Precious metals are not only limited to gold and silver, but there are also some other precious metals that may be less commonly heard of, one of which is palladium. Palladium is one of the precious metals included in the Platinum Metal Group.
The Platinum Metal Group consists of six precious metals: rhodium, ruthenium, osmium, platinum, iridium and palladium. Of the six types of precious metals, many people may be more familiar with rhodium as this precious metal is often used in making jewelry such as gold and silver.
To learn more about palladium, its price, applications and uses, how it compares to gold, its advantages and disadvantages, and how platinum compares to palladium, check out the following reviews.
What is Palladium?
Palladium is precious metal that belongs to the transition metals group in the periodic table. The metal has a variety of unique properties, such as ductility, corrosion resistance and high electrical conductivity.
In addition, palladium has a relatively low melting point, making it ideal for use in various industries, including automotive, technology, and jewelry. As a precious metal, palladium is also often utilized as an investment instrument.
Keep in mind that most of the metal is sourced from mines in the United States, Russia, South Africa and Canada.
Palladium Price
(Image source: id.bullion-rates.com)
Quoting the page id.bullion-rates.com, as of July 1, 2024, the price of palladium per gram is IDR 511,716. If we compare the price of palladium with gold, the difference is not too big.
The price of palladium also fluctuates like gold so it is important to monitor its movements if you plan to buy it. On the other hand, palladium, like gold, is often used to make jewelry.
However, when it is processed into jewelry such as rings, the selling price of palladium can differ. Therefore, it is important to check the market price first before buying this precious metal, especially if it has been turned into a palladium ring.
Because it is hard and difficult to mold into intricate designs, palladium rings are popular among men. Jewelry designs made from this precious metal tend to be simpler. In the United States and Europe, palladium jewelry is often collected and preferred over gold.
Applications and Uses of Palladium
Palladium is usually obtained as a by-product of gold, nickel and platinum mining, rather than from specialized mining. Besides being used in jewelry, palladium has an important role in the automotive industry.
Palladium is often used in exhaust systems to reduce toxic emissions from engines. Palladium is also widely used in dental equipment and electronics.
Global demand for palladium continues to increase, which causes its price to rise. This increase is driven by the high demand for the automotive industry and jewelry raw materials, especially for palladium rings.
Palladium Vs Gold Comparison
Rings containing up to 75% palladium, or those in the Grade B category, can fetch up to Rp975,000 per gram. In comparison, a gold ring with 99% purity (24 karat) has a selling price of around Rp822,000 per gram.
However, the price of rings, both palladium and gold, may vary depending on the desired design. For men who are Muslims, it is recommended not to wear gold rings. Therefore, palladium rings are one alternative option.
Pros and Cons of Palladium
The following are some of the advantages and disadvantages of palladium that are important to know, including:
Pros of Palladium
- Durable: Palladium jewelry is known to have exceptional durability and is not easily damaged. Its resistance to oxidation and corrosion prevents rust formation and discoloration.
- Easy to clean: Palladium rings are very easy to clean with just soap and water. However, make sure to use warm water when cleaning palladium rings.
- No allergies: Palladium is a highly recommended choice for those with sensitive skin. Wearing palladium jewelry can avoid allergic reactions such as hives and skin irritation.
Disadvantages of Palladium
- Limited design: Palladium, being a hard precious metal, limits design options for jewelry or rings. Generally, palladium rings available in the market tend to have simple designs. However, some jewelry stores offer the service of making palladium rings according to the desired design.
- Difficult to resell: Palladium wedding rings should be considered for storage only. That’s because not all jewelry stores accept palladium rings back. This is one of the disadvantages of owning a palladium ring, unlike gold jewelry which is generally easier to resell.
- More limited availability: Although palladium is more abundant than some other metals like platinum, its availability is still more limited compared to metals like gold and silver. And for those of you who want to know how to easily distinguish real gold and fake gold manually, you can read the article here.
Platinum and Palladium Comparison
Platinum and palladium are both highly valuable precious metals. While they share some similarities in their properties, they have significant differences.
Platinum tends to be more rare and usually has a higher price than palladium. While platinum is widely used in the jewelry and technology industries, palladium is more often chosen in the automotive industry due to its lightness and better efficiency.
Here are some comparisons between platinum and palladium that are important to know, including:
- Hardness: Platinum is softer than palladium, although palladium is slightly harder than platinum.
- Melting Point: Platinum has a higher melting point than palladium, while palladium has a lower melting point than platinum.
- Density: Platinum has a higher density (21.45 g/cm³) than palladium (12.02 g/cm³), making it denser.
- Luster: Both metals have a distinctive silvery-white luster.
- Limitations: Both platinum and palladium have limited availability and are rare metals.
- Main Uses: Platinum is used extensively in the jewelry industry, technology, and as a catalyst in various chemical reactions. Palladium is more commonly used in the automotive industry, but is also used in other industries and as a catalyst.
- Relative Price: Platinum usually has a higher price than palladium, although the price of both can vary depending on the market and demand.
- Catalysts: Platinum is widely used as a catalyst in various industries and palladium also has an important role as a catalyst.
How to Care for Palladium Jewelry
Another advantage of palladium rings is their ease of maintenance and cleaning. This is due to its strong and durable texture compared to gold or other precious metals.
However, it is still important to understand some tips for taking good care of palladium rings, including the following:
- It is recommended not to wear palladium rings when doing strenuous activities or work to prevent scratches or damage despite its strong and hard texture.
- Always remove the ring when washing clothes to avoid contact with laundry bleach or detergent, which can fade the ring’s color.
- To clean a palladium ring, use warm water mixed with liquid soap. Soak the ring in this solution for 10-15 minutes, then remove and dry with a soft cloth or tissue. Avoid rubbing the jewelry roughly.
- Alternatively, palladium rings can also be cleaned using a mixture of soda water and lemon juice. Apply this mixture evenly to the surface of the ring, leave for a few minutes, and then rinse with clean water to clean it thoroughly.
Conclusion
In conclusion, Palladium has a number of significant advantages, including corrosion resistance, the ability to retain its luster, as well as strength that makes it durable as a jewelry material.
However, there are some drawbacks to consider, such as limitations in complex jewelry designs and limited availability.
Choosing Palladium for jewelry can be a smart choice due to its advantages in maintenance and durability. Palladium is also an environmentally friendly and more affordable alternative to other precious metals such as platinum or gold.
It’s important to remember that palladium is a valuable asset that offers attractive investment opportunities. However, in an increasingly digitalized investment world, it is also important to consider other investments such as those in cryptocurrencie.
Cryptoassets have shown potential for significant growth in value in recent years, attracting investors looking for portfolio diversification and the opportunity to benefit from technology trends and innovation.
In the future, Palladium’s prospects in industry look bright, primarily in automotive and electronics applications. However, in an investment context, with technological developments and digitalization trends coming to the fore, it is important for investors to also consider various other investment options, including cryptocurrencies which are gaining popularity and potential for long-term value growth.
Through crypto investments, we can access significant potential benefits in the short and long term, ranging from the potential for rapid value growth, portfolio diversification, access to new technologies, decentralized investment environment, to flexibility and accessibility.
FAQ
1. What is Palladium?
Palladium is a type of precious metal that belongs to the Platinum Metal Group, along with rhodium, ruthenium, osmium, platinum and iridium.
2. Why is Palladium more expensive than gold?
Palladium is more expensive due to its more limited availability and extensive use in the automotive and technology industries, in addition to jewelry.
3. What are the advantages of Palladium as jewelry?
Palladium’s advantages include resistance to oxidation and corrosion, ease of cleaning, and no allergy to sensitive skin.
4. How should Palladium jewelry be cared for?
Palladium jewelry should be removed before bathing or washing, avoid wearing when doing heavy work, and clean with warm water and dish soap.
5. What are the main differences between Palladium and Platinum?
Palladium is harder and has a lower melting point than Platinum, and is lighter with a lower density. Platinum is usually more expensive and is often used in jewelry and the technology industry.
