The price of gold jewellery has surged to record highs in China over recent months as jittery investors sought a safe haven for their savings.
Now, an unexpected factor is causing demand for the metal to hit fresh heights: a spike in purchases by young couples.
Sales of gold jewellery skyrocketed in the week before Valentine’s Day as gold replaced designer handbags and expensive cosmetics as this year’s must-have luxury gift among Chinese consumers.
Trendy designs such as small gold ornaments shaped like bouquets of roses proved particularly popular, with sales soaring 445 per cent year on year, according to domestic media reports citing data from jewellery stores and online retailers.
At a jewellery store in Guangzhou, southern China, a saleswoman told the Post that the most popular designs this Valentine’s Day had been rose-shaped gold pieces weighing about 1-2 grams (less than one-tenth of an ounce), which retail for about 1,000-2,0000 yuan (US$137-274).
“There are more young male customers than before,” she added.
Source link
