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Customers are now going for lower carat gold because price of the precious metal has gone up — a lot.
Danny Georgakopoulos says customers are now opting for lower carats of gold because of high prices. Source: SBS News
“Gold price has gone up. It’s gone up about 40 per cent in the last 12 months. In 2025, from January to June it’s gone up about 20 per cent. So it’s quite a big jump,” he says.
“It is a bit of a wedding and Christening hub here. So I do sell a lot of crosses, We do a lot of wedding bands, a lot of engagement rings,” Georgakopoulos says.
While the style went out of fashion in recent years — in western countries at least — it’s now back in vogue, but only for those who can afford their hefty price tag.
A rich history
The question, though, is why do humans in almost every part of the world love this shiny metal so much?
“And just with water, food, these assets have over time evolved to hold meaning for us.”
What’s behind gold’s price rise?
While demand for jewellery has dropped due to the price, it still retains strong cultural value in many parts of the world.
“It’s a big store of value, certainly in the likes of India. It’s very much a part of their culture, their heritage, and certainly their belief as far as a store of value.”
Jewellery for Diwali, special events
“I have family and friends in India, there is still the expectation if it’s a marriage of your daughter or your son, you are expected to make jewellery for them or give jewellery to the other party,” she says.
About 90 per cent of Akshaj Sharma’s customers are from the Indian subcontinent. Source: SBS News
“So there is pressure, and it is obviously hurting the middle class more because they don’t have quite the give — the very poor have no options and the very rich have too many options.”
He got just under $10,000 for it.
Emotionally I did have to think about it a couple of days on and off over a short period of time, but I wasn’t wearing, it was sitting in the drawer and yeah, I needed the money, so I ended up getting rid of it
“They’re going through hardship and they make up some kind of excuse to not turn up.”
Gold recycling the way of the future
The World Gold Council says mine production accounts for the largest part of global gold supply — typically, 75 per cent each year with the shortfall made up from recycling.
Amid the cost of living crisis, many are opting to sell heirloom gold jewellery. Source: SBS News
Earthworks — a United States environmental group — says there are more than 2,000 major mining companies in the world in addition to countless small artisinal mining sites.
