Rising gas prices aren't the only hit island residents are taking. The cost of a Hawaiian jewelry staple is also headed up- as gold reaches new heights.

They're a rite of passage for women in Hawaii. Gold hand-engraved bracelets stacked one after the other to celebrate special occasions.

“Graduation, birthday, and life,”

But, the Islands' gold rush has turned into more of a crawl as prices soar.

“We watch the prices daily. We buy gold every single day,” said Patrick Breeden, Royal Hawaiian Heritage Jewelry C.E.O

Royal Hawaiian Heritage Jewelry spends more than a million dollars a year on gold. The current price $946 per ounce. Gold shot up to a record $1,030 per ounce last week and doubled over the past three Christmases.

Just a couple of years ago, 8 millimeter bracelets popular as graduation gifts would cost about 4-hundred dollars.

Today? “Just material alone you're looking at about 550 bucks,” said Breeden.

The material would have cost 250 bucks 3 years ago. The rising rates have prompted many jewelers to create lighter versions to sell for less.

Royal Hawaiian used to sell 90 percent gold.

Now, Breeden says “We do a lot of silver.”

It's 50-50 gold and silver sales. Here's why. This thick silver bracelet is about 4 hundred dollars, while gold versions.

“We do it in gold too but you're looking at 6-thousand dollars,” said Breeden.

For couples looking to tie the knot, that commitment will cost them.

“A simple gents gold band used to hover around 2 hundred dollars. Today it's easily a $4,000 purchase,” said Michael Han, The Wedding Ring Shop President.

The Wedding Ring Shop has watched prices climb dramatically for gold even more so for platinum.

“Platinum bands now average between 1 to 2 thousand. It's quite a bit,” said Han.

Diamonds are also predicted to go up another 10 % to 20 %. If there's a silver lining, it's that your old gold is worth more. So shoppers are cashing in by trading in their jewels for something else that catches their eye.