As Chinese consumption of gold jewellery slumps 34%, sellers look to markets abroad: WGC
Domestic gold jewellers are seeking to leverage advanced crafting techniques as market sees turbulence, says World Gold Council executive
Chinese gold jewellers are seeking opportunities in the Middle East and India, leveraging their advanced crafting technologies as the industry struggles amid the precious metal’s price volatility, according to an international association for the sector.
At the most recent Jewellery & Gem World Hong Kong fair, buyers from the two regions accounted for most visitors, said Wang Lixin, China CEO of the World Gold Council, in a recent interview with the South China Morning Post.
The interest was driven by the increasing demand for new jewellery products as the metal’s price fluctuates rapidly and the progress of Chinese producers in so-called hard pure gold, a new product category using a crafting technique that made the jewellery thinner and harder without contributing extra weight, Wang added.
As consumers in the Middle East and India favoured inlaid jewellery, Wang expected Chinese jewellers could capitalise on their expertise to find local buyers.