The World Platinum Investment Council (WPIC) has announced the introduction of a new platinum alloy called Inoveo Platinum, which is expected to significantly impact platinum jewelry design and production.
Inoveo Platinum was created by Platinum Guild International (PGI) USA in collaboration with mining giant Anglo American and materials designer Alloyed, following extensive research and development.
Containing 95% pure platinum, this new alloy addresses the challenges faced by designers and jewelers when working with platinum, which typically requires more expertise and craftsmanship than other precious metals.
The alloy was designed to be as workable as white gold while retaining the key properties of platinum, such as its natural white color, durability, and resistance to wear, according to the WPIC.
“The introduction of Inoveo Platinum offers the jewelry industry the best of platinum’s qualities as the most precious metal, combined with the workability manufacturers and designers expect,” said PGI USA president Jenny Luker. “We believe this marks a turning point for platinum in jewelry manufacturing, and we anticipate an increase in new platinum products on the market soon.”
Users of Inoveo Platinum can expect up to four times less porosity and four times higher production yield. The alloy is also 40% harder than standard platinum alloys.
Additionally, the alloy’s lower melting temperature and high fluidity result in smoother and more consistent casting. It also allows for faster polishing and setting, leading to a lower rejection rate compared to standard platinum alloys.
The WPIC notes that jewelry is the third-largest demand segment for platinum, making up between 23% and 30% of annual platinum demand over the past five years.
Global demand for platinum jewelry is projected to grow by 6% year-on-year, reaching about 1.9 million ounces this year. Technology and innovation are increasingly seen as crucial for growth in the global platinum jewelry market, especially with strong competition from other precious metals.
In North America, demand for platinum jewelry is expected to increase by 2% year-on-year in 2024, partly due to the wider price gap between platinum and gold, continuing the strong growth seen in this market since 2020, according to the WPIC.