AND BUST

Harsh winter for sellers in China's largest jewellery market

- Joyce ZK Lim China Correspondent

A jewellery shop in Shuibei. Skyrocketing gold prices in 2025 and a recent change in tax policy have made Chinese consumers less likely to shell out for gold jewellery. Their demand for jewellery fell 25.5 per cent by volume in the first nine months of 2025 from a year earlier, according to the World Gold Council. PHOTO: REUTERS

(REUTERS)

Behind a glass counter filled with gold bangles and gleaming necklaces, shopkeeper Huang Sheng sits with his eyes glued to his phone.

He watches video after video to kill time while waiting for customers.

"Hello? Hello?" I say. He is startled, finally looking up. Business is slow, Mr Huang says, and he has not had a customer all day.

A similar scene plays out when I approach other small shops in the malls and streets that make up Shuibei, the largest jewellery wholesale market in China, on a recent weekday afternoon.

Many stallholders are scrolling on their phones; one is even playing online mahjong.

Mr Huang, in his 20s, says that most of the shoppers milling around are "look-seers", not serious buyers.

"It's a harsh winter for the industry," he adds.

Sales of his gold jewellery in 2025 have already plunged by about 40 per cent to 50 per cent from the same period in 2024.