dexinwin China’s gold jewelry market experienced a major sales surge during the National Day holiday, with some popular gold bangles reportedly selling out at Shenzhen’s major gold trading hub, Shuibei.
During the holiday, customer traffic at Shuibei’s gold and jewelry market reached three to four times its normal level. Many merchants reported being overwhelmed by orders, while popular gold bangles and wedding jewelry became some of the best-selling products.
Shuibei is one of China’s most important gold and jewelry trading centers. During this year’s National Day holiday, the market became particularly busy, with some merchants working until around 9 p.m. and struggling to keep up with demand.
One local merchant said sales during the holiday were about 50% higher than during the same period last year. Gold bangles were particularly popular, with some merchants saying they could not replenish their inventory quickly enough.
The phrase “gold bangles sold out” quickly became one of the most notable descriptions of the holiday shopping boom.
Merchants said both lightweight and heavyweight bangles were selling well, while simple gold bangles were especially popular. Some retailers had prepared substantial inventories ahead of the holiday, but several popular designs were sold out within the first two days.
Wedding-related demand was another major driver of sales.
The National Day holiday is traditionally an important period for weddings and related consumption in China. Gold jewelry remains a key part of many Chinese wedding traditions, with items such as dragon-and-phoenix bangles, wedding necklaces and rings commonly included in traditional “three-gold” or “five-gold” wedding purchases.
One merchant said wedding-related gold sales increased by approximately 60% to 70% year on year during this year’s holiday. Some factories reportedly had to resume production during the holiday to keep up with demand.
Gold trade-in programs also became increasingly popular.
Many consumers brought old gold jewelry from their homes to retailers and exchanged it for newer wedding pieces or contemporary designs by paying the difference. Such programs allow consumers to make use of unused gold jewelry while reducing the amount of cash required to purchase new products.
The surge in demand also came against the backdrop of a significant correction in international gold prices.
Recently, gold prices have retreated from record highs. Gold futures on the New York Mercantile Exchange fell below $4,200 per ounce, while domestic Shanghai gold prices also dropped below 900 yuan per gram at one point.
At Shuibei, the quoted price for gold jewelry fell to around 1,061 yuan per gram. Some branded gold jewelry prices were reportedly about 150 yuan per gram lower than their recent highs. The combination of lower prices and holiday promotions helped release pent-up consumer demand.
For wedding consumers, even relatively small changes in the gold price can have a noticeable impact on the total purchase cost.
For example, if the price of gold falls by 30 yuan per gram, a 20-gram piece of jewelry would cost roughly 600 yuan less in terms of its gold material value alone. For couples purchasing dozens or even hundreds of grams of wedding jewelry, the difference can become substantial.
As a result, some consumers who had previously postponed their purchases began buying after the recent price correction.
However, the booming physical gold market should not be confused with the investment market.
Consumers purchasing jewelry are primarily concerned with wedding needs, design, craftsmanship and retail prices. Investors, meanwhile, pay closer attention to international gold prices, the U.S. dollar, Treasury yields, interest-rate expectations and central-bank gold purchases.
Recent volatility in global gold prices also serves as a reminder that gold prices do not move in only one direction.
Experts have also emphasized that consumers should distinguish between buying gold jewelry and investing in gold.
The retail price of gold jewelry generally includes the underlying gold price, weight, manufacturing fees and brand premiums. Therefore, consumers should not evaluate a piece of jewelry simply by looking at its advertised price per gram. The total cost, workmanship fees and potential resale or buyback rules are also important.
Shuibei’s holiday boom also highlighted the growing role of tourism in gold consumption.
More visitors from outside Shenzhen traveled to Shuibei during the National Day holiday, with some merchants reporting that out-of-town customers accounted for around 60% of their business. Gold jewelry is increasingly becoming one of the products tourists purchase while visiting Shenzhen.
The market also attracted more international visitors. Merchants reported receiving tourists from countries including Russia, Indonesia and Kazakhstan, with some showing strong interest in gold jewelry, diamonds and lab-grown diamonds.
The phenomenon of gold bangles selling out illustrates an interesting connection between financial markets and consumer behavior.
A decline in gold prices can encourage consumers who had been waiting on the sidelines to enter the market, while wedding demand, holiday promotions and long-term confidence in gold can further strengthen purchasing activity.
However, strong retail sales do not necessarily mean that gold prices will continue rising, nor do they mean consumers should rush to make large purchases.
For consumers buying jewelry for weddings, factors such as design, weight, workmanship fees and buyback policies may be more important than short-term price movements. Those buying gold primarily for investment purposes need to consider price volatility, transaction costs and their own risk tolerance.
The National Day gold boom therefore reflects more than a temporary shopping trend. It demonstrates the increasingly complex relationship between gold as a consumer product and gold as a financial asset.
As the holiday shopping season comes to an end, whether gold jewelry sales can maintain their momentum will depend on future gold prices, wedding demand and consumer expectations.
For China’s jewelry industry, the challenge now is to turn the extraordinary holiday traffic into sustainable demand rather than relying solely on short-term promotional activity.
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