Platinum and Palladium
Reasons to platinum and palladium from philoro?
Platinum and palladium, contrary to the famous duo – gold and silver, used to fly under people’s radar for the longest time. In recent years, however, both precious metals started to gain momentum and established themselves in the industry.
The LPPM (London Platinum and Palladium Market) was established to set strict standards regarding the quality of the materials and ethical practices during sourcing and production.
philoro only offers platinum and palladium products that have an LPPM accreditation and exclusively works with well-known, international companies, such as Valcambi in Switzerland, to ensure the high quality and authenticity of the bars and coins.
The history of platinum and palladium
In the old Egyptian kingdoms, platinum had already been in use. Small amounts of this precious metal have been found in jewelry dating back to around 3000 BC. Historians assume that the metal was thought to be a natural mixture of silver and gold. Platinum was again discovered in the 1600s when the Spanish conquistadors were mining for gold, but the metal was deemed an annoyance and was simply disposed of. They named the metal ‘platina’ (little silver) which is where the name platinum comes from.
The discovery of palladium does not date back nearly as far. Only in 1803 was the metal discovered by the English chemist William Hyde Wollaston and named after the asteroid Pallas. The finding was a coincidence, as Wollaston was experimenting with purifying platinum.
Platinum and palladium in the automobile industry
Both platinum and palladium are very sought-after materials in the automobile industry. The precious metals are commonly used in catalytic converters in combination with rhodium. This makes them essential for reducing emissions and transitioning to a low carbon economy.
As of 2022, around 40 % of the worldwide demand for platinum was coming from the automobile industry. For palladium, this number was even higher, at 80 %.
Platinum and palladium in the jewelry industry
The jewelry industry has also long discovered the white metals. Platinum and palladium impress with their durability and resistance to tarnishes, dents and or scratches. In addition to that, they are often used as an alloy to eliminate the yellow hue of white gold. Whereas platinum makes for very heavy jewelry, due to its high density, palladium is much lighter. Both metals are a popular choice for fine jewelry, other than that, palladium is also used in dental care.