On 23rd July 2007, the members of the International Platinum Association have voted for changing the name into International Platinum Group Metals Association to better reflect the broad range of metals covered by the organization.

The IPA covers the metals Platinum, Palladium, Iridium, Rhodium, Osmium and Ruthenium that can be found together in nature and show similar chemical characteristics. The major aim of the organization is to act as a platform for discussion and information exchange between its members and with the outside world. Furthermore, the IPA serves as an early warning system for the PGM industry by monitoring legislation (emission control, REACH, recycling etc.) and industry related topics such as trade, health & safety, and sustainable development.