Recently, the international precious metals market has been experiencing continuous volatility. What is the situation on the consumer side for gold and silver in China?

At the Shuibei Gold and Jewelry Market in Shenzhen, Guangdong, customers are gathered around counters selecting gold jewelry, but compared to the usual bustling scene, it is noticeably quieter. Many consumers told reporters that although gold prices have recently fallen, they are still not at their expected level, so they plan to wait and see.

Shenzhen resident: I care about both value preservation and wearability, and I won’t buy accessories with high added value. At this price, I’ll wait and see. If I really like something, I’ll buy a little; otherwise, I won’t.

The drop in gold prices has also driven a wave of consumers with wedding-related needs to enter the market. A merchant told reporters that as the May Day holiday approaches, couples preparing for weddings have become the main buyers recently, and wedding-related products are selling well. However, compared to the peak period at the end of last year, overall sales of gold jewelry have still declined significantly.

Shenzhen Shuibei gold merchant Cai Xuling: With the May Day holiday coming soon, some people are getting married, so this weekend, more couples and those preparing for weddings are buying. Right now, more people are waiting and watching, because a large portion are hoping prices will drop further. Compared to the peak, sales have dropped by about 30%.

On the other hand, silver prices have experienced a significant decline. A silver merchant told reporters that their current sales have dropped by 30% to 40% compared to the peak period. At the same time, demand in the silver market has begun to shift from investment to accessory consumption.

Shenzhen Shuibei silver merchant Liu Fei: Previously, when everyone was rushing to buy silver bars, it wasn’t just bars—people were buying large-weight bracelets and silverware too. Now, people are more rational. Before, demand was mostly for investment, but now it’s mainly for decoration.

Shuibei Gold and Jewelry Market

Shuibei Gold and Jewelry Market, located in Shenzhen, China, is one of the world’s largest hubs for gold, diamonds, and precious gemstones. Established in the early 2000s, it grew rapidly as Shenzhen became a global manufacturing and trading center for jewelry, attracting thousands of wholesalers and retailers. Today, the market spans multiple buildings and is renowned for offering a vast array of jewelry at competitive prices, playing a key role in the global jewelry supply chain.

Shenzhen

Shenzhen, located in southern China near Hong Kong, was a small fishing village until it was designated as China’s first Special Economic Zone in 1980. This transformative policy rapidly turned it into a global hub for technology, innovation, and manufacturing. Today, it is a sprawling, modern metropolis known for its skyscrapers, vibrant tech scene, and diverse cultural attractions.