Communist Soviet Union loved their jewelry, too
Believe it or not jewelry was actually fairly affordable in the old Soviet Union. Russia Beyond has a great expose on "The Soviet jewelry every woman had to have".
According to Russia Beyond:
"Mass state jewelry production began in the Soviet Union after WWII - before it, these goods were made by separate manufacturers. Each factory had its own catalog, but in general, all the jewelry looked more or less the same: heavy rings with large stones, gem necklaces and stamped bracelets. Today, you can easily find them not only in vintage stores, but also worn by modern Russian women, who got them from their mothers and grandmothers."
Unsurprisingly, gold jewelry was purchased as a store of value in Soviet times, as was done by citizenry in most countries around the world.
"Having a pair of gold earrings was a matter of principle for any Soviet woman - this metal was valued most of all, unlike silver. Gold was not only a beautification, but also an investment and a reserve “for a rainy day”. Simple, smoothed jewelry was the most affordable, even for students: earrings in the form of semicircles, drops, or leaves cost less than 30 rubles in the 1970s-1980s (with an average salary of 120-140 rubles), thin necklaces cost less than 40 rubles and pendants - 25 rubles."
Incorporating gemstones into gold jewelry were also popular in Soviet times.
"If you wanted to buy gold with gems, you had to be savvy: ruby rings cost more than 100 rubles, with diamonds - more than 500, and some things you could get only with special coupons from work."