Overview

Gold, silver, and platinum are the metals that people consider to be the most valuable. For a long time, people have used these metals to make coins, jewellery, and store value.  Rhodium, a metal that isn’t as well-known, has been the costliest precious metal for a long time.

What Exactly Is Rhodium?

When compared to platinum, palladium, ruthenium, iridium, and osmium, rhodium is classified as a platinum group metal (PGM) that is silver white in color. William Hyde Wollaston, an English scientist, made the discovery of rhodium in the year 1803. Rhodium is a material that is highly reflective, resistant to corrosion, and long-lasting.

Even though it is occasionally used in jewellery (especially as a white gold coating to brighten it), its primary application is in the industrial sector. About 80% of the world’s demand for rhodium comes from the automobile sector.

• Because gold is yellow, it needs to be mixed with palladium or nickel to make white gold. As a means of giving it a platinum-like appearance and making it shine, jewellery manufacturers plate it with rhodium.
• Although it is beautiful, sterling silver is prone to tarnish. This is countered by rhodium, which helps silver jewellery retain its lustre and requires little upkeep.

Why Is Rhodium Such a Rare Metal?

Rhodium is very valuable since it is very rare. Rare elements such as rhodium can be found in the crust of the Earth. In contrast to gold or silver, it is obtained by the extraction of a byproduct of platinum and nickel.

This means that the amount of rhodium available depends on how much of the other metals are produced. The supply of rhodium reduces when the mining of platinum slows down. Due to the small size of the market and the restricted production capacity around the globe, even minor supply disruptions might result in price fluctuations.

Actions on Prices

Since the beginning of the 2000s, the price of rhodium has changed more than the price of any other valuable metal:

• During the height of the global financial crisis in 2008, the price of a single ounce of rhodium reached a high of $13831.15.
• Through the year 2016, prices have fallen below $968.18 per ounce.
• As a result of stricter emission rules, demand rebounded, which led to an increase in pricing. By 2021, the price of a single ounce of rhodium had surpassed that of gold and platinum.

The prices have decreased since then. With a price of 9,785.08 Canadian Dollars in 2025, rhodium continues to be the most valuable precious metal on the market. The most expensive precious metal, rhodium, is utilised to make unique jewellery. The sheen of this valuable element provides a touch of distinctiveness to the pieces, even though not all of them are made of solid rhodium.