RAPAPORT... As everyone searches for ways to remain cost-effective in a challenging economy, palladium is emerging as a precious metal for creating design-forward jewelry at an attractive price.
Named after Pallas — which is the epithet of Athena, the Greek Goddess of wisdom, the arts, purity and strength, who slew the giant Pallas — palladium was first discovered in 1803 by the British chemist and physicist, William Hyde Wollaston. He discovered the metal in crude platinum ore from South America. Since that time, the metal, which is one of the six platinum group metals (PGM), has been used extensively for industrial purposes.
Palladium has been used in jewelry since 1939. During World War II, platinum was declared a strategic metal and banned from use except for war purposes. Once the war was over, platinum became the fashion again. But now, with precious metals prices soaring, palladium is being recognized as a viable alternative precious metal for jewelry. In recent weeks, the price of palladium has hovered in the $200-an-ounce range, while gold has teetered in the $800 to $900 range and platinum has flirted with the $1,000-an-ounce-plus mark.
About 50 percent of the world’s supply of palladium comes from Russia. It is also found in South Africa, in the U.S. — in Montana — and in Canada. Palladium and platinum are found together and share some of the same features. However, palladium has a lower melting point and is less dense than other platinum group metals. Palladium is naturally white and tarnish-resistant and is often used to alloy white gold. Like its sister platinum, palladium is a strong and durable metal that holds stones securely. Palladium 950 for jewelry is 95 percent palladium; it is not alloyed with nickel or cobalt, so it is hypoallergenic and free of skin irritants.
Given palladium’s stellar attributes, the Palladium Alliance International (PAI), a marketing association formed in 2006 and sponsored by Montana-based Stillwater Mining, will be stepping up its consumer outreach in the coming months.
Article from the Rapaport Magazine - November 2008. To subscribe click here.