Historically, gold was a rare metal, which only the wealthy could afford. But the gold rushes to California and Australia in the mid-19th century ushered in a new dimension of gold supply. They coincided, too, with the development of machinery for making chain and other articles, and of a much wider consumer market. In the 20th century, gold jewellery has become affordable for most people in Western society.

Important new centres for gold production emerged in the early 1990s, notably in Hong Kong, Singapore, Malaysia and Thailand, catering particularly to the rapidly growing market for ‘chuk kam’ (pure gold) jewellery in China, which requires several hundred tonnes a year. In Japan, jewellery fabrication for the domestic market has become a major industry, using around 100 tonnes a year.

Attitudes to jewellery still vary throughout the world. In the industrial countries, for example, gold jewellery is primarily a fashion item. But in the Middle East and much of Asia, gold ornaments are seen equally as investment; 22 carat articles are bought on a low mark-up of only 10-20 per cent over the gold price of the day, and can be traded in at a profit if the price rises or, as is more often the case, for new articles.

The importance of jewellery to the gold mining industry cannot be under-estimated. Between 1970 and 1992 around 65% of all gold available to the market was used in jewellery, and from the late 1980s into the 1990s, it absorbed much of the rise in production. Since 1991, over 2,000 tonnes of gold has been used annually. The continuing success of the mining industry is inextricably linked with the fortunes of the jewellery trade.