The World Platinum Investment Council (WPIC) has announced the launch of Inoveo Platinum, a new alloy poised to transform platinum jewelry design and manufacturing. Developed by Platinum Guild International (PGI) USA in collaboration with mining giant Anglo American and materials designer Alloyed, Inoveo Platinum promises to ease the challenges faced by designers and jewelers working with platinum.
Inoveo Platinum comprises 95% pure platinum and was created to mirror the workability of white gold while enhancing platinum’s core properties such as its natural white color, durability, and wear resistance. This strategic development aims to make platinum more accessible to jewelers, ensuring ease of use in production.
“The launch of Inoveo Platinum provides the jewelry industry with the best of platinum while offering the ease of workability manufacturers and designers expect,” said PGI USA President Jenny Luker. “We believe this is a tipping point for the use of platinum in jewelry manufacturing and anticipate an increase in new platinum offerings in the market soon.”
Inoveo Platinum is 40% harder than standard platinum alloys, offering up to four times less porosity and four times higher production yield. Its lower melting temperature and high fluidity provide casters with a smoother, more consistent fill. Additionally, the alloy allows for faster polishing and setting times, resulting in a lower rejection rate than standard platinum alloys.
Jewelry is the third-largest demand segment for platinum, accounting for 23% to 30% of yearly platinum demand over the past five years. The global demand for platinum jewelry is expected to grow by 6% year-on-year, reaching about 1.9 million ounces this year. Technology and innovation are key to achieving growth in the global platinum jewelry market, despite strong competition from other precious metals.
In North America, the demand for platinum jewelry is projected to grow by 2% year-on-year in 2024. This growth is partly due to wider price differentials compared to gold, maintaining the strong market performance seen since 2020.
The introduction of Inoveo Platinum marks a significant milestone in the platinum jewelry industry. By combining the inherent qualities of platinum with improved workability, this new alloy is set to revolutionize jewelry making. Designers and manufacturers can now explore new possibilities, creating intricate and durable pieces with greater ease and efficiency.
Inoveo Platinum’s development involved years of research and collaboration between PGI USA, Anglo American, and Alloyed. This innovative alloy addresses the complexities of working with platinum, providing a solution that benefits both jewelers and consumers.
The WPIC emphasizes that Inoveo Platinum not only enhances the jewelry-making process but also strengthens the position of platinum in the market. With its improved properties and workability, the alloy is expected to attract more jewelers to work with platinum, thereby increasing its presence in the industry.
The new alloy’s impact extends beyond the jewelry industry. By improving the efficiency and quality of platinum production, Inoveo Platinum contributes to sustainable practices and reduces waste. This aligns with the growing demand for environmentally responsible manufacturing processes in the precious metals industry.
As the jewelry market evolves, innovation remains crucial. The introduction of Inoveo Platinum highlights the importance of continued research and development in creating materials that meet the needs of modern jewelers. This new alloy sets a precedent for future advancements, encouraging the industry to explore further possibilities in platinum jewelry design.
The WPIC and its partners are confident that Inoveo Platinum will play a pivotal role in the future of platinum jewelry. By offering enhanced workability and maintaining the unique qualities of platinum, this alloy opens up new opportunities for creativity and craftsmanship.
In conclusion, Inoveo Platinum represents a significant advancement in platinum jewelry making. Its introduction is expected to drive growth in the market, providing jewelers with a versatile and durable material that meets the demands of modern design. As the industry embraces this innovation, consumers can look forward to a new era of platinum jewelry that combines beauty, durability, and sustainability.
Source: Mining Weekly
