Not really. There are various alternatives in the market for gold like steel , titanium, and other alloys for making high-quality, durable and stylish jewellery.
stainless steel which is a alloy of iron and carbon is a good alternative for silver and white gold. It resist corrosion.
Karatium is also an attractive alternative to gold. It is an alloy of gold only which has various colour options. Yellow contains 20% gold, white and pink contains 10 % gold. Even brass resembles gold, so can be used for jewellery.