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Do ring vendors put a higher markup on gold than platinum?

The price of gold is through the roof. Gold is ~$2500 per oz, while platinum is $950 per oz. However, most gold is 14kt (58%) or 18kt (75%) while Platinum is 90%+. That, and platinum is a heavier (technically denser is more correct?) metal, so there is more platinum in an equivalent ring, and it weighs more. The actual price on finished jewelry isn't as big as you would think.

However, "retail" jewelry stores often price things using what they call Keystone (2x markup) or even triple keystone (3x). So, a $500 piece would sell for $1000-$1500.

Jewelry stores will also come up with endless nonsense to justify high prices such as Platinum is so much harder to work with, etc.

Is it true though?

Gold is more expensive than platinum.

Indeed, since 2016. Before 2016 platinum was worth more than gold, even double for a brief period in 2008.

Now gold is worth 2.5x what platinum is worth.

https://www.macrotrends.net/2541/platinum-prices-vs-gold-pri...

Did you mean rhodium?

Rhodium is very expensive. It's used as a coating for white gold, but actual rhodium jewelry doesn't really exist.