What is a precious metal in jewellery?
By Jared James · Last updated 21 May 2026
Definition
Precious metals are naturally occurring metallic elements prized for their rarity, durability and attractive appearance, and in jewellery the term most commonly refers to gold, silver and the platinum group metals, which includes platinum, palladium, rhodium and iridium. These metals resist corrosion and tarnish far better than base metals, hold a high lustre and carry intrinsic value. Gold and silver have been used in jewellery for thousands of years, while platinum became popular in fine jewellery from the early twentieth century. Australia uses 9ct gold as its minimum gold standard for hallmarking.
Frequently asked questions
- What metals are considered precious?
- Gold, silver, platinum, palladium, rhodium, iridium, osmium and ruthenium are all precious metals. In jewellery, gold, silver and platinum are by far the most common, with palladium and rhodium used mainly in alloys and plating.
- What is the difference between a precious metal and a base metal?
- Precious metals are rare, corrosion-resistant and intrinsically valuable. Base metals like copper, zinc, brass and stainless steel are more abundant, less resistant to tarnish and have a much lower market value per gram, though they are very useful for costume and fashion jewellery.
- Does precious metal content affect a jewellery piece's value?
- Yes, the metal content is part of the intrinsic value of a piece alongside any gemstones. Higher gold purity, like 18ct versus 9ct, means more precious metal by weight and a higher melt value, though craftsmanship and gemstones usually account for much more of the price.
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