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The World Platinum Investment Council (WPIC) has highlighted the launch of a new platinum alloy named Inoveo Platinum, which it believes has the potential to transform platinum jewellery design and manufacturing.

Established by Platinum Guild International (PGI) USA, Inoveo Platinum was codeveloped by mining major Anglo American and materials designer and developer Alloyed following years of research and development. 

The new alloy, which comprises 95% pure platinum, was formulated in response to the challenges designers and jewellers sometimes experience when working with platinum, which often requires greater expertise and craftsmanship than other precious metals.

The alloy was strategically created to reflect the workability of white gold, while enhancing all the core properties of platinum, including its naturally white colour, durability and wear resistance, the WPIC says.

“The launch of Inoveo Platinum provides the jewellery industry with the best of what platinum offers as the world’s most precious metal, while also providing the ease of workability that manufacturers and designers have come to expect in production.

“We believe this is a tipping point for the use of platinum in jewellery manufacturing and look forward to seeing an increase in new platinum offerings in the market in the near future,” PGI USA president Jenny Luker says.

Users of the new alloy can expect to discover up to four times less porosity and four times higher production yield, with Inoveo Platinum being 40% harder than standard platinum alloys.

In addition, the alloy offers casters a smoother, more consistent fill owing to its lower melting temperature and high fluidity. It also allows for faster polishing and setting times, leading to a lower rejection rate than standard platinum alloys. 

The WPIC notes that jewellery is the third-largest demand segment for platinum, accounting for between 23% and 30% of yearly platinum demand over the last five years.

Global demand for platinum jewellery is forecast to grow by 6% year-on-year to reach about 1.9-million ounces this year, with technology and innovation development increasingly being seen as key to achieving growth in the global platinum jewellery market in the face of strong competition from other precious metals. 

Demand for platinum jewellery in North America is expected to grow by 2% year-on-year in 2024, thanks in part to wider price differentials to gold, maintaining the strong growth achieved in this market since 2020, the WPIC says.