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I would say it is or atleast vey close. Gold rings are plated and platinum is not so it increases the price quite a bit.
$2200 sounds right for a platinum ring, the 400 sounds on the lower end. But it could be like PP said that it is plated.
What kind of platinum ring? The site I ordered my husband's band from currently has a 6mm size 10 flat comfort fit platinum (PT950) band for $1730.
If it's a bigger size, wider etc it will be more.
That sounds really crazy. The price difference quoted for me for my wedding band between 14k and platinum was $685 and $1100. Can you find out the weight of the two bands in either material. If so, you should be able to calculate raw material cost, and then find out what they are tacking on top of it for labor and see if its reasonble.
This is the ring- it's 7mm, they said in gold it ranged from 6-8 grams. They say it is solid 14k gold
Here's my best guess at raw material cost...
That soudns like a REALLY good deal on the gold ring, the mark up is usually a lot higher. When I looked at 14k white gold rings for my husband they were like $800. 8 grams 14k gold... 14k gold is 58%gold, 8 grams about 0.28 oz. Gold's about 1650/oz now - so in raw material gold you'd be looking at about $270ish.
Platinum is about is actually cheaper than gold right now at about 1550/oz. The difference though is that plat rings are normally 90 or 95% platinum and its heavier. Gold density is a little less than half of plat, so say the plat ring would be 16 grams, so .56 oz, would be about $780 in material.
So if it was roughly the same markup as the gold ring it would be about 1200?
Thank you PinkShoes!
I am going to see if I can haggle with them- my only issue is that FH likes heavier rings and platinum is nicer but I cannot swing 2200.
They came back at 1750 through paypal or 1800 through ebay.
I don't know.
The mark up on platinum is going to be insane no matter how you cut it. It used to be 'worth' a lot more than gold, easily double gold just 1.5-2 years ago when gold was only 800/oz. The price jewlery prices are such that it is going to keep this reputation that platinum is worth a lot more. I just looked on blue nile and it sounds like 1700-1800 is about right for a 7mm 14 gram platinum ring. Search around on some other sites, even if material cost is half of that, it may just be the market rate for platinum jewelery and jewelers wont budge. Good luck. Can you tell them your budget was 1250, but say you really love the ring and want that, but ask if they can do a just little better? Maybe they can knock off a few hundred more.
I re-asked and got the 1800 quote, (I had messaged months ago and got the 2200 quote) and then I mentioned that the markup was much more on the plat then the gold (no facts to back me up) and they said they couldn't go any lower. Do you think maybe if I try putting math in there that they would maybe drop?
I should mention I really doubt they put together that I had asked before.
Platinum is really expensive right now. I can also definitely feel a difference between my platinum ring and my gold rings. Platinum is much heavier.
@accorn: If that is the "first" quote they gave you, or so they think since you asked months ago, I think you can start your negotiations. I only had time to do a quick look in my go to site (blue nile) but look around on some other reputable sites and see if you can find lower prices. That will give you some back up for the price you are asking for. (unfortuately, blue nile supports their price, but see if you can find others that are lower.) See if you can tell them your budget was say 1250, but you really love the ring and tell them you can find a way to make it happen if they can drop it to say 1500. Pick a price you are ready to buy on and give it to them. They will probably be more willing to negotiate if you are seriously ready to buy, so make that known.
I'm thinking about sending this but I feel like it might sound...snobby or something.
They told me the platinum would be 10grams.
"Okay, raw material on the Gold ring (based on 6 grams) is about 200ish and you are asking 419 so that is a markup of 2.095 (200x2.095=419)
Whereas raw platinum is worth 460.72 (based on 10 grams) and of course keep in mind that part of the weight is rose gold. So at 1800 the markup is 3.91, almost double the markup on your same style gold ring. Using the same markup it would be 965.21.
Is there no way you can come down from 1800? It seems unrealistic in comparison to the original ring that you are selling."
I went with 6 grams because it gives the bigger markup yet still the platinum ring would be below 1000.
I can't remember the exact price difference but for my engagement ring to get it in platinum it was almost twice as much as white gold (and a couple hundred less for palladium). They didn't make my wedding band in platinum, so my rings will be platnum and white gold but it's not very obvious when they're next to each other.
added a bit:
"Okay, raw material on the Gold ring (based on 6 grams) is about 200ish and you are asking 419 so that is a markup of 2.095 (200x2.095=419)
Whereas raw platinum is worth 460.72 (based on 10 grams) and of course keep in mind that part of the weight is rose gold. So at 1800 the markup is 3.91, almost double the markup on your same style gold ring. Using the same markup it would be 965.21.
And ignoring percentage markup material is 260ish more than it is for gold. So if you were just to charge for change in material it would be 679 and at 1800 you are making 1339 for labor and profit.
Is there no way you can come down from 1800? It seems unrealistic in comparison to the original ring that you are selling"
Thoughts?
I would also add that workmanship is more expensive for Platinum. Although it is heavier and harder when it cools, it is very soft and difficult to work with initially. So it costs more to buy because metal workers spend more time molding it.
@drosen81:But should the labor be 1121 more expensive? That sounds ridiculous. I'm willing to pay more for the labor but over 1000 more? I can't imagine that it is that much harder to work with.
@accorn: Nope! $1121 more is craaazy. I did just try to have a necklace made and priced out PL vs. Gold. It was about the same price for materials, and like $400 more for labor with PL.
I would say the price is justified based on the skyrocketing value of platinum at the moment, it's rarer than gold and very popular at the moment. But I question the skyrocketing price of the labour.
@accorn: Oh, and this is interesting. I have a platinum e-ring. The matching platinum band on Blue Nile is $1500, whereas the 18K band is $1020. I find their prices are very realistic and reasonable.
@spaneshal: The price of platinum is actually not skyrocketing right now, gold is. Gold actually cost more than platinum right now. Gold has gone from just 830/oz in the beginning of 2009, to to 1100 jan 2010, to 1400 jan 2011, and is current sitting at 1670/oz today. Platinum is 1525/oz today.
So am I out of line for the wording in my message? I haven't sent it yet because I wanted others opinions. Anything you would change?
@accorn: Minor, but the numbers seem to be a bit off for plat. 10 grams (.352oz) @ 1525/oz is $536. But, in terms of your lettter, I'm not sure I would bother to mention his mark up for the gold ring and compare it to the platinum. Cause in reality, what he wants to charge for labor is totally up to him. Maybe he would look at this and say, you're right, I should charge more for the gold one then. I think I would simply state my case in terms of material cost, and ask him to come down. Do you know what you are willing to pay?
i'm not sure about the specifics of how much platinum is worth...but i know that for the tacori setting we were looking at, it was $3200 for white gold, and $4000 for platinum - so it was only $800 in difference, and i figured it was marked up because of the tacori brand so it seems like the quote that he gave you is kinda steep
Hmm, I went with .925 purity but I still seem to be a little off. I think it depends on how you calculate.
Because when I do 1525x.925 then divide by 31.1 (grams in ounce) and multiply by 10 I get 453.58.
As I understand it, the price of ALL metals is going up right now. While gold may be worth more than platinum right now (I don't know, as I haven't been following), remember that gold gets mixed in alloys that reduce the content of gold. Platinum gets mixed, too, but not to the same extent as a 14 or 18k white gold ring would. That price jump DOES sound high, but if it's 7mm of platinum, that's a lot of platinum, and doesn't sound too ridiculous. The price for the white gold ring is quite reasonable.
Have you guys considered palladium? It's got a lot of the same properties as platinum, but is cheaper.
I took the purity into consideration when I did the calculations.
The reason I'm not looking into Palladium is the weight, he wants a heavier ring and palladium is roughly the same weight as gold.
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I asked if a ring could be made with platinum (It is 14k white and rose gold- it would still have the rose gold) and the price jumped from 400 to 2200...is this an accurate price jump?
It's a man's wedding band.