TRANSCRIPT:
"It used to be 18 carat, only 18 carat."
Jeweller Danny Georgakopoulos talking about gold.
When it comes to carats, it's 'the more, the better'.
"If you told an older Italian or Greek lady to give them something that's not 18 carat it's like you're swearing at them or you're cursing them. So they get their back up a bit. But that's what's changed now."
And what's changed exactly is that customers are going for lower carat gold.
That's because the price of the precious metal has gone up - a lot.
"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."
His shop, Aurea Designs, caters to a lot of people of Greek and Italian background.
It sits on Homer Street in the Sydney suburb of Earlwood - a bit of a hub for wedding dresses ...
"A lot of crosses. We do a lot. It is a bit of a wedding and Christening hub here. So people do come for christenings in the area. There's a couple of other shops here with bonbonnieres and children's clothes and that. So I do sell a lot of crosses. I do carry a lot. We do a lot of wedding bands, a lot of engagement rings."
Then there's the classics - thick gold chains.
Beyond hip-hop culture, where they remain an enduring favourite, they have a long history.
The ancient Greeks, Egyptians, Romans and many other cultures valued this look, that has gone out of fashion in recent years - in Western countries at least.
But that's changed - they're back, but only for those who can afford their hefty price tag.
"At one stage you weren't buying that. But now it's getting popular again. And a lot of people want the thicker jewellery. Younger people. It's getting popular with a couple of the rappers. And they wear the thick jewellery with the thick pendants and that."
The love of gold dates back a long way.
From 5,000 BC the Egyptians used gold found in the bed of the Nile River for adornment, while it also featured heavily in ancient European, Middle Eastern and South Asian cultures, among others.
The question, though, is why do humans in almost every part of the world love this shiny metal so much?
Professor Nitika Garg is a researcher in consumer behaviour at UNSW in Sydney.
"It's funny, right? So it's obviously cultural and traditional, how we have attached value to gold, not in just in terms of the actual value of the asset, but in terms of emotional value where it's considered from everything from good luck to a symbolism of wishing the best to your close family and friends on occasion. And there's also research that humans have over time evolved to sort of get attracted towards jewels and gold, which just because it gives them that assurance, it's an asset, it's a resource. And just with water, food, these assets have over time evolved to hold meaning for us."
So what's behind the price rise?
Experts say geopolitical factors, global unrest and fears of inflation fanned by the threat posed by US President Donald Trump's tariffs are just some of the reasons.
The World Gold Council says central banks are also buying up gold at eye-watering rates, and investors tend to see it as a safe bet in difficult times.
The Council says in 2024, jewellery accounted for about 50 per cent of total demand, central bank reserves around 20 per cent, electronics and Industrial around 7 per cent, medical and dental about 1 per cent.
While demand for jewellery has dropped due to the price, it still retains strong cultural value in many parts of the world.
Peter McGuire is the CEO Australia for Trading.Com.
"First off, let's look at Asia and that corridor from really Australia all the way up to Japan and you've got China in there and the likes of Malaysia. We all understand that the depth of those countries from a population standpoint and gold has been a source of value or a source of family value for literally millennium. And that holding of gold has been one of dowries or placing under beds or weddings or festivals that you have throughout your year. Christening anything like that is very much a gift that someone would gift some form of gold to someone. Then you roll it across to the likes of Bangladesh, India, Pakistan, and the Middle East, and you've really captured again the best part of probably 2 billion people. 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."
"It's a ritual for us to be honest on festivals and occasions. And a kid is born, we buy gold Diwali at the Festival of Lights. We buy gold and we put that in for temple as well. For worshipping as well. Yeah, it's quite a product."
Holding a baby about eight or nine months old with a mop of thick dark hair, Ajay and his partner are shopping for jewellery in Sydney's Harris Park.
It's one of a couple of jewellery shops in the area.
The owner of the shop estimates that about 90 per cent of its customers are from countries in South Asia.
Akshaj Sharma runs Akshara Jewellery with his dad.
"Generally it's necklace sets and bangles, pretty heavy, heavy stuff. So the bride side will gift the groom. The groom side will gift the bride. They'll obviously gift the rings as well. They'll give some rings. Or for the bride it'll be necklace sets and bangles. And they're generally pretty heavy so that they last a very long time."
Harris Park in Western Sydney is affectionately known as Little India; that's because around 45 per cent of its population was born in India, according to the 2021 Census.
The suburb is lined with grocery shops, restaurants, clothing shops and jewellery shops.
22 carat gold reigns supreme here - the preferred choice for many people from South Asia.
This makes it a pricey gift in today's gold market - although that hasn't stopped Ashima, who has just bought her fiance a gift.
"In our culture If I give him something made of gold, I don't have to decide anything else. It's like a prestigious issue also. And it's like a property value also, like an investment. So he would not say, why did you spend that? Because he would love it. I got him a locket. It has the name of my state. Originally I come from Punjab, so it was a locket with the name of Punjab initialled it, and it's our mother tongue. It's written in Punjabi, not in the English language. So that's what I thought, that he would love it and he would also have an emotional connect with that."
Professor Nitika Garg says consumer behaviour and culture are often linked.
"Most of southeastern cultures in particular have high value on this, and if you look at their tradition, especially around marriage or birth of a child, there will be significant investment or exchange of gold, whether it's in terms of jewelry or bullion. And I obviously know about India from personal experience, but also I know friends from Vietnam, Thailand, everywhere, even China, it is a big deal in terms of personal and social exchanges."
But she adds the skyrocketing price of gold is putting a lot of pressure on India's middle class.
"I have obviously 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. So there is pressure, and it is obviously hurting the middle class more because they don't have quite the give, the very poor and the very rich options are either too many or rarely no options. But the middle class, at least in India, I can see they're hurting a little bit because it changes your dynamics, how much you could give with the same amount of money. And now gold is so expensive, it's like literally you can't touch it."
Akshaj Sharma says there has been an increase in the number of people coming into the shop to sell rather than buy.
"People have jewellery from 10, 20 years ago, they still sell to us or from their grandparents and stuff that have passed away. And generally also their cost of living has gotten people to sell more as well. People can't afford to live, so they just start selling off all jewelry that they have from generations ago. We get a lot of that."
Vince is an Australian of Turkish ancestry - another culture that values gold as a gift.
"I had a thick chain that I bought when I was a bit younger but I was hanging on to, it was about a hundred grams so it was a bit of a medium-sized chain. So yeah, I sold that about six months ago."
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. Gave some to my kids, got some stuff fixed around the house, spent some, ate some and it's gone. Yeah, it's pretty much gone."
Vince says in Turkish culture gold remains a important gift, particularly at weddings and births.
It is also considered a valuable asset - a backup plan in hard times.
At weddings guests are also expected give gold coins or jewellery as wedding gifts.
Vince says that can be too much for some people who may choose to avoid these celebrations all together.
"And people don't turn up to weddings because of that kind of pressure. So they get invited and they make an excuse because they're going through hardship and they make up some kind of excuse to not turn up."
Danny Georgakopoulos is seeing an increase in people recycling old jewellery rather than purchasing something new.
"Instead of buying a new piece outright, they're bringing in their heirloom jewellery. So stuff they've had passed down some, they've had it for years and they're either using their gold, so they're incorporating the gold into something new, which is nice because if you're sentimental jewellery, you're still using the same jewellery that has been passed down from a loved one."
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.
Earthworks, a United States environment group, says there are more than 2,000 major mining companies in the world in addition to countless small artisanal mining sites.
The group says these mines are a major source of pollution with few taking steps to avoid further environmental damage from gold mining.
Various studies say gold recycling could meet the world's current gold needs with less need to resort to mining.
Researchers at Oxford University say about one-quarter of annual gold demand is already supplied through recycling and could be increased with strategies such as blending with other metals.
They also say moves for more responsible and sustainable gold extraction methods should be a priority for mining companies.
