TMTPOST -- The continuous surge in gold prices is causing significant disruptions to the wedding and relationship plans of many young couples in China. As of Thursday, spot gold prices reached a record high of $2,947 per ounce, and the price of gold at Chow Tai Fook stores hit 892 yuan per gram. Despite discounts of 100-180 yuan per gram at certain stores, the price of gold jewelry still exceeded 700 yuan per gram.
This price hike has led many to lament that their wedding budgets, specifically for the traditional "Three Golds" (gold necklace, earrings, and ring), no longer stretch as far. For example, one individual pointed out that with the same budget as last year, they could afford a bangle, but now only a bracelet is within reach. In extreme cases, disagreements over the "Three Golds" have even led to breakups.
In response to the soaring gold prices, some couples are adjusting their approach to wedding traditions. A growing trend is to trade in outdated or unused gold for new items, or to purchase gold bars from banks and have them crafted into simple, traditional designs at hardware shops. This approach saves on both gold prices and craftsmanship fees. Others are converting their "Three Golds" budget into cash or opting for more practical items, such as wedding packages or diamond rings. Affordable alternatives like gold-plated silver and 18K gold are also gaining popularity.
The "Three Golds" Dilemma
The ongoing gold price surge has led to heated discussions among young couples, many of whom are facing tough decisions about the traditional "Three Golds" for their weddings. Netizen Mai Zi, for example, was unable to reach an agreement with her boyfriend on the issue, with her insisting on following tradition and him proposing to convert the gold budget into cash. After several disagreements, the couple parted ways over the matter.
Some young couples argue that the real value of the "Three Golds" lies in practicality. Rather than investing in gold jewelry, they prefer to use the budget for more frequently worn items such as diamond rings, or even handbags. Others have chosen to go for colored gemstones, which are more affordable than diamonds but still carry symbolic meaning.
For those looking to preserve value, many experts recommend purchasing gold jewelry priced by weight, as opposed to jewelry sold at fixed prices, which typically has a higher markup. Some couples have opted to cash out the "Three Golds" budget, using the money to either invest or fund other wedding-related expenses.
A married netizen shared her experience of converting her budget into a fixed-term bank account, waiting for gold prices to drop before making a purchase. However, some have expressed concerns that cashing out might lead to unintended spending on household expenses, rather than the intended investment in gold. Legal experts advise that if couples choose to cash out, they should establish written agreements about how the funds will be used.
Gold Crafting and Trade-Ins: Practical Alternatives
As part of their wedding preparations, some young couples are opting for a more hands-on approach. Ms. Liu, for example, reserved a 50-gram gold bar through the Industrial and Commercial Bank of China (ICBC) and had it crafted into a bracelet and rings. This approach allows for more control over both the design and the cost, as custom crafting is generally cheaper than purchasing branded gold jewelry. Experts say that the craftsmanship fees at traditional goldsmith shops are typically much lower than those charged by high-end brands.
Additionally, many gold stores offer trade-in options for old or unused gold, with some stores even supporting on-site recycling. This allows couples to exchange their old pieces for new designs, offering a cost-effective alternative to purchasing new gold jewelry.
For some couples, gold-plated silver has become an increasingly popular alternative to pure gold. On platforms like Xiaohongshu, young people are sharing their experiences of finding affordable alternatives, such as gold-plated silver bracelets and necklaces, which are much more affordable than pure gold.
However, industry experts caution that the gold-plated silver market is full of pitfalls. While these items are generally cheaper, they are not considered precious metal, and their value is not recognized under national standards. Consumers are advised to exercise caution when purchasing such items, particularly from e-commerce platforms where counterfeits are common.
Experts also suggest that wedding gold jewelry often comes with high premiums and significant depreciation upon resale, making it unsuitable as an investment. Young couples preparing for marriage might consider more cost-effective options, such as bank "gold accumulation plans" or purchasing gold by weight from traditional jewelry stores.
For couples seeking to purchase gold jewelry at a lower price, some are turning to the Shuibei market in Shenzhen, known for its wholesale gold prices that are generally 100 yuan cheaper per gram than branded stores. In addition to negotiating prices, some shoppers are also learning haggling strategies to get the best deals, such as asking for discounts per gram and checking previous day’s gold prices to secure the lowest possible price.
(1 USD equals 7.28 yuan)
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