Two-thirds of the global gold supply goes into bars and ends up as a store of value in a vault somewhere, but one-third of the world's gold supply ends up in jewellery. The gold value of jewellery is probably a small portion of its value. Jewellery is taxable as a work of art or as a product. It has gold in it, but its overall value is typically far in excess of what the gold component would be.
On February 1st, 2023. See this statement in context.