In processing industry and in gem & Jewellery manufacture we find different types of metals are being used. Some of these are mentioned by names and sometimes these are referred to by their types. Here is a list of six types to which most metals belong. Some metals have their presence in more than one berth.
1. Precious Metals: Metal that has intrinsic economic value is considered as a precious one. Economic value is determined by factors such as rarity of the metal, use of the metal in industrial processing, jewellery and coinage, usefulness as an investment vehicle and has potency of being traded widely in an established exchange house or in an over the counter market. Gold, Silver and Platinum are key precious metals. Platinum is an extensively traded metal in the platinum group whose other members are: Ruthenium, Rhodium, Palladium, Osmium, and Iridium. Out of these Rhodium is the priciest item. One of the standalone metals is Titanium which is deemed to be the strongest metal on earth
2. Non-Precious Metal: Any metal that is not classified under precious one is given a blanket description of non-precious metal. Iron, Steel, Lead, Zinc, Tin and Copper are few of the non-precious metals used in processing industry
3. Noble Metals: Metal that has resistance to corrosion or oxidization against air and moisture is grouped under the flag of noble metal. Gold, Silver, Members of the Platinum Group and Titanium are noble metals
4. Base Metals: Metals that oxidize, tarnish or corrode relatively easily when exposed to air and moisture are termed base metals. Base metals have two characteristics: these are available in plenty and the prices are fairly low. Examples include: Aluminium, Lead, Nickel, Copper, Tin, Zinc and Iron
5. Ferrous Metals: The word ‘Ferrus” denotes iron in Latin. By extension, any metal that has iron present in it to an appreciable extent is treated as ferrous metal. In the alternative, an alloy that has high iron content is also given the same label. A prominent ferrous metal is steel used in almost all industrial processes. Surprisingly gem & jewellery fabrication has waken up to the idea of using stainless steel in turning out accessories
6. Non-Ferrous Metals: Metals that do not contain iron in appreciable quantum are flagged as non-ferrous metals. These are priced higher than ferrous metals. Certainly prices for Aluminium, Copper, Tin and Zinc are quoted relatively higher than that of iron in the market place.
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