The invention relates to a method and apparatus for forming a gold metal matrix composite. The metal matrix composite using as one of the components a precious metal is described. In one embodiment, the precious metal takes the form of gold and the metal matrix composite has a gold mass fraction in accordance with 18k. The metal matrix composite can be formed by blending a precious metal (e.g., gold) powder and a ceramic powder, forming a mixture that is then compressed within a die having a near net shape of the metal matrix composite. The compressed mixture in the die is then heated to sinter the precious metal and ceramic powder. Other techniques for forming the precious metal matrix composite using HIP, and a diamond powder are also disclosed.