Ray Jia, senior analyst at WGC China, said despite challenges, an improved outlook for China's economy could provide some support for local gold demand. "Our store's recycling volume is up by 15-20 percent compared to last month."ĭata from the China Gold Association showed that in the first half of this year, overall gold consumption across China reached 554.88 metric tons, up 16 percent year-on-year, with gold jewelry consumption at 368.26 tons, up nearly 15 percent.Īccording to a recent World Gold Council report on retail jewelry trends, 58 percent of the 538 gold jewelry store managers, regional retailers and business leaders surveyed in 76 cities in China said they plan to increase their gold jewelry inventory in the coming year. She further said many shops have ventured into gold recycling, typically offering prices 10 yuan less than the SGE prices. This is further fueling the demand for gold jewelry worn at such times," said Tang Huan, manager of a gold jewelry retail store at Shuibei, a gold jewelry manufacturing and trading hub in Shenzhen, Guangdong province. Additionally, September and October are peak months for traditional weddings. They are drawn to its value-preserving attributes and ease of recycling. "Despite the consistently high gold prices, consumers remain eager to purchase. The retail market for gold jewelry is also buzzing with sales activity despite pure gold jewelry prices still rising to above 600 yuan per gram. On Thursday, the price of gold futures AU 2312 on the Shanghai Futures Exchange exceeded 470 yuan per gram, a record high. On Friday, the Shanghai Gold Exchange saw gold prices closing around 470 yuan ($64.7) per gram, up around 20 percent from less than 390 yuan per gram recorded on Sept 15 last year. Rising gold prices have not dented consumer demand for jewelry in China - and this trend will likely continue due to factors like yuan depreciation, need for safe-haven assets and the upcoming traditional wedding season, experts said. Shoppers browse gold ornaments at a jewelry shop in Shanghai.
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