinum Ring = (weight of the ring in troy ounces) * (purity of platinum) * (price of platinum)

Value of Your Platinum Ring = (0.3215075) * (0.95) * ($913)

Value of Your Platinum Ring = $278.86

 

Selling Your Platinum Ring

That calculation gives you the intrinsic value of your platinum ring. It’s good to know for bargaining purposes, or just to understand the kind of deal you’re getting when you go to sell it. Of course, precious metal dealers are making some kind of margin, and you can see how much Cash for Gold Mailer pays.

If you have other gold or other precious metals to sell, it’s a good idea to do it all at once. The more you sell, often the higher the percentage places will pay. Just selling one ring may net you 65% of the intrinsic value, while selling a larger quantity could get you up to 95% of the value.

How to Sell to Cash for Gold Mailer

At Cash for Gold Mailer, transparency and integrity are paramount. Offering competitive rates of up to 95% of the value of platinum, coupled with a streamlined online process, ensures a hassle-free transaction from start to finish. With the convenience of mail-in service and expedited payments, selling platinum wedding bands has never been easier.

Whether parting ways with a cherished symbol of the past or seeking to upgrade to a new form of self-expression, selling your platinum wedding band offers an opportunity for financial gain and emotional closure. By leveraging the current high in platinum prices, you can unlock the value of your bands and other jewelry and use the cash for something you love.

Ready to get started? Request a free mailer and get started now. You’ll get a free kit containing everything you need to sell your platinum (and gold). We also offer fast, free, fully-insured shipments and payments within 24 hours of an accepted offer. Unlike many competitors, we pay online instantly!