Randi Molofsky says gold and vintage jewelry are driving demand

A gold bracelet is doing more than catching the light right now. It is carrying the weight of a market that has turned jewelry into an investment conversation, and Randi Molofsky said buyers are responding by reaching for gold more than ever.

Molofsky said rising gold prices have made the category feel like an “education moment,” reinforcing the idea that jewelry can function as an investment and a future heirloom. The brands she works with have “doubled down” on gold-heavy collections, especially for Las Vegas, and she said they have stayed committed to 18k rather than hollowing pieces out or making them lighter. She is seeing sculptural, oversized gold, along with gold-only designs that skip gemstones and diamonds entirely.

That appetite is spilling directly into vintage. Last Wednesday, Molofsky flew to New York to preside over the new permanent display for For Future Reference Vintage at Bergdorf Goodman, where the assortment first launched in August 2024 with more than 50 pieces in the VIP room on the first floor of 754 Fifth Ave. The project, created with Excalibur, the Los Angeles-based estate-jewelry supplier headed by a father-daughter team, centers on unsigned pieces from the 1940s through the 1980s, plus one-of-a-kind Victorian, Edwardian and Art Deco jewels. In a market hungry for gold, that range matters because it spans the exact eras when construction, weight and surface texture often tell the story more clearly than a signature.

For shoppers, the most interesting categories are the ones that read as substantial in the hand: retro gold with rolled edges, textured finishes that catch light unevenly, and bold chain work with enough depth to feel architectural. Authentic older pieces usually show their age in the right places. The clasp, hinge and link construction should match the period, hallmarks should sit naturally in the metal, and a bracelet or necklace should feel dense rather than airy. New pieces borrowing the look often reveal themselves in the details, with overly uniform links, laser-clean surfaces, or modern closures attached to a design that is trying to evoke midcentury glamour.

Molofsky’s point is larger than style. She said clients are actively seeking vintage jewelry that has stood the test of time, and she frames secondhand as both sustainable and value-preserving. That view fits a broader industry shift that was in view as Jewelers Mutual held its third Conversations retreat at The Ritz-Carlton, Half Moon Bay, from April 10-12. Gold may be the headline, but the real momentum belongs to the pieces with the right weight, the right wear and enough history to outlast the trend that brought them back.