From Ancient Ecuador to Modern Technology: The 2,500-Year Journey of Platinum Group Metals

Posted on by Brian Colwell

The 2,500-year journey of the platinum group metals – from pre-Columbian jewelry to space-age technology – demonstrates how these rare elements have consistently pushed the boundaries of human achievement. 

Currently, the six platinum group metals (PGMs) – Iridium, Osmium, Palladium, Platinum, Rhodium, and Ruthenium– represent perhaps the most critical raw material group globally due to an extraordinary combination of factors that create unparalleled supply vulnerabilities for modern industrial economies. With production geographically concentrated and physically limited, yet demand growing across multiple critical technologies, PGMs represent both a crucial resource and a potential bottleneck for humanity’s technological future.

The story of the platinum group metals, which began with ancient artisans in Ecuador, continues to unfold as these remarkable metals shape our path toward a sustainable, high-tech civilization.

Read about the other critical raw materials (CRMs) here. 

A Complete History Of The Platinum Group Metals

The story of platinum begins not in European laboratories, but in the sophisticated workshops of ancient South American civilizations. The earliest known platinum use dates to around 915-780 BCE at Las Balsas, Ecuador, where indigenous metallurgists incorporated platinum into gold artifacts. The La Tolita-Tumaco culture (600 BCE – 350 CE) emerged as master platinum workers, creating intricate jewelry and ceremonial items using advanced techniques including sintering, alloying, and drawing extremely fine wire. These achievements predated European platinum technology by over 1,200 years, with indigenous cultures continuing this metallurgical tradition until the Spanish conquest in the 1500s.

Europeans first encountered platinum in the 16th century, though they initially viewed it as a nuisance in gold mining. Julius Caesar Scaliger made the earliest European reference in 1557 to an unmeltable “noble metal” found in Mexican mines. The formal European discovery came during Antonio de Ulloa’s 1735-1741 expedition to Ecuador, where he found platinum in gold mines along the Pinto River. This sparked intense scientific interest across Europe, with researchers struggling to understand and work with this mysterious metal that resisted all attempts at melting using conventional techniques.

The breakthrough came in 1783 when Pierre-François Chabaneau discovered how to purify and produce malleable platinum, ushering in Spain’s “platinum age.” This achievement led to luxury items like the famous platinum chalice presented to Pope Pius VI in 1789 and King Carlos IV’s commissioning of an entire “Platinum Room” at the royal palace. France even chose platinum for its new metric system standards, creating the platinum kilogram that would serve as the world’s mass standard for over a century.

The early 19th century witnessed the remarkable discovery of platinum’s sister metals, revealing an entire family of related elements. William Hyde Wollaston discovered palladium (1802) and rhodium (1803) while processing platinum ore residues. Smithson Tennant identified osmium and iridium (1804) in the same year, and Karl Ernst Claus completed the family by isolating ruthenium in 1844. These discoveries transformed our understanding of platinum from a single curiosity to a group of six related elements, each with unique and valuable properties.

Russia’s discovery of extensive platinum deposits in the Ural Mountains in 1819 dramatically shifted the global balance of power in precious metals. Russia became the world’s first nation to mint platinum coins for circulation (1828-1845), producing 3, 6, and 12-ruble pieces that established platinum’s monetary value. However, this experiment ended in 1845 when Russia discontinued the coinage, temporarily diminishing platinum’s role in commerce while its industrial applications were still being discovered.

The turn of the 20th century marked platinum’s transformation into the premier jewelry metal. Louis Cartier pioneered its use in fine jewelry in 1899, with new high-temperature torches finally making platinum workable for jewelers. Platinum’s strength allowed for delicate settings that showcased diamonds brilliantly, defining the aesthetic of Edwardian and Art Deco jewelry. Famous pieces like the Hope Diamond were reset in platinum during this era, and prestigious firms like Tiffany & Co. and Fabergé created masterpieces that remain legendary today.

Hans Merensky’s 1924 discovery of the Merensky Reef in South Africa’s Bushveld Complex revolutionized the PGM industry. This single deposit, containing 75% of the world’s platinum reserves, established South Africa as the dominant producer – a position it maintains a century later. The development of mining techniques for both the Merensky Reef and the deeper UG2 layer has sustained global PGM supply through periods of dramatic demand growth, though political and operational challenges continue to affect production.

The environmental movement of the 1960s-70s transformed PGMs from luxury metals into critical industrial materials. The 1970 U.S. Clean Air Act mandated catalytic converters, creating massive demand for platinum, palladium, and rhodium. The three-way catalytic converter, introduced by Volvo in 1976, uses all three metals to reduce harmful emissions. This single application now consumes 85-90% of rhodium and palladium production, making automobiles the primary driver of PGM demand and pricing.

PGMs have enabled numerous scientific and medical breakthroughs beyond automotive applications. Cisplatin, discovered in 1968, revolutionized cancer treatment and remains a cornerstone of chemotherapy. In technology, iridium crucibles enable semiconductor crystal growth, while ruthenium layers in hard drives allowed the data storage revolution. The 1980 discovery of elevated iridium at the K-T boundary provided key evidence for the asteroid impact theory of dinosaur extinction, demonstrating how PGMs can unlock Earth’s history.

The 21st century has witnessed extreme price volatility as PGMs became investment commodities while remaining industrial necessities. Rhodium reached an astounding $30,000 per ounce in 2021, while palladium hit record highs of $3,440 in 2022, surpassing gold as the most expensive precious metal. These price swings reflect the delicate balance between constrained supply – with annual rhodium production at just 30 tons globally – and growing demand from both traditional and emerging applications.

Looking forward, PGMs are positioned at the heart of the green energy transition. Platinum and iridium are crucial for hydrogen fuel cells and electrolyzers, key technologies for renewable energy storage. Advanced applications continue emerging: iridium in OLED displays, ruthenium in next-generation catalysts, and even osmium finding new life as crystalline jewelry. As electric vehicles, hydrogen technology, and renewable energy expand, demand for these rare metals will likely intensify.

Chronology

  • c. 915-780 BCE – The earliest known evidence of platinum use discovered at Las Balsas archaeological site near La Tolita, Ecuador, where a sheet of gold was found containing platinum.
  • c. 700 BCE – The famous Casket of Thebes created in Upper Egypt, decorated with gold, silver, and platinum hieroglyphs bearing the name of Shepenupet II, with Egyptian artisans unknowingly incorporating platinum from Nubian gold ores.
  • c. 600 BCE – 350 CE – The La Tolita-Tumaco culture develops in coastal Southern Colombia and Northern Ecuador, flourishing as master metalworkers who create sophisticated platinum artifacts including nose rings, ceremonial items, and jewelry using advanced techniques including extremely fine rectangular wire and bimetallic tumbaga alloys.
  • c. 100 BCE – 100 CE – Pre-Columbian cultures near modern-day Esmeraldas, Ecuador produce white gold-platinum alloy artifacts and ceremonial items by hammering grains of alluvial platinum.
  • 200 CE – The La Tolita culture’s major production of platinum artifacts ends, though some archaeological evidence suggests the culture may have continued until 350-600 CE.
  • c. 350 CE – Decline of the major phases of the Tumaco-La Tolita tradition, though some archaeologists argue the culture endured until 600 CE in diminished form.
  • c. 400-500 CE – Late period platinum working continues in Ecuador with techniques for platinum plating on gold pendants using 25 μm thick foil of platinum grains sintered with gold-silver alloy.
  • 500 – 700 CE – Transition period sees gradual depopulation of coastal regions while platinum-working knowledge persists in scattered communities along Ecuador’s Pacific coast.
  • 500 – 1500 CE – Throughout the Middle Ages, platinum deposits in Colombia’s Chocó region and Ecuador’s Esmeraldas province provide raw material for indigenous metallurgy, with South American platinum working remaining the only intentional use of this metal worldwide, predating European platinum technology by over 1,200 years.
  • 700 CE – Manteño culture emerges in coastal Ecuador, inheriting metallurgical traditions including platinum working as evidenced by black pottery production.
  • 700 – 1500 CE – The Carchi-Nariño culture in northern Ecuador works with tumbaga and continues precious metal working traditions potentially including platinum techniques.
  • 1492 CE – Columbus reaches the Americas, initiating contact that would eventually lead to European discovery of platinum.
  • 1500 CE – End of Middle Ages finds platinum working confined to indigenous South American contexts with 2,000 years of continuous metallurgical tradition.
  • 1500 – 1531 CE – Manteño and other Ecuadorian cultures continue platinum working until Spanish conquest, with conquistadors later reporting indigenous people wearing delicate platinum-plated jewelry.
  • 1557 – Julius Caesar Scaliger makes the first European reference to platinum in his writings, describing an unknown noble metal found in Mexican mines “that could not be melted.”
  • 1735 – Antonio de Ulloa encounters platinum while on the French Geodesic Mission to Ecuador, finding it in gold mines along the Pinto River in Peru.
  • 1736 – Antonio de Ulloa and Don Jorge Juan y Santacilia discover platinum ore deposits in Colombia and Peru during their eight-year scientific expedition.
  • 1741 – Charles Wood finds platinum samples smuggled from Cartagena to Jamaica and sends them to William Brownrigg for investigation.
  • 1748 – Antonio de Ulloa publishes his “Relación histórica del viaje a la América Meridional” containing the first detailed scientific description of platinum.
  • 1750 – William Brownrigg presents a detailed account of platinum to the Royal Society of London.
  • 1751 – Theophil Scheffer formally recognizes platinum as the seventh known element and declares it a precious metal, calling it “white gold.”
  • 1752 – Henrik Theophil Scheffer publishes “The White Gold, or 7th Metal” to the Royal Swedish Academy of Sciences, establishing platinum’s status as a distinct metal.
  • 1757 – William Lewis publishes “Experimental Examination of Platina” in Philosophical Transactions of the Royal Society of London.
  • 1758 – Claude Morin publishes “La Platine, l’Or Blanc ou le Huitième Métal” in Paris, one of the first extended reports on platinum.
  • 1770s – Various European chemists including Andreas Sigismund Marggraf and Pierre Joseph Macquer begin intensive studies of platinum’s properties.
  • 1778 – King Louis XVI of France declares platinum “the only metal fit for kings” after his jeweler Marc-Etienne Janety fashions several platinum pieces for him.
  • 1783 – Pierre-François Chabaneau discovers the means to purify platinum and produce it in malleable form.
  • 1786 – Chabaneau successfully produces a 10 cm cube of pure malleable platinum, marking the beginning of the “platinum age in Spain,” while the Elhuyar brothers announce their discovery of tungsten at the Royal Seminary of Bergara where platinum research was conducted.
  • 1788 – Francisco Alonso crafts a platinum chalice weighing nearly two kilograms for Pope Pius VI, commissioned by King Charles III of Spain.
  • 1789 – Pierre-François Chabaneau’s purified platinum is used to create the famous chalice presented to Pope Pius VI.
  • 1790s – King Carlos IV of Spain commissions the creation of a “Platinum Room” at the royal palace in Aranjuez.
  • 1795 – The French Republic establishes the metric system, initially considering platinum for the standard kilogram due to its durability.
  • 1796 – Marc-Etienne Janety returns to Paris after the Revolution to create the official kilogram and meter measures in platinum.
  • 1799 – The “Kilogramme des Archives” is manufactured in platinum as the mass standard for France.
  • 1801 – William Hyde Wollaston develops a secret process for producing malleable platinum on a commercial scale in England.
  • 1802 – Wollaston discovers palladium while analyzing platinum ore residues, though he keeps this discovery anonymous initially.
  • 1803 – Wollaston begins commercial production of malleable platinum; discovers rhodium from South American platinum ore residues; announces palladium anonymously as “New Silver” at Mr. Foster’s shop in Soho, London; offers a twenty-guinea reward for artificial production of palladium.
  • 1804 – Wollaston formally announces the discovery of rhodium in a paper titled “On a New Metal, found in Crude Platina” read before the Royal Society on June 24; Smithson Tennant discovers osmium and iridium in the acid-insoluble residues of platinum ores in London, documenting his discoveries in a letter to the Royal Society on June 21, 1804.
  • 1805 – Wollaston publicly reveals himself as the discoverer of palladium and gives a full account to the Royal Society of London; palladium becomes popular as a tuberculosis treatment but is eventually discontinued due to side effects.
  • 1813 – British scientist John George Children becomes the first to melt iridium using “the greatest galvanic battery that has ever been constructed.”
  • 1819 – Platinum deposits are discovered in the Ural Mountains in Russia.
  • 1821 – Wollaston and his assistant John Dowse complete processing approximately 47,000 Troy ounces of platinum ore, recovering 255 Troy ounces of rhodium and 302 Troy ounces of palladium since 1803.
  • 1822 – Extensive platinum deposits are discovered in the Ural Mountains, making Russia a major platinum producer.
  • 1824 – Mining of platinum deposits begins in the Ural Mountains, Russia.
  • 1825 – The British Royal Mint experiments with platinum coins, producing trial coins including a platinum farthing.
  • 1827 – Jöns Berzelius and Gottfried Osann examine residues from Ural Mountains platinum, with Osann believing he found three new metals including one he named “ruthenium.”
  • 1828 – Russia begins minting the world’s first platinum coins for circulation, starting with 3-ruble coins.
  • 1829 – Russia adds 6-ruble platinum coins to circulation.
  • 1830 – Russia introduces 12-ruble platinum coins, completing the series of platinum currency.
  • 1831 – The Geological Society of London begins awarding the Wollaston Medal annually, made of palladium to honor Wollaston’s discovery.
  • 1834 – John Isaac Hawkins creates the first iridium-pointed gold fountain pen nib.
  • 1837 – British company Johnson Matthey claims to have been using a process for melting iridium with phosphorus.
  • 1842 – Robert Hare obtains high-purity iridium with a density of around 21.8 g/cm³.
  • 1844 – Karl Ernst Claus at Kazan State University successfully isolates ruthenium from platinum residues, naming it after Ruthenia and winning the Demidov Prize of 5,000 rubles.
  • 1845 – Russia discontinues platinum coinage on June 22; Berzelius confirms Klaus’s discovery of ruthenium.
  • 1860 – Henri Sainte-Claire Deville and Jules Henri Debray achieve the first melting of iridium in appreciable quantity.
  • 1865 – The first publication reporting the use of osmium tetroxide (OsO4) for tissue staining appears.
  • 1880 – John Holland and William Lofland Dudley patent a process for melting iridium by adding phosphorus in the United States; Platinum is discovered in Ontario, Canada’s nickel-copper ores.
  • 1885 – The first Fabergé Imperial Easter Egg, the Hen Egg, is created for Tsar Alexander III, featuring platinum in its intricate metalwork.
  • 1889 – An alloy of 90% platinum and 10% iridium is used to construct the International Prototype Meter and kilogram mass, formally ratified by the 1st CGPM.
  • 1898-1902 – Austrian chemist Auer von Welsbach develops the Oslamp with an osmium filament in 1898 and introduces it commercially in 1902.
  • 1899 – Louis Cartier becomes the first jeweler to successfully use platinum in jewelry on a large scale; New high-temperature blowtorches make it possible to work platinum into fine jewelry on a commercial scale.
  • 1900 – The Trans-Siberian Railway Fabergé egg features a miniature train made of gold and platinum; rhodium-containing thermocouples come into use for measuring temperatures up to 1800°C.
  • Early 1900s – Cartier in Paris and Tiffany & Co. in New York lead the adoption of platinum in fine jewelry.
  • 1906 – William Bettel provides the first authenticated scientific report of platinum in South Africa’s Bushveld Complex; Osram is founded, deriving its name from osmium (a platinum group metal) and tungsten; Fritz Haber achieves 6% ammonia concentration using an osmium catalyst.
  • 1908 – Haber patents a process using osmium and uranium catalysts for ammonia synthesis at 175 atmospheres and 550°C.
  • 1912 – Evalyn Walsh McLean has the Hope Diamond reset in a platinum setting surrounded by diamonds.
  • 1914 – The Fabergé Mosaic Egg is created with a platinum shell set with diamonds and colored gemstones.
  • 1917 – The British government takes control of all platinum as a strategic material during World War I.
  • 1918 – The U.S. government prohibits the use of platinum for jewelry during World War I.
  • 1924 – Hans Merensky discovers the Merensky Reef in South Africa’s Bushveld Complex, containing 75% of the world’s known platinum reserves; Russia’s platinum production ends with the closure of Ural mines after the Russian Revolution.
  • 1926 – The Merensky Reef is traced for approximately 150 kilometers, establishing South Africa as the world’s primary platinum source.
  • 1930 – J. McLennan and colleagues discover ruthenium becomes superconducting at 2.04 K.
  • 1933 – Otto Feussner develops the first alloy of iridium with ruthenium for thermocouples, allowing measurement of temperatures up to 2,000°C.
  • 1934 – The first isotope of iridium is discovered, beginning identification of all iridium isotopes between 1934 and 2008.
  • 1940s – The U.S. government declares platinum a strategic metal and bans its use in all non-military applications during World War II.
  • 1944 – Parker begins fitting the Parker 51 fountain pen with nibs tipped by a ruthenium and iridium alloy containing 3.8% iridium.
  • 1948 – The International Prototype Kilogram undergoes its second verification showing mass changes relative to other iridium-platinum copies.
  • 1950s – Large-scale mining of the Merensky Reef begins as demand for platinum group metals increases.
  • 1951 – B. Goodman observes superconductivity in ruthenium with a transition temperature of 0.47 K.
  • 1952 – The last fountain pen nib found to contain actual iridium (2.6%) is sampled from a Parker 51; Palade introduces osmium tetroxide as a fixative for electron microscopy.
  • 1953 – Carl Djerassi and Robert R. Engle introduce ruthenium tetroxide as an organic oxidant.
  • 1957 – B. H. R. Stack studies the superconducting properties of ruthenium (a platinum group metal); Rudolf Mössbauer discovers the Mössbauer effect using iridium-191, leading to his 1961 Nobel Prize.
  • 1958 – L.M. Berkowitz and P.N. Rylander expand the use of ruthenium tetroxide as a multipurpose oxidant.
  • 1959 – The first synthesis of Sr2RuO4 (strontium ruthenate), a ruthenium-containing compound, is reported.
  • 1960 – The International Prototype Meter bar made of 90% platinum and 10% iridium is replaced as the definition of the meter.
  • 1960s – Platinum begins to be widely used in petroleum refining catalysts.
  • 1965 – Geoffrey Wilkinson publishes his first papers on rhodium catalysts at Imperial College London, describing the synthesis of Wilkinson’s catalyst; Jerry J. Rubin and Le Grand G. Van Uitert file a patent for coating iridium crucibles with zirconium.
  • 1966 – Sierra Leone issues the first palladium commemorative coin.
  • 1967 – Tonga issues palladium coins for King Taufa’ahau Tupou IV’s coronation with edges inscribed “Historically the First Palladium Coinage.”
  • 1968 – The anti-cancer properties of cisplatin (a platinum-based compound) are discovered; Ryoji Noyori develops methods for asymmetric hydrogenation using ruthenium catalysts; D. Evans, J.A. Osborn, and G. Wilkinson describe rhodium complex catalysts for hydroformylation; Tonga issues counterstamped palladium coins for the king’s 50th birthday.
  • 1970 – Catalytic converters containing palladium come into widespread use following U.S. Clean Air Act requirements; three-way catalytic converters combining platinum, rhodium, and palladium are invented; platinum use in automotive catalytic converters begins as emission standards are introduced; development of techniques to extract platinum from the UG2 chromitite layer in South Africa expands reserves.
  • 1974 – The oil crisis and rhodium shortage lead to increased interest in ruthenium as an alternative catalyst for automotive applications.
  • 1975 – The U.S. requires catalytic converters on all new gasoline vehicles, dramatically increasing demand for platinum group metals.
  • 1976 – Volvo introduces the three-way catalytic converter using rhodium, platinum, and palladium for California emission standards; rhodium-based self-powered neutron detectors begin deployment in nuclear reactors.
  • 1977 – The Soviet Union begins producing commemorative platinum coins for the 1980 Moscow Olympics; California implements strict emission legislation driving rhodium demand; Thomas A. Foglia publishes work on ruthenium tetroxide oxidation of unsaturated fatty acids.
  • 1978 – Cisplatin (a platinum-based chemotherapy drug) is approved by the U.S. FDA for cancer treatment on December 19; palladium prices begin dramatic increase during commodities boom.
  • 1979 – Cisplatin (a platinum-based chemotherapy drug) is approved for medical use in the UK and several other European countries; Paul McCartney receives a rhodium-plated disc from Guinness Book of Records.
  • 1980 – Arab Oil Embargo causes platinum prices to reach then-record highs; palladium prices peak at 6X increase from 1978 levels; Ryoji Noyori publishes synthesis of BINAP ligand for ruthenium catalysts; Luis Alvarez discovers elevated iridium and osmium at the K-T boundary, leading to asteroid impact theory for dinosaur extinction.
  • 1980s – Low-pressure oxo processes using rhodium catalysts become dominant for hydroformylation reactions in the chemical industry.
  • 1981 – K. Barry Sharpless introduces improved “Sharpless conditions” for ruthenium tetroxide catalyzed oxidations.
  • 1983 – Pediatric oncologist Roger Packer incorporates cisplatin (a platinum-based chemotherapy drug) into childhood medulloblastoma treatment protocols; various countries begin regular minting of investment-grade platinum coins.
  • 1984 – Ruhrchemie/Rhone-Poulenc builds a plant in Oberhausen using water-soluble rhodium catalysts for propene hydroformylation.
  • 1986 – Noyori develops BINAP-Ru(II) dicarboxylate complexes for asymmetric hydrogenation of olefins using ruthenium catalysts.
  • 1987 – Noyori develops versatile asymmetric hydrogenation of functionalized ketones with BINAP-Ru(II) dihalide complexes using ruthenium catalysts.
  • 1988 – The Royal Canadian Mint and Australian Perth Mint begin producing platinum bullion coins.
  • 1989 – Soviet Union issues palladium commemorative coins; the International Prototype Kilogram undergoes its third and final verification.
  • 1990 – MLCCs manufactured before this period contain 2-5% palladium; low palladium prices lead to 2:1 substitution ratio replacing platinum in gasoline autocatalysts; surge in palladium prices accelerates shift to base metal electrodes.
  • 1990s – Measurements using X-ray crystallography confirm osmium as the densest element at 22.59 g/cm³.
  • 1990-2010 – The nominal price of osmium remains almost constant while inflation reduces its real value from ~US$950 to ~US$600 per troy ounce.
  • 1992 – The Russian Federation begins issuing platinum commemorative coins; Robert Grubbs publishes discovery of ruthenium-based metathesis catalyst stable in air.
  • 1993 – TDK Corporation successfully displaces palladium-bearing electrodes with cheaper nickel electrodes in MLCCs.
  • 1994 – Yoshiteru Maeno discovers superconductivity in Sr2RuO4 (a ruthenium compound) at 1.5 K, the first non-copper perovskite superconductor containing ruthenium.
  • 1995 – Major shift begins from precious metals to base metals for standard components; BP Chemicals commercializes the Cativa process using iridium catalysts.
  • 1996 – BP Chemicals announces the new Cativa process for acetic acid production using iridium catalysts promoted by ruthenium.
  • 1997 – The United States Mint launches the American Platinum Eagle bullion coin program; DENSO develops iridium spark plugs with ultra-thin electrodes.
  • 1998 – Mike Giardello and Robert Grubbs co-found Materia Inc. to commercialize ruthenium metathesis catalysts; DENSO creates IRIDIUM POWER spark plugs with 0.4 mm diameter center electrodes.
  • 1999 – Electronic fuel injection systems enable more efficient use of palladium in catalytic converters; NAMI-A becomes the first ruthenium anticancer compound to enter Phase I clinical trials; Baldo demonstrates phosphorescent iridium dyes in OLEDs for improved efficiency.
  • 2000 – Palladium shortage causes price spike, leading to increased interest in platinum substitution; iridium crucibles become widely used for Czochralski method crystal growth.
  • 2001 – Platinum reaches $600 per ounce after September 11 attacks; Ryoji Noyori shares Nobel Prize in Chemistry for ruthenium catalyst work; IBM introduces “Pixie Dust” technology using ruthenium in hard drives; palladium reaches all-time record high of $1,094.00 per troy ounce before electronics demand collapses; Karl Barry Sharpless wins Nobel Prize for work including osmium-catalyzed asymmetric dihydroxylation.
  • 2002 – Russian palladium supplies resume, causing price to fall over 60%; Ford Motor Company declares $1 billion loss on palladium stockpile.
  • 2003 – Bicentennial of rhodium’s discovery is marked, commemorating 200 years since Wollaston first isolated the element.
  • 2004 – Iridium complexes such as Ir(mppy)₃ become a focus of research for phosphorescent OLEDs.
  • 2005 – Royal Canadian Mint begins issuing Palladium Maple Leaf coins; Robert Grubbs shares Nobel Prize in Chemistry for ruthenium catalyst development; Toshiba produces first commercial hard drive using perpendicular magnetic recording with ruthenium.
  • 2006 – Major hard drive manufacturers adopt perpendicular recording technology using ruthenium layers, with over 70% of drives using this technology.
  • 2007 – The U.S. Mint releases the American Eagle 10th Anniversary Platinum Coin Set with special reverse proof finish.
  • 2008 – Platinum reaches all-time high of $2,252 per ounce in March before crashing to $774 by November during financial crisis; U.S. Mint discontinues fractional platinum Eagles; rhodium reaches historic peak of $10,025 per ounce before crashing 90%; KP1019 enters clinical trials; most recent iridium isotopes discovered.
  • 2009 – The Hope Diamond is temporarily displayed in a new platinum setting designed by Harry Winston.
  • 2010 – Scientists detect boron in the Hope Diamond while removed from platinum setting; ruthenium catalysts enable commercial production of over 3000 tonnes of menthol annually; osmium gains attention as investment metal with development of crystallization processes.
  • 2011 – Bosch introduces new iridium spark plugs using proprietary alloy and 360-degree laser welding; demonstration of TADF in OLEDs offers alternative to iridium-based phosphorescent emitters.
  • 2012 – Global rhodium consumption reaches 30,000 kg with 81% used in automotive applications and 8,060 kg recovered from recycling.
  • 2013 – Estonia issues a platinum coin to commemorate its anniversary; 88% of vehicles from 2013-2018 came with iridium spark plugs as original equipment, reversing decades of nickel plug dominance; Swiss scientists successfully crystallized raw osmium, making osmium safe for human handling.
  • 2014 – The German Osmium-Institut zur Inverkehrbringung und Zertifizierung von Osmium GmbH began preparing crystallized osmium for the market; A process was perfected in Switzerland to purify osmium and change its structure to create non-toxic crystalline osmium form.
  • 2015 – U.S. Mint suspends production of bullion Platinum Eagles due to insufficient blank supplies; Volkswagen emissions scandal shifts demand from diesel to gasoline vehicles, increasing rhodium and palladium requirements; research shows iridium catalysts with pyridinylphosphinate ligands as potential blue phosphorescent materials; global market for crystalline osmium jewelry expands.
  • 2016 – The Austrian Mint begins producing platinum bullion coins; rhodium prices begin sustained increase following Dieselgate; average rhodium price drops to $800 USD per Troy ounce; global ruthenium consumption reaches 30.9 tonnes; palladium begins outperforming gold; osmium fingerprinting technology developed with identification accuracy 10,000 times higher than human fingerprints.
  • 2017 – U.S. Mint releases special 20th anniversary Platinum Eagle design; rhodium prices continue sustained increase; undeclared ruthenium-106 release detected across Europe; palladium exceeds platinum price for first time in 16 years and briefly surpasses $1,000 per ounce; annual osmium production reported at approximately 1,200 kg globally.
  • 2018 – The Royal Mint begins producing platinum bullion coins; approximately 84% of rhodium production consumed by automotive catalytic converters; palladium reaches new record highs; worldwide iridium production reaches approximately 7,300 kilograms; research on osmium-based catalysts intensifies at European universities.
  • 2019 – Platinum trades below gold for extended period; global rhodium mined supply reaches over 750,000 ounces with deficit of approximately 50,000 ounces; palladium overtakes gold as most expensive precious metal per ounce at $1,604; automotive sector accounts for 85% of palladium demand; kilogram redefined based on Planck’s constant, ending role of platinum-iridium International Prototype; annual osmium production falls below 1000 kg.
  • 2020 – COVID-19 pandemic disrupts South African platinum mining and automotive production; rhodium demand totals 31.2 tons with 90% consumed by automotive industry; researchers confirm civilian nuclear origin of 2017 ruthenium-106 release; ruthenium dioxide (a ruthenium compound) found superconductive under epitaxial strain; iridium crucibles market continues growth for semiconductor manufacturing; osmium recognized as most expensive non-synthetic element.
  • 2021 – Renewed interest in platinum for hydrogen fuel cell technology; rhodium price approaches $30,000 USD per ounce before settling to $14,000; South African PGM miners report rhodium contributing 25-40% of revenue; Robert Grubbs dies at age 79; palladium reaches new all-time high at $3,000.50 per ounce in April before becoming worst-performing commodity; research on [3+2+1] coordinated iridium(III) complexes demonstrates 84% quantum efficiency; crystalline osmium price reaches €1,500 per gram.
  • 2022 – Platinum records 9% year-to-date gain; over 31 metric tons of rhodium used in automotive applications; Ukraine tensions drive palladium to near six-month peak at $2,451.87 before Russia invades Ukraine causing spike above $3,000; palladium reaches all-time record high of $3,440.76 per ounce; record palladium price in pounds sterling at £2,608.70; London Platinum and Palladium Market de-lists two Russian refiners; worldwide demand for iridium reaches new highs; advanced osmium alloys included in aerospace research.
  • 2023 – World Platinum Investment Council predicts platinum deficit as demand grows 19% while supply increases 2%; rhodium stabilizes around $4,110 per troy ounce after 66.53% drop; researchers confirm 67-year-old prediction of Pines’ demon excitation in Sr2RuO4 (a ruthenium compound); average palladium closing price reaches $1,491 per troy ounce; global iridium production estimated at 6,800 kilograms annually; iridium crucibles market valued at USD 135.7 million; Osmium World Council estimates mineable reserves at approximately 22 tons.
  • 2024 – Centenary celebrations held for Hans Merensky’s 1924 discovery of Merensky Reef; global rhodium market valued at USD 2.44 billion with projections to USD 3.66 billion by 2033; ruthenium catalysts continue crucial roles in sustainable chemistry; global MLCC shipments containing palladium expected to reach 5.9 trillion pieces; research continues on iridium-free blue phosphorescent OLED emitters; major watchmakers including Hublot, Ulysse Nardin, Czapek, and OSLUX incorporate crystalline osmium into ultra-luxury timepieces.
  • 2025 – Platinum continues crucial role in green hydrogen economy; annual global rhodium production remains constrained at approximately 30 metric tons with 85% from South Africa; research continues on palladium applications in hydrogen fuel cells and detection technologies; breakthrough research on palladium nanosheets advances clean energy role; iridium price forecasts indicate continued demand for electrolyser technologies; osmium recycling initiatives launch globally with recycling market estimated at $50 million growing at 8-15% CAGR.

Final Thoughts

Today, as we stand at the threshold of profound technological transitions, the PGMs reveal themselves as both enablers and constraints. The same metals that clean our air through catalytic converters now hold the keys to hydrogen economies and renewable energy storage. Yet their extreme scarcity and geographic concentration create vulnerabilities that ripple through global supply chains. With 75% of platinum reserves locked in South Africa’s Bushveld Complex and annual rhodium production barely exceeding 30 tons worldwide, these metals embody the fundamental tension between technological ambition and geological reality.

The price volatility that has characterized recent PGM markets – rhodium’s journey to $30,000 per ounce, palladium surpassing gold – reflects more than simple supply and demand. It signals the precarious balance upon which modern civilization rests. Every electric vehicle, every hydrogen fuel cell, every advanced medical device depends on elements so rare that their entire global annual production could fit in a modest warehouse.

As we look toward a future demanding ever more sophisticated materials for quantum computing, renewable energy, and space exploration, the PGMs remind us that technological progress ultimately depends on the Earth’s finite endowment of elements. The story of these six metals is far from complete – it continues to unfold in research laboratories, mining operations, and recycling facilities around the world, where scientists and engineers work to stretch limited supplies to meet unlimited aspirations.

Thanks for reading!

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