STRATEGY 企业策略 26 | JNA May/June 2024 Chinese gold jeweller Shenzhen Kinghood Group Co Ltd is implementing innovative retail strategies to better resonate with younger buyers while taking advantage of untapped business opportunities in the gold jewellery market. 中国黄金珠宝商深圳金雅福 控股集团有限公司推行创新的零售战略，深化与年轻买家的共鸣，并进一步开拓金饰市场的潜在商机。 中国黄金智慧零售新气象 Smart gold retailing in China | Sharon Kwok 郭芷雯 | Kinghood Group’s Smart Gold Store in Meizhou, China 金雅福集团在中国梅州的智慧金店 Gold jewellery is witnessing its heyday in China as a trusted store of wealth, with retail sales and prices steadily increasing. According to data from the China Gold Association, local gold consumption reached 1,089.69 tonnes in 2023, representing a year-onyear increase of 8.78 per cent. Gold and silver jewellery likewise emerged as the fastest-growing categories among retail merchandise segments last year. China was also the main driver of gold jewellery demand in 2023, registering a 10 per cent uptick to 630.2 tonnes, according to the World Gold Council. As of April 4, 2024, gold prices were at US$2,293.50 per ounce, up from about US$2,009.60/oz a year ago. High gold prices seemingly continue to push robust consumption of gold in China. A report from China’s Kinghood Gold Research Institute estimated that gold sales would reach trillions of RMB and identified five key segments that offer significant opportunities for growth: Gold trading, gold recycling, customisation and gifting, downstream consumption market and younger buyers. To further capitalise on these, Chinese gold jeweller Shenzhen Kinghood Group Co Ltd has implemented a new retail strategy for gold jewellery since 2023 that focuses on “digitalisation, intelligence and innovation of experience” to meet consumer demand for gold jewellery consumption, recycling and customisation. Innovators Founded in 2006, Shenzhen-based Kinghood is an integrated industrial service provider encompassing the entire gold jewellery value chain. Its businesses include cultural product design and development, manufacturing, product customisation, testing, smart retail, gold recycling, gold refining, warehousing and logistics. According to Kinghood Chairman Vincent Wong, the company uses a strategic “culture + technology” approach to drive industry development and foster innovation in the gold jewellery sector. With an annual revenue of over RMB50 billion (around US$7.34 billion), the group has been ranked among the Top 500 Chinese Enterprises for five consecutive years. In recent years, Kinghood has been actively expanding its B2C business through inventive retail strategies. One of its notable initiatives is the introduction of so-called smart gold stores. Unlike a traditional gold jewellery retail shop that solely focuses on selling products, the smart gold store offers customers a one-stop experience, allowing them to sell gold, purchase various kinds of gold jewellery and gifts, and use jewellery customisation services. Among the store’s highlights is the 24-hour selfservice area, which features the "Gold Recycle Smart Terminal" and the "Gold and Jewelry Vending Machine."
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