History of gold over the years

Gold has been known to people for over 6000 years now. The approach of people to gold has been changing over the years and places in the world. In ancient times gold was thought to be the most precious metal in view of its durability and aesthetic values. For many centuries it was used as a legal tender and a perfect material in jeweller’s craft. Currently, in numerous developed countries gold is considered to be an ornament only. However, in Near East and large part of Asia gold jewellery is considered also a good capital investment.

Gold mining was conducted as early as in ancient Egypt however the output was low (approx. 1 t per year). In the times of Roman Empire approx. 5 to 10 t of gold was extracted but in Middle Ages the winning of gold dropped back to around 1 t. An increase in output was reported only in the 15th century as the mining of deposits in Africa (Ghana) started. Later gold was won in America after being conquered by the Spaniards and, from the beginning of the 18th century, also in Russia.

History of gold mining can be divided into two periods. The first one, ending in the middle of 19th century, during which around 10,000 t of gold was extracted, and the other one, which still continues, comprising the period of Californian gold rush started in 1848. Over 90% of the total gold output so far was mined in that period. In parallel to the discoveries of gold deposits in America operation of mines in Australia, South Africa and Canada started.

In view of gold parity introduced for most of convertible currencies the demand for gold started to rise from the beginning of the 19th century. Also the development of new mining technologies allowed to extract deeper deposits. This is why new gold mining locations are searched in the countries such as Indonesia, Brazil, Papua New Guinea, Philippines, Uzbekistan and Nicaragua. Present world’s annual production of gold is at the level of approx. 2,300 t. Although it is mined in nearly 60 countries the major producers include only RSA (approx. 550 tpy), USA (approx. 330 tpy), Australia (approx. 240 tpy), Canada (approx. 170 tpy), Russia (approx. 150 tpy) and the countries of Latin America (mainly Brazil), China, Ghana, Indonesia and Papua New Guinea.

In the old days, as the gold deposits were scarce, only the richest could afford to buy gold. This changed after the deposits in America and Australia were discovered which resulted in gold being available for virtually anyone. It is then that Italy became the capital of the goldsmithing industry and a power in gold jewellery manufacturing. The trends in gold jewellery changed over the years as frequently as they did in fashion. The goldsmiths continuously observe the world around us and try to capture the changing tastes of customers and create modern and unique collections.