Dragons fly as Chinese millennials take a shine to gold – by Emily Chow (Reuters – August 28, 2021)

https://www.reuters.com/

SHANGHAI, Aug 29 (Reuters) – For many affluent young Chinese consumers, modern simplicity is out and tradition is back in when it comes to jewellery.

Sales of gold bracelets, pendants, earrings and necklaces that draw on dragons, phoenixes, peonies and other traditional Chinese patterns and symbols are flying among consumers, especially those in their 20s and 30s, helping drive a rebound in gold demand in the country after a pandemic-induced slump.

An e-commerce boom and national pride are fuelling the rise in demand for what is known as heritage gold jewellery, which requires intricate craftsmanship and can command premiums of 20% or more over conventional gold jewellery, industry executives say.

The popularity of these new pieces began to take off in mid-2020 and helped gold jewellery demand in China – the world’s top consumer of the metal – more than double in the first half of 2021 from a year earlier to pre-pandemic levels, according to the World Gold Council (WGC).

A strengthening economy and improving consumer spending are helping sales. Young consumers’ interest in the classic designs and often chunky gold jewellery with a matte finish marks a turnaround in their appetite for the precious metal, previously eschewed as an ostentatious sign of wealth and status symbol for older generations.

For the rest of this article: https://www.reuters.com/world/china/dragons-fly-chinese-millennials-take-shine-gold-2021-08-29/