Tamara de Rezende
The use of gold stretches back almost as far as civilization itself. The precious metal has been a symbol of luxury and wealth for thousands of years. During that time it has been used to create and adorn countless objects, including jewelry, armor and coins. It has an enduring place in history, and its continued status as a store of wealth ensures that gold jewelry never goes out of style.
Playing with the makeup of gold alloys can allow jewelers to achieve signature shades of gold.
Where is gold mined?
Gold can be found across the world, locked deep in the layers of the earth, or hidden in the beds of streams and rivers. Rather than being formed by geological pressures, as is the case with gemstones, gold came from outer space.
Gold landed on the planet during a bombardment of meteorites about 200 million years after Earth was formed, and when molten iron sank to create the Earth’s core the vast majority of precious metals went with it. The metal has since been transported closer to the surface of the planet through volcanic eruptions and earthquakes, making it accessible to miners. This explains why gold can be found on every continent.
Top exporters of gold bullion
| Rank | Country |
| 1 | China |
| 2 | Russia |
| 3 | Australia |
| 4 | Canada |
| 5 | United States |
*Source: World’s Top Exports
Top exporters of gold jewelry
| Rank | Country |
| 1 | China |
| 2 | India |
| 3 | Turkey |
| 4 | Italy |
| 5 | Thailand |
**Source: Volza
Valuation
The London Bullion Market Association (LBMA) Gold Price is the global benchmark for unallocated gold delivered in London. Producers, the investment community, banks and central banks, fabricators, jewelers and other consumers, as well as market participants from around the globe, transact during the IBA Gold Auction and use the benchmark as a reference price.
The LBMA gold price is updated twice daily and provides the metal lock used for purchasing gold products in much of the jewelry industry.
The different colors of gold
Gold jewelry can be available in a variety of hues. Pure gold is naturally a gold color that we would refer to as yellow gold. When using gold for jewelry, it must be mixed with other metals to create a mixed alloy to make it stronger, and this is how different colors can be introduced. The alloy mix can create unusual shades including green and blue, but the most popular shades are yellow gold, white gold and rose gold. The table below will explain how these colors are achieved.
Common gold alloys
| Color | How it is created |
| Yellow | Yellow gold is gold in its original, naturally occurring golden color. Copper and silver are usually added for strength when turned into jewelry-ready alloys such as 18-karat or 14-karat gold. |
| White | White gold is created from yellow gold that is alloyed with nickel or palladium and zinc. It gets its bright, silvery-white finish from rhodium plating. |
| Rose | Rose gold, also referred to as pink gold, is created when pure gold is combined with copper alloys. The copper helps strengthen the metal and provides its signature pink hue. |
How durable is gold and what is a karat?
Gold has a hardness of 25 HV (kg/mm2) according to the Vickers Hardness test. It is a relatively soft metal, in comparison to others, such as platinum which has a score of 48 HV. When used for jewelry, it is often mixed with sterling silver, copper and zinc to give it added strength and durability.
Gold and gold alloys are measured by the amount of pure gold versus other elements. The purest gold is 24 karat, which has 24 out of 24 parts gold with no other metals present. Other levels of purity that are used in jewelry across the world include 18-karat gold, in which 18 out of 24 parts are gold. 14-karat gold is 14 parts out of 24, and so on.
There is another way to describe the purity of gold as parts per thousand. Using this method, pure gold is 1000/1000 gold. The equivalent of 18 karat in this calculation would be 750/1000, meaning three quarters of the alloy is gold. This can be easily converted back to the 24 karat approach as 18 is three quarters of 24. Therefore, 750/1000 gold is the same as 18-karat gold, 585/1000 is equal to 14 karat. The more pure gold present in the alloy, the softer the metal will be.
Some countries prefer to use the parts per thousand designation while others prefer the 24 karat logic. Generally, there are guidelines in every country as to which designation can be legally used, and how to correctly hallmark precious metal items in each country.
Common gold metal titles
| Purity (karat) | Purity (parts per thousand) |
| 24k | 1000 |
| 18k | 750 |
| 14k | 585 |
| 10k | 417 |
The sharp rise in gold prices since the millennium has led to trends for delicate gold jewelry.
The human race's obsession with gold
Gold was first discovered as shining, yellow nuggets and quickly became a part of every human culture. Its brilliance, natural beauty and luster, alongside its malleability and resistance to tarnish, made it enjoyable to work with.
As previously mentioned, gold is quite soft in comparison with other metals, which allows it to be shaped and molded easier. Since it is resistant to tarnishing and rusting, this means that the warm yellow color perceived when the jewelry is first created will last forever. For ancient civilisations, gold jewelry therefore represented a long-lasting permanence, something that could accompany kings and accomplished warriors into the afterlife.
One of the most famous gold legends is of El Dorado, a lost South American city that was said to be made of gold. The story was based on the pre-Columbian Muisca, or chief, who covered himself in gold powder and jumped into Lake Titicaca as a ritual when he became the tribe’s leader. The gold represented godliness to this ancient Aztec civilization, which worshiped the deity or trinity of Chiminigagua.
Over the centuries, the city of El Dorado has been sought by many, including the Spanish conquistadors. When the Americas were first discovered by Europeans, the indigenous Indians possessed many relics that led the conquistadors to believe they were close to discovering El Dorado. Since that time, there have been many additional explorers, but each has ended their quest empty handed. Despite this, some continue to believe that the legendary city truly does exist.
Rising prices and color fads: gold trends over time
While gold jewelry has always been sought after, the popularity of its different colors has fluctuated as trends have shifted. For example, yellow gold was very fashionable in the 1960s, 1970s and 1980s. It fell out of vogue in the 1990s and 2000s when white gold and, later, rose gold became the go-to shades. Today, yellow gold is rising in popularity again.
The price of gold has increased by more than 800% since the Millenium (2000 to 2023). As a result, the mass market has seen a dramatic reduction in larger, heavier gold styles as such pieces became prohibitively expensive to make.
As bullion prices continue to remain high amid global economic uncertainty, it is likely that consumers’ preferences will change as new trends are introduced, but substantial gold consumption in terms of grams bought is now far less than pre-millenium rates in western markets. Middle East and Asian market demand has remained unchanged or grown.