Ingot often refers to raw material in manufacturing or industrial contexts. The factory ordered a shipment of aluminum ingots.
Pro Tip 2/3
Not Jewelry
'Ingot' implies bulk form, not the crafted items like jewelry or coins. Although the ingots could be valuable, they were not ready to be worn as necklaces.
Pro Tip 3/3
Precious Metals
Ingot is often used when talking about precious metals like gold or silver. The treasure chest was full of gold ingots.