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The Hidden Cost of Jewelry

Summary Jewelry and watches denote wealth and status, as well as artistry, beauty, and love. Gold and diamond jewelry in particular are frequently purchased as gifts for loved ones and for special occasions. Globally, about 90 million carats of rough diamonds and 1,600 tons of gold are mined for jewelry every year, generating over US$300 billion in revenue. The purchase of bridal jewelry, including engagement and wedding rings, has particular emotional and financial significance. In India, for example, weddings generate approximately 50 percent of the country’s annual gold demand. For Valentine’s…

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