Palladium rings, for the bride on a budget – Couples are turning to palladium for their wedding rings because of the rising cost of platinum.
By Harry Wallop, Consumer Affairs Correspondent
As many as half of all Engagement and Wedding rings being sold now are made out of palladium, according to the jewellery industry. The metal looks identical to Platinum and is due to be given hallmark status later this year. It has been used for years by the automotive industry and mobile phone manufacturers. Its growth in popularity for jewellery is remarkable; three years ago no mainstream jeweller was using the metal.
A standard 6mm platinum wedding band costs £1,250, according to John Lilley, a leading jeweller in Hertfordshire, compared with £356 for an identical palladium design.
Martin McSorley, who owns McSorley’s Wedding Ring Shop in Leeds, says that he will sell about 1,800 palladium rings this year, compared with 600 last year. “Precious metal prices have gone through the roof this year, especially platinum,” he said. “But with palladium, you’ve got all the qualities of platinum for a fraction of the cost.”
It is mostly the groom that pushes for a palladium ring, said Mr McSorley. “Once a girl gets a platinum engagement ring, they want a platinum wedding band to match. But a Gent doesn’t seem to be too concerned. It can save them a lot of money on their wedding budget,” he added.