Golden State Worriers

Karat top.

With gold prices reaching record highs, independent jewelry designers are having to get creative

By Gracie Wiener

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.

While larger jewelry houses such as Cartier and Tiffany have the benefit of economies of scale, smaller brands are scrambling to keep up—and keep their customers placated. Clients of independent jewelers, such as New York’s READ ON