Remember when Eartha Kitt asked Santa Baby for the deed to a platinum mine? This Christmas, you may want to revert your wishlist back to the gold standard if current trading conditions continue through to December.

Today, the price of gold reached parity with platinum, pushing the value of the fine jewelry metal to a level not seen since 2008. It hit a record high of $1715.29 per troy ounce following the downgrade of the US government’s credit rating by Standard & Poor’s as investors looked for a safe haven alternative to more volatile stocks. Platinum, which hit a low of $1703 per ounce, doesn’t get the same boost as gold because it’s largely seen as an industry product while gold is also seen as something of a monetary instrument. {Wall Street Journal}

These platinum and gold rings from Tiffany are different prices, but have the same value. For now.

What this will mean for fine jewelry prices isn’t immediately clear, but on most jewelers’ sites, platinum is still at a premium compared to gold. At Tiffany & Co., a platinum ring with a small yellow diamond is $1300, while a similar yellow gold ring with a similarly sized yellow diamond is $750.

Obviously at some point, the price disparity is going to catch up to jewelry stores who will have to pass the sharp rise in raw material prices along to consumers. The Los Angeles Times reports that LA jewelry stores are already doing most of their business on the buying side, as the rising prices are driving buyers to wait longer before purchasing, purchase thinner wedding bands, or go for an entirely different metal – like silver – altogether.

The little black dress, pretty in pink, the white picket fence; few things define style like color (or the lack thereof). On clothes, at home and away, color can be the difference between standing out or blending in. Going hue by hue, we take a look at the iconic products that illustrate the color of style.

Black

The Little Black Dress

In womenswear, there’s perhaps no other item that endures like the little black dress. At its best, it’s both classic and modern, and one of the few pieces of clothing that’s never out of fashion.

White

White Linen

If summer had an official fabric, it would probably be linen. While style is about setting your own standards, white as the neutral for warmer weather is one to leave in the rulebook, even if you throw the rest of the rules out. Put the two together on clothing, around the house or just on accessories for impeccably clean, crisp summer style.

Red

The Red Wedding Dress

Depending on where you live red can be the color of sin or purity, and almost universally, passion as well. In China and India, it’s the traditional color of wedding dresses, and (in our opinion) one of the most glamorous variations on bridal style.

Blue

Blue Jeans

It’s been bleached, battered and dyed, but when it comes to denim there’s only one hue that outlasts them all. We’re preferential towards the deep, indigo end of the spectrum, but in all its variations blue jeans have been the definitive color of casual style more than any other shade.

Yellow

Gold

The price of the precious metal has reached record highs as cautious investors seek security, and after a period of surging popularity for platinum, it looks like we’re returning to a bit of a gold standard. Not just any type of gold, mind you. Whether you’re going for jewelry or bars, gleaming yellow gold that clearly indicates exactly what it is looks like it’s poised for a return as the color of luxury.

Green

Emeralds

There are many beautiful green stones, but there’s only one that has its own jewelry cut. Diamonds are forever, and sapphires are having a moment thanks to a certain royal couple, but emeralds have been turning up on Hollywood royalty and reminding everyone why green is the color of envy.

If you’re keeping up, you may recall our coverage of Vera Wang’s new line of bridal jewels. Excited? Us too. This week another wedding gown designer is adding an affordable line of those timeless symbols of love to his repertoire. We’re talking about bridal designer and celebrity wedding planner, David Tutera. He has launched his premiere collection of designs for brides-to-be, but this time he’s swapping satin for sapphires.

Showcased in four collections, Tutera’s Eternal collection represens the “cherishing of a bright future”; the Heirloom collection “embodies love that stands the test of time”; the Radiance collection ensures “all eyes are on the bride,” and the Legacy collection “epitomizes the enduring union in which the love story continues.”

David says, “Your wedding story begins with choosing the perfect engagement ring. I am proud to offer my designer style and more than 25 years of bridal expertise to help make women’s dreams come true with a dazzling line of affordable wedding rings. ”

Megan Featherston, Vice President of Jewelry at Sears says, “The launch of the David Tutera Bridal Jewelry Collection is another example of Sears’ continued commitment to delight customers with the splendor they’ve dreamed of at an incredible value”. The line is currently available at Sears online.{Diamonds.net}

What makes these precious designs even more unique are the blue sapphires set in each band to offer that special “something blue” for the bride to wear on her wedding day.

Even though the recession may technically be a thing of the past, we love that more designers are offering more accessible wedding options that follow higher end (more expensive) styles. Though the wedding day may be one of the happiest days many people experience, being able to look back on the rings as a reminder of lifetime commitment rather than lifetime debt paying for the whole thing is never a bad option.