How To Valuate Scrap Platinum

It's important for you to know the approximate value of your scrap platinum before taking it to the scrap platinum buyer. Most of platinum used in jewellery industry is 95% pure. Other platinum such as industrial platinum e.g. dentistry and thermometers may vary in the content purity. Unfortunately, more often industrial platinum isn't hallmarked. Thus, it will be necessary to have a melt and carry analyse to figure the exact purity and value of the metal. As we've already told you the money paid for your scrap metal will be only for platinum content and so if the item has diamonds or any additional ornaments attached to it make sure you remove them not only due to their value but for precise weighting. Once you've done with that follow these steps:

1. Group the items with reference to their purity. Purity is expressed in percentages. The typical purity ratings for platinum items are as follows: 99%, 95%, 85% and 80%.

2. Once you know the purity of the item weigh it optimally using gram scale. If you don't have one you can easily multiply the value in ounces by 28.35 to get weight in grams.

3. To get current scrap platinum price please click here: scrap platinum prices.

4. To calculate today's price per gram divide it by 31.1.

For each purity rating, reduce the current price of platinum per gram by the amount of absent purity.
For example, an 80% rated item of platinum is 20% reduced. Working on today's price of platinum as £23 per gram, an 80% pure gram of scrap platinum would be valued at £18.40. 23 x 0.80 = 18.40.

Here is a table so you won't have to calculate it:

99% pure = 0.99
95% pure = 0.95
85% pure = 0.85
80% pure = 0.80

Once, you know what your platinum is worth, remember that scrap platinum buyers won't pay you the same price as you've just calculated (they must make money). Also know that they are equipped with highly precise scales, so the price may slightly vary.