Last month, on the opening day of New York’s annual Winter Show, anxious whispers flew between jewelry collectors and sellers alike. The once unthinkable had nearly come to pass: gold was approaching $5,000 per ounce.
In recent years, the precious metal has become steadily more precious. After starting the decade at roughly $1,500 an ounce, its price has surged, nearly doubling in the past year alone. And as gold’s ascent shows no sign of slowing, the jewelry industry—the largest consumer of gold—is feeling the strain.
