Owing to its rarity in a pure form, platinum was not as widely appreciated in the past as perhaps gold was. It is said that early Spaniards panning for gold were bothered by the nuisance white nuggets that would appear - an "unripe" form of gold. As research and methods to refine platinum were developed in the eighteenth century, platinum grew to be a symbol of prestige and wealth due to its rarity.
Platinum now enjoys a high level of importance for industrial applications as well as adornments. The second half of the twentieth century saw a rise in the demand for platinum as jewelry, prized for its resistance to wear and tarnish. The appeal of platinum jewelry grew first in Japan - where it was prized for its prestige, value, and purity - and only recently penetrated Western markets.
In the late 1970's, PGM consumption became highest in applications in the automotive industry and they continue to be used extensively as an oxidation catalyst in catalytic converters and as catalysts in refining fuels.
Recent advances have also seen platinum applied in medical treatments, including its use as a component in pacemakers and even as anti-cancer therapy.
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