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Platinum overlay is similar to Rhodium plating, it is just an extremely thin layer of platinum meant to enhance the silver or base metal content. The reason we are seeing an up rise of platinum overlay is due to the diminishing cost of platinum, and because it is more widely known to the public than rhodium.
Side Note: I find the whole " platinum overlay" marketing trend to be hyperbole, considering Rhodium is cheaper and most all genuine platinum jewelry is coated with rhodium to bring out luster.
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