The invention of the cotton gin, being one of the most
significant developments of the nineteenth century, had turned
cotton cloth into an affordable commodity even though it was
expensive before that.
· being one of the most significant developments of the
nineteenth century, had turned cotton cloth into an
affordable commodity even though it was expensive before
that
· having been one of the most significant developments of
the nineteenth century, turned cotton cloth into an
affordable commodity even though it had previously been
expensive
· one of the most significant developments of the nineteenth
century, turned cotton cloth into an affordable commodity
despite its previous expense
· one of the most significant developments of the nineteenth
century, turned cotton cloth into an affordable commodity
despite the fact that it had previously been expensive
· being one of the most significant developments of the
nineteenth century, turned cotton cloth from a previously
expensive commodity to an affordable one

Isnt it ambigous in D. 'it' can refer to cotton gin or cotton cloth. Please explain

Two reasons for not picking D:

1) The usage of "despite the fact" seems redundant.
2) The antecedent of "it" is not clear

E seems the best pick, though the word "previously" is redundant.