How Much Is Scrap Platinum Worth in 2026?

Platinum has quietly staged one of the most dramatic comebacks in precious metals history. After years of trading below gold — even dipping under $900/oz in late 2024 — platinum surged 127% during 2025 and hit a record near $2,920 per troy ounce in January 2026 before settling around $2,100/oz in early March. If you own platinum jewelry, old lab equipment, or catalytic converter cores, the metal inside may be worth considerably more than you assumed.

Unlike gold and silver, platinum is rarer, harder to identify, and traded in a smaller market — which means many sellers undervalue what they have.

Current platinum scrap prices by purity

At a spot price of approximately $2,100 per troy ounce (March 2026):

Purity	Fineness	Price per Gram	Price per Troy Oz	Common Use
PT999	99.9%	$67.42	$2,097.90	Bullion bars and coins
PT950	95.0%	$64.05	$1,993.01	Most platinum jewelry
PT900	90.0%	$60.68	$1,888.11	Fine jewelry (US)
PT850	85.0%	$57.31	$1,783.22	Budget platinum jewelry

PT950 is the industry standard for platinum jewelry — if a ring or necklace is marked "PLAT" or "PLATINUM," it's almost certainly 95% pure. This is dramatically higher than gold jewelry (commonly 58.3% pure at 14K), making platinum pieces more valuable per gram of total weight.

The calculation formula

Scrap Platinum Value = Weight (grams) × Purity (decimal) × Spot Price per gram

Where spot price per gram = spot price per troy ounce ÷ 31.1035.

Example: A PT950 engagement ring weighing 8 grams at $2,100/oz spot:

1. Spot per gram: $2,100 ÷ 31.1035 = $67.52/g
2. Calculation: 8 × 0.95 × $67.52 = $513.15 melt value

That ring — which many people toss into a drawer after a divorce or upgrade — holds over $500 in platinum alone, not counting any gemstones.

How to identify platinum

Platinum's dense, silvery-white appearance makes it easy to confuse with white gold or even stainless steel. Look for these hallmarks:

• PT950, PLAT, 950, or PLATINUM — 95% platinum
• PT900 or 900PT — 90% platinum
• PT850 or 850PLAT — 85% platinum
• Irid Plat — Platinum-iridium alloy (vintage pieces)

If an item is marked "WG," "14KW," or "18KW," it's white gold, not platinum. Platinum is significantly denser than gold — a platinum ring will feel noticeably heavier than an identical gold ring of the same size. If there's no marking, a professional XRF test is the definitive answer.

What scrap platinum buyers pay

Platinum refining is more complex and energy-intensive than gold or silver, which affects buyer payouts:

Buyer Type	Typical Payout (% of melt)
Specialized online refiners	90–95%
Jewelry stores and local dealers	70–85%
Pawn shops	40–60%

The gap between the best and worst buyers on an 8-gram PT950 ring is substantial — $487 from a refiner at 95% versus $256 from a pawn shop at 50%.

Why platinum's fundamentals support current prices

The World Platinum Investment Council (WPIC) reports that the platinum market ran a 692,000-ounce supply deficit in 2025 — the third consecutive annual shortfall. Global mine supply dropped to 5,510,000 ounces, 10% below the five-year pre-COVID average, while South Africa (which produces roughly 70–80% of the world's platinum) continues to face production challenges. Above-ground platinum stocks have fallen to just 3,187,000 ounces — approximately five months of demand cover.

Sources

• JM Bullion, Platinum Price Chart: jmbullion.com/charts/platinum-price/
• World Platinum Investment Council, Platinum Quarterly: platinuminvestment.com
• APMEX, Platinum Value Calculator: learn.apmex.com
• USGS, Platinum Group Metals Summary 2024: pubs.usgs.gov