Precious metals are naturally occurring rare metallic elements having significant economic value. They have high luster, usually ductile which tend to be less reactive than most elements. Precious metals are primarily regarded as investments and industrial commodities. Platinum group metals and gold are some of the most prominent precious metals present in the industry. While the coinage metals, silver and gold are consumed in industrial applications, they are better known for their use in jewellery and art. Other precious metals include the platinum group metals: iridium, osmium, rhodium, ruthenium, palladium and platinum.