Precious Metals and Gems, Gold, Diamond, Silver, Platinum

Precious Metals and Gems

Precious stones are distinguished by their high quality, scarcity, and colour appeal. Because diamond, sapphire, ruby, and emerald are the only four precious stones, all other gemstones are classified as semi-precious. Their hardness, which translates to scratch resistance, also helps to distinguish them.

Read More: Cobalt Ore

Precious Metals and Gems Examples

Here are the examples of Precious metals and Gems given below:

Read More: Copper Ore

Gold Precious Metal

• Shiny yellow metal, very valuable
• Soft and easily shaped
• Good conductor of heat and electricity
• Usually found in pure form in metamorphic rock
• Located in underground veins with hot water flow
• Historically important (used by ancient Egyptians and in Bronze Age Ireland)
• Often used in jewelry and as money due to its beauty and durability

Trace amounts of gold can be found almost anywhere, but large deposits can only be found in a few places. Gold has been discovered on the slopes of Croagh Patrick in Ireland, but it has not been mined due to the mountain’s religious significance. The first gold mine in Ireland is now operational near Omagh in County Tyrone.

Read More: Minerals

World Wide Distribution of Gold

The top gold producers are China, Australia, South Africa, Russia, and the United States. China accounts for 11% of the total world production of gold.

Read More: Types of Resources

Uses of Gold

• It is used as an international reserve asset.
• It is used to make jewellery.
• Gold is also used as dental fillings.
• Additionally, it is a crucial industrial metal used in jet aircraft engines, satellites, computers, and communications equipment.

Diamond

• Shiniest, hardest and Precious gemstones on Earth
• Only scratchable by other diamonds
• Name comes from Greek “adámas,” meaning “unbreakable”
• Reflect light beautifully, especially under spotlights
• Composed of carbon crystals
• Formed under high temperatures and pressures
• Usually 99.95% carbon

World Distribution of Diamond

Diamond is found only about 100 miles beneath the earth’s surface. Russia has the most diamond reserves, followed by Congo, Australia, and Botswana. India was the only place to get diamonds up until 1726.

Read about: Chromium Ore

Uses of Diamond

• Almost 30% of diamonds taken from the earth’s interior are used in the pure gem trade.
• Diamonds are a common metal in addition to being used in jewellery.
• Poor-quality diamonds are used in industries in cutting instruments, as abrasives, etc.
• Diamonds are also used in the manufacture of automobiles. Every high-tech vehicle contains 1.5 carats of diamonds.

Read More: Aluminium Ore

Silver

Pure silver is almost white, glossy, soft, highly ductile, and malleable. It is a good heat and electricity conductor.  Its principal ore is argentite.

World Distribution of Silver

Mexico is the world’s largest producer, followed by Peru.

Uses of Silver

• It is utilised in the production of jewellery and silver dinnerware.
• Because it is the best material for reflecting visible light, silver is used to make mirrors.
• It is also used to create dental alloys, solder and brazing alloys, electrical connections, and batteries.
• Silver paints are used to create printed circuit boards.
• Silver iodide is used for cloud seeding.

Read about: Iron Ore

Platinum

• Silver-colored, smooth, and shiny metal
• Expensive grey-white metal
• Rare element in the earth’s crust
• High boiling point and corrosion-resistant
• Very stable, known as a Noble metal
• Dense, malleable, ductile, and chemically inert
• Used in catalytic converters, electrical contacts, dentistry equipment, and jewelry

Platinum was recently found in stream samples collected by the Geological Survey between 1986 and 1990. The Tellus team reanalyzed the samples in 2015 using modern laboratory techniques. The samples revealed a large area of high platinum concentration in Co. Wicklow.

Read More: Cobalt Ore

World Wide Distribution of Platinum

The majority of the platinum produced globally comes from South Africa. Other producers are Russia, Zimbabwe, Canada, and the United States

Uses of Platinum

• Platinum is widely used in jewellery.
• Its primary application is in catalytic converters for automobiles, lorries, and buses.
• Platinum is also utilised in the production of optical fibres, LCDs, turbine blades, spark plugs, pacemakers, and dental fillings.
• Chemotherapeutic drugs called platinum compounds are used to treat cancer.

Read More: Manganese Ore

Precious Metals and Gems UPSC

• Historically, investors have valued precious metals as rare commodities.
• Although historically they served as the foundation for money, they are now mostly traded as an inflation hedge and portfolio diversifier.
• Precious metals can be purchased by traders and investors in a variety of ways, such as through physical bullion or coin ownership, derivatives markets, or precious metals ETFs.
• More valuable metals exist than just gold, silver, and platinum. Investing in them is risky due to their low liquidity and practical application. The fact that some precious metals are employed in cutting-edge technology has spurred interest in precious metal investments.

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