There really isn't any cost saving to speak of, the cost of the metal is virtually irrelevant as the amount used on the case is a couple of grams at most, perhaps $100-200 on a watch selling for 10s of thousands.
As luck would have it, I actually work in the precious metals trading business
Palladium is a whiter metal than Platinum, and is more effective at bleaching than platinum is. The alloy has to be 75% gold to be 18Kt, but by using a very strong white bleaching metal along with the copper you can make it much red-er and more rose tinted than normal rose gold which was Omega's aim here, to make the most red 18K alloy possible.
So while Rolex using platinum might sound great on paper, they actually used a lesser metal than palladium in ever-rose.
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