The surging price of gold is boosting some developing economies, challenging the US dollar’s hegemony — and changing jewelry designs.
Gold hit a record $4,000 an ounce this month, a 33% increase since March, driven by uncertainty from US trade pressures. It has led to windfalls across emerging markets: South Africa has seen a stock and currency boom, as have other countries with significant reserves or mines. China has a huge bullion stockpile, allowing it to “offer up an alternative to US financial dominance,” Bloomberg reported.
One industry has been particularly affected: Traditionally, gems were the most valuable, but gold’s booming price — and the rise of lab-grown diamonds — has made jewelers rethink the balance, Business of Fashion reported.