Date of Completion

Spring 5-1-2023

Thesis Advisor(s)

Liping Qiu

Honors Major



Finance and Financial Management


The purpose of this paper is to analyze the potential benefits of the inclusion of gold jewelry in a traditional investment portfolio. A popular commodity investment choice, gold has been lauded for its various diversification and safe-haven characteristics. Popular investment forms include paper gold, gold bars and gold coins. However, gold jewelry, although officially categorized as a retail purchase, is often bought with the intention of investment as well. This paper examines the diversification benefits of gold jewelry by measuring the performance of a portfolio in which gold jewelry is present, using multiple performance measures to determine its risk and reward characteristics. A qualitative analysis of gold jewelry demand trends during specified economic periods is conducted to determine if gold jewelry exhibits the characteristics of a safe-haven asset. The paper concludes with an overall analysis of the benefits gold jewelry may provide to a portfolio, along with any risks an investor should be aware of.