Platinum and other platinum group metals (PGM) like palladium, rhodium, and iridium are among the rarest minerals mined from geological sources. The largest and most significant concentrations are found in South Africa and the Siberian region of Russia alongside vast nickel, copper, and chromium deposits.
The number of diverse uses for platinum and other platinum group metals includes jewelry, aerospace, electronics, medical instruments, emissions reduction, chemical processing, petroleum refining, glass manufacturing and renewable energy.
While we accept platinum in countless forms, most of the platinum scrap we receive for processing is of a high purity form — and thus high in monetary value. Additionally, most of these platinum metallics are alloyed with other expensive rare metals like iridium and rhodium, further adding to its value for recycling purposes.
Types of Secondary Platinum Material We Process
The most common sources of scrap platinum we process for our customers are outlined below:
| Platinum Type | Common Source |
|---|---|
| Platinum Jewelry Scrap | Jewelers, Pawnbrokers, Independent Buyers of Precious Metal Scrap |
| Platinum Electrodes from Catheters and Pacemaker Wire | Hospitals, Crematories |
| Platinum - Rhodium Thermocouples | Glass Manufacturers, Heat Treating, Petro Chemical and Incineration Plants |
| Platinum Crucibles and Misc. Labware | Chemical Manufacturers, Pharmaceutical and Research Facilities |
Platinum Jewelry Scrap
Jewelry manufactured from platinum and palladium is almost always alloyed with other platinum group metals, most frequently iridium or ruthenium. The addition of these other metals provides additional hardness and durability, can improve the flow of the metal during casting, and improves grain structure in polishing. Palladium/ruthenium alloy also has the added benefit of being biocompatible or hypoallergenic for those with metal sensitivities. Palladium is frequently used in white gold alloys in place of nickel for the same reason.
Platinum’s Use in Medical Applications
Platinum in the form of small electrodes are used in medical catheters, guidewires, and stents because of its high visibility under X-rays. Not to mention, its non-reactivity and ductility to be drawn into very fine wires to maintain both strength and flexibility. In pacemakers and other implantable devices, it’s used for its excellent electrical conductivity and resistance to oxidation, making it ideal for transmitting electrical impulses to the heart tissue.
Thermocouple Wire in High Temperature Applications
Platinum alloyed with rhodium is used for making thermocouple wire used in high temperature measurement applications where accuracy, stability, and resistance to oxidation is necessary. This might be in industrial furnaces/kilns, gas turbine or rocket propelled engines, and laboratory research applications because of their predictable and repeatable properties.
Crucibles & Labware
Platinum is frequently used in laboratory applications in the form of crucibles and other miscellaneous labware because of its extraordinary resistance to heat, chemical attack, and contamination. It can also be used repeatedly for years even under severe thermal cycling. Uses for this labware could be in fusion of ores or minerals, melting specialty glasses and ceramics and for the production of synthetic crystal.
Our Capability for Platinum Processing
The ability to properly melt, sample, and analyze platinum and other platinum group metals is different than working with other precious metals like gold and silver. In order to do it correctly, it requires the right kind of furnaces, foundry refractories, training, and advanced laboratory instruments like XRF and ICP.
We're confident that very few precious metal companies can do this as well as Mid-States can.
Melting & Sampling Platinum Group Metals
Melting high grade platinum and platinum group metal (PGM) alloys is done in our Des Plaines, IL facility using electric induction smelting furnaces that have been engineered to operate at higher frequencies. Because of the higher melting temperatures required to melt platinum group metals, we use specially formulated refractories and melting crucibles made of zirconia, alumina or fused silica. Once melted to a homogenous liquid form, glass vacuum pin tubes are used to draw samples from the center of the melt. Once cooled, the pin tube sample is cleaned and delivered to our laboratory for analysis.
Assaying Platinum Group Metals
The proper analysis of platinum and other platinum group metals is far more difficult than it is for gold and silver. Methods like lead fire-assay can be used to determine total PGM content, but it’s usually not effective enough to accurately determine the individual elemental make-up of a sample.
X-Ray Fluorescence (XRF) rapidly provides excellent fully quantitative results for higher concentration homogeneous samples, as long as the instrument has been calibrated with proper standards that account for all elements in the sample being tested.
Inductively Coupled Plasma Mass Spectrometry (ICP) can provide highly accurate multi-element analysis. The sample is first dissolved in Aqua-Regia, and the resulting solution is atomized and ionized. Then, the individual PGM isotopes are detected and qualified by mass spectrometry. ICP is considered the most accurate method for PGM analysis when matrix effects are corrected.
Insured Shipping & Secure Customer Portal
Customers can safely ship their scrap platinum material by allowing us to arrange secure insured shipping through FedEx or UPS. Once you provide us a description of the contents and value of your shipment, we will email you a specially coded shipping label and can also arrange for your pick-up.
Once your shipment is received, you can login through the customer portal on the Mid-States website and track your refining lot through the entire process (from receiving to final settlement). You may also view all your account activity including your metal trading activity, current metal consignment balances, and even view your previously settled refining lots.
The Current Deficit in Supply for Platinum
The World Platinum Investment Council reports an expected record deficit of 966K ounces of Platinum in 2025. This tightness is visible in the market pricing as the price of platinum has had a sharp 45% increase between January through October 2025. The WPIC further expects the annual supply deficit will continue to average around 690K through 2029.
The majority of demand for platinum continues to be in the automobile sector, especially with tightening emissions standards in China, India, and Europe requiring higher platinum loadings for catalytic converters in diesel and hybrid vehicles. Demand for auto-grade platinum rose by roughly 12% year-over-year in 2024.
Industrial demand comes in the form of chemical and petroleum catalysts, as refractory materials for flat panel glass manufacturing and nozzles for extruding fiberglass and optical fibers is expected to continue to grow, as will with the furthering emergence of hydrogen fuel cell technologies.
Platinum used in jewelry manufacturing typically accounts for about 20-25% of global demand but is expected to trend upward with the higher gold price
FAQs About Platinum Processing (PAA-Optimized)
What is the average size of most platinum refining lots?
The vast majority of refining lots we receive are in the form of scrap jewelry or industrial type metallics range in weight from 3 to 15 troy ounces, however we can handle maximum melt sizes up to 350 troy ounces in a single melt.There is no maximum limit for a silver lot. However, our capacity for individual melts is a little over 500 lbs. Lots that exceed that weight are broken down into multiple “sub-lots” for handling.
How long does it take to receive payment on a platinum lot?
Platinum refining lots are typically paid within 30 days from receipt.
Do you provide diamond and gemstone recovery services for platinum jewelry?
Yes, we are able to provide diamond and stone recovery from platinum settings. The process is more expensive and takes a little longer than it does with our gold stone recovery service, but with enough carat weight of high-quality diamonds it’s definitely worth pursuing.
Can I get paid for the other metals that might be tied up in my platinum scrap?
Yes, in fact it’s quite frequent that we discover a component of gold and palladium contained in a batch of platinum jewelry scrap. Most likely this is the result yellow gold inlay in a platinum setting, mis-identification of unstamped white gold or white gold prong settings, palladium settings or palladium bearing alloys.
Can we ship catalytic converters in for processing?
No, Mid-States Recycling does not process any kind of catalyst style materials including auto-cat or catalyst used for petroleum refining, nitric acid production etc.
Am I able to witness the processing of my scrap platinum melt?
Yes, you are absolutely welcome to come into our facility to witness the processing of your scrap platinum metallics, just like you are any of your gold or silver melts.
How do you handle small batches of platinum scrap less than 1 ounce of weight?
For smaller lots of clean platinum metallics we do provide an “Outright Purchase” option with a low-cost handling charge, but does not require additional Assay and Refining charges.
Can you refine and purchase other Platinum Group Metals?
Yes, we are able to process, assay and pay for virtually all types of PGM scrap. This includes materials made of Palladium, Rhodium and Iridium as well as alloys containing the same.
Contact a Mid-States Customer Service person to arrange your Platinum refining
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