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Accurate weight and purity identification are the two things you need before using the calculator.
Here's how to get both right.
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The formula for calculating scrap platinum value is straightforward:
In practice, scrap platinum buyers typically pay 60% to 85% of the calculated melt value. The discount covers the cost of refining, assaying, and the buyer's margin. Platinum refining is more complex and expensive than gold refining, which is why the spread tends to be wider. This makes it especially important to compare offers and understand your piece's baseline value before accepting a quote.
Scrap platinum refers to any platinum item that is valued primarily for its raw metal content rather than its design, brand, or gemstones. This includes broken ring settings, single earrings, outdated jewelry, damaged engagement rings, old watch cases, laboratory crucibles, and any platinum piece you no longer wear or want.
When platinum is sold as scrap, it goes to a refiner who melts it down and recovers the pure platinum. The price you receive is based on three factors: the current platinum spot price, the weight of your piece, and its purity grade. Our scrap platinum calculator uses these three inputs to give you an accurate estimate of what your platinum is worth as scrap today.
The term “scrap” does not mean the platinum is worthless or low quality. A Pt950 engagement ring weighing 8 grams contains real, recoverable platinum worth hundreds of dollars at current prices. “Scrap” simply means the item is being valued for its metal content alone, without any premium for craftsmanship, brand, or gemstones.
The purity grade of your platinum directly determines what percentage of the piece is pure platinum.
Higher purity means more platinum content and a higher scrap value per gram.
Here's a reference for the most common purities you'll encounter in scrap platinum:
In the United States, Pt950 is the most common purity found in platinum jewelry. US law requires a piece marked simply “Platinum” or “Plat” to be at least 95% pure. If your piece has no hallmark stamp, a jeweler can test its purity using acid testing, electronic testing, or X-ray fluorescence (XRF), typically for free or a small fee.
Scrap platinum value is the amount you'd receive if a refiner melted your piece down and recovered the pure platinum. It is purely a function of weight, purity, and the current platinum spot price. Scrap value ignores everything else about the piece — its maker, age, condition, design, and any stones set in it.
Resale value is what a buyer would pay for the piece as jewelry, accounting for brand recognition, design appeal, gemstone quality, condition, and market demand. A Tiffany platinum engagement ring sold as scrap might fetch $300. The same ring sold as a pre-owned Tiffany piece with its original diamond could bring $3,000 or more.
The gap between scrap and resale value is largest for:
Pieces from recognized luxury brands (Tiffany, Cartier, Harry Winston, Van Cleef & Arpels)
Art Deco and Edwardian platinum jewelry with collector appeal
Engagement rings and settings with high-quality diamonds
Signed pieces from estate jewelry houses
Platinum watches from brands like Patek Philippe or Rolex
This is why Unvault evaluates each piece individually rather than offering a flat scrap rate. Even pieces you assume are “just scrap” may have hidden value. A free valuation confirms whether your platinum should be sold as scrap or as a resale piece — and ensures you don't leave money on the table.
The platinum spot price is the current market price for one troy ounce of pure platinum, quoted in US dollars. It changes throughout each trading day based on global supply and demand, industrial consumption, currency fluctuations, mining output, and geopolitical events.
Platinum trades on major exchanges including the NYMEX (CME Group, New York) and the London Platinum and Palladium Market (LPPM), which sets twice-daily benchmark fixings. Our scrap platinum calculator refreshes the spot price daily so your estimate reflects current market conditions.
Unlike gold, platinum has significant industrial demand — roughly 30–40% of annual supply goes to catalytic converters in the automotive industry, with additional demand from chemical, medical, and electronics sectors. This means platinum prices are more sensitive to economic cycles than gold. When the economy is strong, industrial demand pushes platinum higher. During downturns, reduced industrial consumption can push platinum below gold.
One important detail: like gold, platinum is priced per troy ounce (31.1035 grams), which is about 10% heavier than a standard ounce (28.35 grams). Our calculator handles all unit conversions automatically — just enter your weight in whatever unit you have.
