Jewelers have long used a simple mechanism to protect themselves against volatile gold prices — borrow the precious metal rather than buy it outright.

It’s a trick with origins in antiquity and used from the gold souks of Dubai to the bullion desks of India, allowing artisans to produce and sell their wares before settling the tab to align costs with revenue.

If gold prices rise, the value of the rings and necklaces in the display case climbs with the debt. If they fall, both shrink together. The trade-off is interest on the loan.

Now, a jeweler, an asset manager and a fintech firm are wrapping this age-old wisdom in a crypto token, offering investors gold that actually pays a yield.

It’s an example of how digital technology is…