- From the refining process, there are many uses for gold in todays marketplace. Worldwide, gold is most known for being crafted into one of a kind jewelry, used in coins, poured into gold bars for trade and investing and used in some electronics.
- It takes skilled craftsmen to handle the gold and craft it into something useful in the marketplace. As decades pass, the look and uses of gold change, so craftsmen need to be able to keep up with the worldwide demand.
- Gold is both manufactured in small private shops along with large industrial plants. Some companies who own their own gold mine can do everything in house to save money.
- Gold is the most resistant metal to corrosion and does not conduct electricity, so every year the applications in vehicles and technologies grow exponentially.
- 10% of gold per year goes into technological advances ranging from medical devices, laptops, cell phones and space travel
Social Impact of Manufacturing
- This is the most economical step in the commodity chain because it is where the most value is added to the gold. Whether it is being turned into jewelry, electronics or other uses, it is needed to be handled by specialists.
- Specialized jobs are created in order to fulfil the needs of the customers all over the globe because there are so many applications and uses for gold in todays economy.
- This is also achieved through globalization of specialized workers.