MARKET INTELLIGENCE 市场情报 44 | JNA May/June 2025 The allure of gold as a beloved adornment and store of wealth, however, remains undeniable. Chow explained that with unpredictability in the stock market, real estate and forex, many are turning to gold as a significant asset to hedge against uncertainties. During such periods of instability, companies often allude to an M-shaped consumption pattern where affluent buyers continue to purchase jewellery while the rest either spend less or stop purchasing all together. The hardest hit are middle-income earners, particularly in Greater China. Hence, the need to offer a broader range of products to meet the varying needs of buyers, noted Chow. Legacy Malaysia, for instance, continues to see strong affinity for 22-karat gold but it is also developing lightweight designs in response to evolving market demand. The jewellery sector is aglow with opportunities from sustained market demand for gold. And with advancements in manufacturing, design and technology, jewellery companies are better positioned to respond to what buyers are looking for. Jewellery manufacturers are taking advantage of this modern gold rush by offering product and design versatility as well as new platforms to view and purchase jewellery. According to Winston Chow, director and deputy manager of Hong Kong-based Chow Sang Sang Holdings International Ltd, consumers are responding positively to novel designs that combine gold with different materials. Meanwhile, advances in technology allow manufacturers to employ new techniques to produce a wide variety of gold jewellery. This, in turn, gives customers multiple options, depending on their personal taste, gold weight preference and price points. The glimmer of gold China and India remain the biggest consumers of gold jewellery, specifically those with higher gold content, revealed Chow. According to the World Gold Council’s Gold Demand Trends 2024, while China and India recorded a decrease in gold jewellery demand in 2024 of 24 per cent and 2 per cent, respectively, their combined gold consumption still topped those of other major jewellery markets. A mixture of weak consumer confidence, declining income growth and surging gold prices adversely affected gold jewellery demand in China, the report said. Demand picked up in December last year ahead of the New Year and Spring Festivals, but the council remained pessimistic, given China’s slowing economy, and the shift towards lighterweight items. Chow Sang Sang shop in Hong Kong and gourd-inspired ‘The Oriental’ 999.9 gold and diamond necklace from Chow Sang Sang's Cultural Blessings jewellery line 中国香港的周生生珠宝店及周生生 文化祝福珠宝系列，以葫芦为灵感的“东方古祖”999.9黄金镶钻项链 wonderpo99 / Shutterstock.com 金饰热席卷珠宝业 Jewellers adapting to the gold trend | Bernardette Sto. Domingo 杜明高 | Gold jewellers from Hong Kong, Malaysia and Türkiye are responding to the market’s heightened fascination with gold through new manufacturing techniques, innovative designs and multi-channel strategies. 中国香港、马来西亚和土耳其的金饰珠宝商革新制造技 术，并推出新颖设计和多通路策略，以满足市场近期对黄金的热切追求。
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