Palladium, a metal in the same family as platinum, is a fairly new choice in the jewelry world. It has been gaining in popularity because of its similarity to platinum and cheaper price.
Perhaps the biggest pro of palladium jewelry is that it has many of the same properties as platinum but with a much lower price tag. It also stays shinier longer than platinum. When it does get dull and needs refinishing, it costs less to do and is faster than refinishing platinum. Palladium is hypoallergenic, unlike white gold, which can cause allergic reactions in some people. It provides a very secure setting for stones, just like platinum jewelry.
Palladium costs more than white gold. White gold also retains its shine better than palladium. It is more expensive, and more time-consuming to get palladium refinished than it is for white gold.
Palladium is a lightweight metal. This can be appropriate if you're not used to wearing jewelry and would like something light; however, it may not be a wise choice if you prefer heavier metals that feel more expensive.