Gold Prices Soar, Squeezing Independent Jewelry Designers

Got story updates? Submit your updates here. ›

With gold prices nearing $5,000 per ounce, up nearly 100% in the past year, the jewelry industry - the largest consumer of gold - is feeling the strain. Independent jewelry designers and small brands are having to get creative to keep up with the skyrocketing costs of their primary raw material.

Why it matters

The surge in gold prices is putting significant financial pressure on independent jewelry makers and small brands, who often operate on tight margins. This could lead to higher retail prices, reduced product selection, or even some businesses closing down if the trend continues.

The details

At the recent New York Winter Show, jewelry collectors and sellers were abuzz about gold's nearly $5,000 per ounce price, up from around $1,500 just a decade ago. The precious metal's steady rise, nearly doubling in the past year alone, is straining the jewelry industry, which relies heavily on gold as a primary raw material.

• Gold prices started the decade around $1,500 per ounce.
• Gold prices have nearly doubled in the past year.