Gold prices continue to be outrageously high, and many of us have been expecting to see the costs of gold make a huge difference in retail jewelry prices. For the most part, we are still waiting as there haven't been any major jumps as yet. But, many jewelry designers know this is inevitable. Sooner or later, consumers, yes, those of us who love to buy jewelry, are going to get hit hard.

As a result, according to this article from US News, many jewelry designers are rethinking their approach to making jewelry. They are coming up with new jewelry designs that cut back on the gold but still give us the bling we love:

One reason retail prices haven't risen more is because the margins for the jewelry industry aren't as tight in the United States as they are in other countries, such as India, where jewelry is often considered an investment. Also, much of what jewelry consumers are paying for isn't the cost of the raw materials but the cost of design, marketing, distributing, and retailing the final product.

The fact that many pieces are dominated by precious stones like diamonds or sapphires also tends to make metal prices a smaller portion of the final cost. Designers have also attempted to find ways of keeping their prices down for fear of losing customers.

"Some of the designers, if they are making a solid gold pendant, are doing things like using cutouts or filigree, because it gives you the scale without the weight," says Janet Goldman, ceo of Fragments, a high-end jewelry retailer based in New York City. "But a lot of designers are saying jewelry will get smaller because of the price of gold."