The most expensive metals in the world are precious rare metals that are highly valuable and in demand. They are extremely rare metals that require lots of effort to get, starting from research, to finding their location, to mining, refinery, and total purification.
All these factors make these metals so expensive. However, diamond is not on this list because it is not a metal but a precious stone.
These are the most expensive metals in the world in 2024: Top 15 precious & Rare metals,
- Rhodium
- Scandium
- Iridium
- Gold
- Palladium
- Platinum
- Ruthenium
- Osmium
- Germanium
- Rhenium
- Silver
- Gallium
- Indium
- Tellurium
- Bismuth
Check out their prices, their largest producers, annual production, reasons behind their rarity, and lots more. Keep reading!
1. Rhodium - The Most Expensive Metal in the World
 |
| Image credit: The Startup Founder |
Price: $12,400 (Ounce)
$398.67 (Gram)
$398,669.26 (Kg)
Largest producers: South Africa (majorly), Russia & Zimbabwe
Annual production: 30 tons
Symbol: Rh
Atomic number: 45
It is a rare precious metal and it is silver-white in appearance. It is the number one most expensive, most valuable, and rarest metal in the world because of its scarcity and its global demand.
It is used in building cars as the global automotive industry demand 80% of rhodium. In jewelry, it uses for a final finish on white gold jewelry, to keep skin safe.
It is scratch-resistant metal and it improves the luster and shines on the material it is used on. It is utilized in coating glasses, coatings for optical mirrors, and optic fibers and among others. which makes its use so valuable.
This is due to the fact that is highly reflective and strongly resistant to corrosion. Rhodium mine is rare, it occurs in small quantities while gold mine is numerous, this account for the whooping price.
2. Scandium
 |
| Image credit: Alchemist-hp (talk) (www.pse-mendelejew.de) |
Price: $7,557.94 (Ounce)
$270 (Gram)
$270,000 (Kilogram)
$122,500 (Pound)
Largest producers: China, Madagascar, Norway, Kazakhstan, Russia
Annual production: 10 to 15 tonnes
Symbol: Sc
Atomic number: 21
In 1879, this metal was discovered by a Swedish chemist, Lars Fredrik Nilson. It is the second most expensive metal in the world because of its scarcity and limited production.
Its price usually fluctuated between USD$ 4000 and USD$ 20,000 per kg for the past 10 years. It is tough to have this metal because it occurs in very small amounts, even though it can be found all over the globe.
But it usually mixed up with other metals and minerals making it to be very hard to obtain, hence it commands that price. It can be obtained from minerals such as wiikite, bazzite, and thortveitite. It is an element that is denser than water three times.
3. Iridium
 |
| Image credit: Images-of-elements |
Price: $4,900 (Ounce)
$157.54 (gram)
$157,538.66 (Kilogram)
Largest producers: South Africa and Alaska, USA (majorly), Australia, Russia, Brazil, and Myanmar (Burma). Its higher amount is also found in meteors and asteroids in space.
Annual production: Just 3 tonnes
Symbol: Ir
Atomic number: 77
It is a rare metal, found in a thin layer in the earth's crust. In nature, it is found in uncombine states, sometimes, it is deposited by rivers, or found as a thin layer in clay.
Through nickel refinement, it can be gotten as it is its by-product. And its usefulness and demand have greatly increased in the tech industry in recent times.
It has many industrial applications, for instance, it is employed in the aircraft industry. It mainly serves as a hardening agent for platinum.
It is also used for heavy-duty electrical contacts, high-temperature crucibles, spark plugs, compass bearings, and fountain-pen nibs (alloyed with osmium). There was a time, about two years ago, a gram nearly cost $800.
See also:
4. Gold
 |
| Image credit: James St. John / Wikipedia |
Price: $1,804.05 (Ounce)
$ 58 (Gram)
$58,001.55 (Kilogram)
Largest producers: China, Australia, Russia, United States, Canada, Ghana, Indonesia, Peru, and Mexico
Annual production: 3,000 metric tons
Symbol: Au
Atomic number: 79
We all appreciate gold, everyone wants to have gold, including you and me. Historically, gold has always been so valuable as a precious metal. Unlike some metals, it is expensive to produce, thus making it pricey.
Its production is not easy. For example, first, the location where it must be found will be examined, which takes much effort.
Then many years of research, investing in expensive geological equipment, and extraction at the place it is found which may include, open-pit or tunnel mining. After which it is purified at refineries.
 |
| Image credit: Zlaťáky.cz |
It is an extremely rare metal, and its demand is very high. It is a metal that is making use in jewelry, photography, investments, electronics, and among others.
Gold is a unique metal that cannot be destroyed, even though, it can be easily melted compared to other valuable metals. It can only be destroyed if exposed to nuclear radiation. If melted, it can be shaped into various forms in jewelry, bars, and coins.
Gold occurs in various colors, even though yellow, white, and rose are the most common colors, other exotic colors including green, black, and purple are gotten from manipulation of the metal's surface or by means of other development techniques.
5. Palladium
 |
| Image credit: Hi-res images of chemical elements / Wikimedia Commons |
Price: $1,675.05 (Ounce)
$53.854 (Gram)
$53,854.11 (Kilogram)
Largest producers: South Africa, Russia, Zimbabwe, Canada, and United States.
Annual production: 96.7 metric tons (from Africa alone)
Symbol: Pd
Atomic number: 46
It is a lustrous silvery-white metal on the list of the top most expensive metals in the world. It is a valuable precious metal because of its high demand in emissions-reducing devices in vehicles such as trucks and cars.
The majority of the metal being produced is utilized as the catalytic converter, in which it converts car exhausts to a non-toxic substance such as water vapor and carbon dioxide.
This metal is also used in jewelry, dentistry, and electronics. In the last five years now, the price soars up, like 3 times its former price. For the reason of its high demand in regulating pollution.
Now, most cars are built as gasoline-powered vehicles in which palladium is highly utilized. This is because fewer diesel cars are demanded, owing to their emissions. Even though this metal is not used in electric vehicles, although it regulates pollution in other areas.
6. Platinum
 |
| Platinum crystal. Image credit: Periodictableru |
Price: $1,024 (Ounce)
$32.94 (Gram)
$32,939 (Kilogram)
Largest producers: South Africa (around 70% of it is produced here), Russia, Zimbabwe, Canada, and the USA
Annual production: 180 metric tons
Symbol: Pt
Atomic number: 78
It is so expensive mainly because of its rarity. It is even rare than gold, although it is cheaper than gold. Most platinum deposit that can be easily accessed, has already been mined.
For this, recent mining involved more digging which adds to its price, making it to be more expensive. It is a metal that is denser than gold, and jewelry made from it is pricey as well, compares to other gold alternatives.
It is harder for jewelers to turn it into jewelry, unlike gold. Also, platinum has higher purity in comparison to gold due to its chemical properties.
More to that is its uses in other areas such as drugs and catalytic converters. Platinum is a mild element, that is not toxic or reactive to human tissue, hence, almost half of cancer patients' drugs involve platinum, like the drug called cisplatin.
About 45 percent of platinum mine is used in the production of catalytic converters in vehicles, for the reduction of toxic emissions from vehicles.
Other uses of these metals include the manufacturing of medical equipment, turbine engines, glass-making equipment, chemical and petroleum refining, and lots more.
With its rarity and high demand in the production of important things as mentioned, it is one of the most expensive metals in the world in 2024.
See also:
7. Ruthenium
 |
| Image credit: Periodictableru |
Price: $620 (Ounce)
$19.933 (Gram)
$19,933.4 (Kilogram)
Largest producers: South Africa (responsible for 91% of production for worldwide use), North America
Annual production: Around 35.5 tons
Symbol: Ru
Atomic number: 44
It is a hard and brittle silvery-white color transition metal that is chemically inert. It is among the metals of the platinum group in the periodic table, although it is the last that was discovered.
It is a metal that works for plating other metals. It is a rare metal that is used in the production of jet engine turbines. This is because it helps in the hardening of platinum and palladium alloys, thereby making it to be more resistant to the corrosion of Titanium.
Just like iridium, little amount of ruthenium is used for dental alloys as a grain refiner as it's of advantage in helping grain size to remain small and with this, it resists tarnish and its mechanical properties will also improve. If you handle this metal, be careful with it as it can stain the skin.
8. Osmium
 |
| Image credit: Alchemist-hp (talk) |
Price: $400 (Ounce)
$12.862 (Gram)
$12,862 (Kilogram)
Largest producers: Witwatersrand District of South Africa (principal source), Russia, Canada, Australia, and the United States.
Annual production: Between 150-1,000kg
Symbol: Os
Atomic number: 76
It is a brittle hard metal and part of the most expensive metals in the world in 2024. According to the Engelhard Industrial Bullion prices, the price of this metal osmium, mentioned above has remained like that for the past 20 years.
In view of the fact that its demand and supply have not changed. It is an extremely rare metal that has the highest density among all naturally occurring elements in which, it is 22.57 grams per cubic centimeter.
In the earth's crust, it can only be found in a very tiny amount at an abundance of 0.0018 parts per million, which is even less than gold which has an abundance of 0.0031 parts per million. It is a metal majorly used as one part of hard metal alloys.
Its properties like having high density and being hard make it suitable for its important usage in devices that must not wear out from friction. For this, osmium is found as an alloy in equipment like compass needles, electrical contacts, record player needles, and many more.
9. Germanium
 |
| Image credit: Jurii |
Price: $66.46 (Ounce)
$2.34 (Gram)
$2,344.40 (Kilogram)
Largest producers: China (responsible for about 60% of production), Canada, Finland, Russia, and the USA.
Annual production: 95 metric tons
Symbol: Ge
Atomic number: 32
Previously, the price is around $1,250 per kg, but it rises to the price mentioned above recently according to Strategicmetalsinvest.com.
Even though it is rare, but not terribly rare because its abundance is 1.5 parts per million in the earth's crust. It is a precious metal that is almost ten times more expensive than silver.
This is because of the extreme cost of getting germanium to 99.9 percent purity. It is an important semiconductor metal majorly used in transistors and integrated circuits as well as infrared spectroscopes.
It is also employed as an alloying agent with silver which helps in stopping tarnishing and additionally as an alloy in fluorescent lamps as a phosphor. Additionally, it serves as a catalyst.
10. Rhenium
 |
| Image credit: Alchemist-hp (talk) |
Price: $46.87 (Ounce)
$1.6 (Gram)
$1,590.80 (kilogram)
Largest producers: Chile (major), Poland, United States, Uzbekistan, Kazakhstan
Annual production: 14.6 metric tons
Symbol: Re
Atomic number: 75
It is absolutely one of the rarest metals and of course one of the top 10 most expensive metals in the world in 2024. About fifteen years ago, the price of this metal is around $351.50 per ounce.
It is a silvery-gray, heavy, valuable transition metal. It has a metallic luster. It is 3rd among elements with the highest melting point, only tungsten and carbon are higher than this metal as regards its melting which is 3186℃.
It is the last element that has a stable isotope. It is used as a catalyst with platinum in producing lead-free, high-octane gasoline. More to that, it is used in jet engines, as alloys, and as based alloys in tungsten and molybdenum.
It is also employed in electrical contact materials, thermistors, as filaments for mass spectrographs, and others. This is because it has remarkable properties such as good plasticity, creep resistance, mechanical properties, corrosion resistance, and good wear resistance.
Furthermore, it is used in making jewelry, only that it cannot be re-sized, but it makes an ideal ring material.
See also:
11. Silver
 |
| Image credit: Shamprakash / Pixabay |
Price: $23.94 (Ounce)
$0.77 (Gram)
$769.69 (Kilogram)
Largest producers: Mexico, China, Peru, Chile, Russia, Poland, Australia, Bolivia, the United States, and Argentina.
Annual production: Around 27,000 metric tons
Symbol: Ag
Atomic number: 47
After gold, silver is popular metal as well, and it is also listed among the most expensive metals in the world. In ancient days, for thousands of years, throughout history, it is used as coins because it is highly valuable.
It is more accessible than gold given that it is cheaper. But premium silver is higher in price compared to gold, this is because of the mining and refining cost.
Silver is rarely found on its own, even though its price is still lower than some precious metals. Silver has an intrinsic worth like a physical asset, unlike hard currencies like Euro and dollar.
People do invest in it, it has something or feels like a "safe haven" role, even though interest rates on it are low because it is a fixed-income investment. As we all know, silver is commonly used in making jewelry.
It is applied in electronics, photography, batteries, solder and brazing alloys, and dental alloys, and it is beneficial in making mirrors as it is the best reflector of visible light known today.
12. Gallium
 |
| Image credit: En:user:foobar / Wikimedia Commons |
Price: $18.17 (Ounce)
$0.64 (Gram)
$640 (Kilogram)
Largest producers: China, Germany, Kazakhstan, and Ukraine. While smaller production is gotten from Hungary (Ajka), Japan, Russia, and Slovakia.
Annual production: 200 metric tons
Symbol: Ga
Atomic number: 31
It is a soft silvery precious metal. It is scarce as it does not exist in natural abundance. This metal does not occur as a free element or metal.
It occurs in trace amounts on other minerals such as zinc ores, germanite, bauxite, and coal. It is about 0.0019 percent of Earth's crust. It is used in light-emitting diodes (LEDs), semiconductors, and in electronic circuits.
In addition, it is highly utilized in mobile phones, nuclear medicine tests, pharmaceuticals, barometers, and high-temperature thermometers.
13. Indium
 |
| Image credit: Nerdtalker |
Price: $6.393 (Ounce)
$0.2055 (Gram)
$205.55 (Kilogram)
Largest producers: China major), Korea, Japan, Canada, Belgium, France, Russia, Peru, and Germany
Annual production: 920 metric tons
Symbol: In
Atomic number: 49
It is a ductile, lustrous metallic silver-white metal. It is the only air-stable soft metal that can be cut with a knife. The cost of indium still depends on the purity, some are between $1 to $5 per gram.
It is a precious metal that is more abundant than silver on the earth's crust. But it is highly valuable because of its use and high demand. For this, it is among the most expensive metals in the world in 2024.
It is an important application in solar panels, flatscreen TVs, microchips, and touch screens. Without it, you may not be able to reach this site on your phone. It is a unique metal that is transparent, bonds strongly to glass, and conducts electricity.
It is also used as a transistor when it is dope with germanium. Just like silver, it works well in the making of mirrors as it is reflective. More to that, it is utilized in the making of low-melting alloys.
14. Tellurium
 |
| Image credit: Cen.acs.org |
Price: $2.4489 (Ounce)
$0.07873 (Gram)
$78.734 (Kilogram)
Largest producers: China, Russia, Japan, Peru, and Canada
Annual production: 283 metric tons
Symbol: Te
Atomic number: 52
It is a rare metal, in fact, rare in comparison to gold. But it is cheaper than gold because of its presence in extractable copper ore deposits as well as the small number of applications it is used for.
So the demand is not extremely high. We can rightly say it is one of the most expensive metals in the world, even though it is actually a semi-metal.
It is a heavy metal that is used in steel alloys. The pure one is brittle and silver in color. It is utilized in solar cell technology as it is a light-sensitive semiconductor.
It does not form any chemical reaction with water or air. When melted, it is corrosive to stainless steel, iron, and copper. It is beneficial as an alloy with copper as it improves resistance to fatigue because it does not reduce electrical conductivity.
It is also used as a catalyst in oil refining and synthetic fiber production. It works too in the accelerator in rubber production and as a vulcanizing agent.
See also:
15. Bismuth
 |
| Image credit: Belmontmetals |
Price: $1.077 - 1.19 (Ounce)
$0.038 - 0.042 (Gram)
$38 - 42 (Kilogram)
Largest producers: China, Vietnam, Mexico, Japan, Kazakhstan, Canada, and Russia.
Annual production: Around 8,200 tons
Symbol: Bi
Atomic number: 83
It is a beautiful brittle, crystalline, white metal with a slight pink tinge. It is a valuable metal that has an abundance that is equal to that of silver.
It is a popular metal on average because it is easy to use and is utilized in various ways. This account for its high price.
It is a non-toxic, safe metal that if you melt it, will be colorful like rainbow crystal. Pure bismuth is used in making crystals. It is better than steel as it has a higher density.
Its major uses include pharmaceuticals, pigments for cosmetics, solders and other alloys, atomic fire alarms and sprinkler systems, glass and ceramics, and catalyst in rubber production.
Now, it is your turn, what do feel about the most expensive metals in the world in 2024? Let us hear your view in the comment section below (Post a comnent). Please hit any any of the share buttons and subscribe to our email list. You can also follow us at our social media handles. Thanks for reading!
Interesting article.
ReplyDeleteI am happy you find it interesting, thanks for reading the most expensive metals in the world.
DeleteI enjoyed reading your article it was interesting. I also find amezing facts about these metals that I never knew before. Nice job keep it up.
ReplyDeleteThank you!
DeletePost a Comment