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As of 2020, the most expensive non-synthetic element by both mass and volume is rhodium. It is followed by caesium, iridium and palladium by mass and iridium, gold and platinum by volume. Carbon in the form of diamond can be more expensive than rhodium. Per-kilogram prices of some synthetic radioisotopes range to trillions of dollars.
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South Africa produces 80–90% of Rhodium each year. Russia is the second largest producer of rhodium but it is around 1%. The COVID-19 pandemic in South Africa caused the country to enact lockdown restrictions in March 2020 and again in December 2020 – March 2021. This affected the supply of Rhodium causing the price to increase. [39] [40]
Rhodium is one of the rarest elements in the Earth's crust, comprising an estimated 0.0002 parts per million (2 × 10 −10). [33] Its rarity affects its price and its use in commercial applications. The concentration of rhodium in nickel meteorites is typically 1 part per billion. [34]
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Rhodium(III) nitrate is a inorganic compound, a salt of rhodium and nitric acid with the formula Rh(NO 3) 3. This anhydrous complex has been the subject of theoretical analysis but has not been isolated. [ 4 ]