No Business, Mass Bankruptcies Hit Chinese Jewelers, Fleeing Overnight; 2024 Darkest Year Ever

During the May Day holiday, the price of gold in China dropped significantly, with well-known brands such as Chow Tai Fook and China Gold Group returning to prices below 600 yuan per gram, and even dropping to less than 500 at one point. However, this price drop did not bring booming business. On the contrary, business at many gold shops was unusually sluggish. Some owners said that gold sales hit a new low in nearly 20 years.
Analysts believe that the downturn in the Chinese economy, a decrease in people's income, an increase in unemployment, and increased life pressures have led to a decrease in purchasing power. In addition, the frequent fluctuations in gold prices recently have also affected consumers' willingness to buy. In a situation where the gold price is unstable or expected to fall, consumers are more inclined to wait and postpone their purchases.
#chinaobserver
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[@user-zo6xg8bx4l]

BTW, NEVER trust Chinese OFTEN FAKE Gold.

[@tazboy1934]

I stop buying mushroom .. majority mushroom in my country comes from china ...I don't know what crafty stuff they put in it or if the mushroom is real or fake

[@EUA.censura.o.Bostil.noYouTube]

@@tazboy1934 the industrial matrix needs to leave CHINA urgently

[@BillionairesArentYourFriends]

And yet, they went nuts buying during the Chinese New Year thinking they could avoid deflation of their money in the bank. Now, they can't even withdrawal their money. It's all ridiculous. Was the fake gold better? Probably not.

[@gman8042]

chinese motto: If you can cheat, then cheat, if you can steal, then steal...

[@tonystark341]

80% of what China produces is fake and cheap, The big companies are leaving China because of the anti-Occidental mentality, they don't want to be associated with a country who want to start WW3.

[@KenSiefert]

Selling fake gold is really difficult now…..

[@iatethecrayons]

😆😆😆

[@robertmaciejewski5191]

The reason the Chinese are not buying gold now is because a lot of people final cut into their gold bars and found out the gold bars are just gold plated lead bars, and the stores they bought their gold bars at are refusing to refund their money. You will see many jewelry stores close down with out warning and they employees and the boss will have run off with the money and inventory!

[@EzraMerr]

Yeah, often is the case with the boss skipping province/state to avoid the police. I remember when I paid for a 2 year gym contract, 1 year afterwards tge gym was closed without warning and the boss fled without refunding the members or paying the employees

[@bashersinc.1715]

Like the USSR communist China will break into smaller countries....my prediction will happen in the future...

[@garypowell1540]

I am a 3rd generation British jewelry manufacturer. We make real jewellery from precious metals whereas the Chinese make stuff out of gold. Their manufacturing and design costs are extremely minimal and the quality is skin-deep at best. Most of it is gold formed into the shape of something that can be worn until a part of it breaks which is often very soon. British retailers are always impressed by its price. Still, the quality of it gives them so many after-sales problems that they progressively avoid buying or selling anything made in China. The gold itself is gold otherwise it would not pass British hallmarking standards and the finish can be excellent. However, underneath the finish, the metal is often brittle and porous and so is almost impossible to repair or size. If it loses a stone it will often be irreparable. It is like buying an excellent Rolls Royce copy for half the price only to find that it can't be serviced and the tires can not be replaced when they wear out. Chinese jewelry also has an even more important problem that the public needs to be made aware of. With the expansion of the man-made diamond industry, prices are dropping like a stone. They started off around 50% cheaper than the natural product but have now dropped to 20% within just one year. At this rate, they will soon be almost valueless. They are technically diamonds but the certificate, if it has one, will always identify their origins as man-made. The larger diamonds come with a certificate but the smaller ones do not. Smaller stones are made from the offcuts of larger ones. These are now being used in many Chinese products. These look great but their value was around half the cost of the natural product but has already dropped to 20% and is still dropping. Appraisers are well aware of this issue so will appraise Chinese jewelry appropriately, similar to how an art dealer would value a print, a bad forgery, a good forgery, or the original Mona Liza. Therefore no reputable British retailer will sell this stuff, but be warned at least some of them are nothing of the kind. Be very careful. Never buy Chinese-made jewelry, especially if it contains smallish uncertified diamonds under .30ct. To have a small diamond tested by the GIA can cost £200 therefore very few will bother to do so. My best advice is that when it comes to Chinese jewellery don't buy any of it, however good it looks at first or relatively cheap it will appear to be. When paying such high prices for precious jewelry you should want something that will always look good, be resizable, hand-made by skilled craftsmen, repairable, and increase in value over time. You also may wish to leave some of it to your children. What you don't want to do, is to fill your jewellery box with scrap metal set with diamonds that already have very little resale value, and will eventually have none whatsoever. If you just want 'flash for cash' you are better advised to buy a Cubic Zirconia than a man-made diamond. Better still buy all of your jewellery in Primart and stay entirely out of proper retail jewelry shops. Just as a guide. When best quality CZs first appeared on the market around 45 years ago a 1ct sized CZ cost £10 trade. They now cost manufacturers less than 30 pence. I personally doubt that man-made diamonds will fall by quite this amount but they will eventually fall by at least 90%. Man-made rubies have been around for a very long time and look very similar to natural rubies. A top-quality 4ct synthetic ruby costs around £1.50, whereas a top-quality natural one can easily cost over £100,000. A 10mm plastic beed costs around 1 penny, a top quality cultured pearl can cost around £50, while the fully natural product can cost so much only the Queen of England or Mrs Bill Gates would own one. You pay your money and you make your choice.

[@k.hotting4851]

Thank you for this explanation.

[@SanchezSunil]

Thank you!

[@luislaplume8261]

I would rather buy gold bullion from the British Treasury than Mainland Chinese jewelry.

[@JunHooKim-bn4yc]

​@@luislaplume8261 🤣🤣🤣 You don't even have the money to buy anything!!!

[@luislaplume8261]

@@JunHooKim-bn4yc I live a plain and simple life and that is enough for me.

[@RatTerminator]

Chinese gold is Fools gold 😂

[@michaelwin83]

And you my friend a fool

[@vincentyeo88]

Tungsten

[@5anjuro]

I have lived in Southeast Asia for several years and observed some overseas Chinese behaviours. The affluent mainland Chinese do not buy gold in China. These shops are mainly for wannabes, for show-off or make believe social media purposes. They're built on a thin foundation. People who actually make and save money, travel overseas, buy their gold in Hongkong, Bangkok, Singapore, Kuala Lumpur etc, usually favoring Canadian and Australian dollar coins as they're universally accepted, or perhaps some very small, transactional bars, size and shape of a thumbnail or a post stamp. A good quality chain or a genuine Rolex, Omega watch may be considered as well, as something relatively portable. They generally do not bring the gold back into China. Businesspeople remember from the older generations about the gold confiscation campaigns of the 1950s and 1960s, so there's no trust in the government. They keep it overseas in a bank safe or with a trusted contact, usually an overseas family member, a Malaysian or Thai uncle, or someone studying in Singapore, not intending to return to China.

[@bennylava8717]

yup, less knowledgeable chinese living on mainland don't know nor have access to western bullion coin/bars, thinking gold jewellery is the way to go to own gold

[@lamentate07]

Sounds about right. A bullion dealer in Melbourne Australia told me that he has many offshore clients in China that buy from him and pay to store it for them.

[@goodnightmyprince6734]

Tofu-Dreg gold

[@howardmaryon]

Could the fall in sales be caused by many purchasers of chinese gold finding out that they bought fake gold, just gold plated iron?

[@jesusfernandez6328]

I dont see problems if the gold they sell its real gold. If its fake you will not see costumers returning.

[@moshunit96]

You haven't been paying attention. The average person in china doesn't have money to buy gold even if its legitimate. Their economy has crashed and unemployment is high. The ccp does their best to hide it but at this point everyone knows how bad it is.

[@SeattlePioneer]

People aren't as rich as they thought they were.

[@zAlaska]

People have learned that buying tungsten covered gold bars are worthless.

[@lukejohnston4666]

Tungsten - APFSDS tank round anyone?

[@dre7018]

Id be scared to buy fake gold.

[@Paul-xm6pl]

It was foolish to trust store owners to look after their gold, they should have hidden it at home.

[@luislaplume8261]

When I made my prediction that the economy of Mainland China will be in freefall and be worse than when America was by March 20, 1933, I did not know how right I was at that time.

[@bennylava8717]

why you didn't buy apple stock or microsoft stock?

[@luislaplume8261]

@@bennylava8717 Because I am from the Baby Boomer Generation athe nd am not a computer geek. I was satisfied with the 1961 General Electric AM band radio and

[@charzemc]

When people are struggling to put food on the table, jewellery is a bad purchase.

[@J..E..F]

China gold??? No way im buying that shit

[@bacardimgtow4505]

80-90% of businesses sell stuff that are "wants" and not "needs".

[@JAM661]

Jewerly is never a good investment. You never get what you paid for. You do better to have you item appraised and insure it for a year or two and then leave your jewerly in you unlocked car and when stolen report it stolen when it is taken. The insurance will pay the replacement cost which is going to be more then what you can sold it for. In China they do not really have insurance because the risk for insurance company would be so high. In China if it is not lock down it will not be there in 20 min. It might not be there even if it is locked down. Crime is not statistics are not maintained by the local government or the federal government which is why it seems like China has no crime when in fact it can be horrible. People can even steal all the farmer crops. They just show up in buses and start stealing the food and the police just watch all these old villages grab whatever they want. Meanwhile I left my garage door open last night and my stuff is still there.

[@eCtenthc]

You mean gold plated tungsten sale is down.

[@matrixcowpaul2194]

People have no money to buy gold, even they do, some big gold stores closed suddenly, people gold investment disappear, now no one buying...

[@wheezysqueezebox7651]

Salaries cut, or not paid, no bonuses, plus the cost of utilities and food, is skyrocketing! Chinese people, no longer have any disposable income!

[@jimmylam9846]

China inflation rate is less than 1 % and food and energy prices very stable and Chinese are savers which is unlike the Americans living on max credit cards !

[@wheezysqueezebox7651]

@@jimmylam9846 Everywhere NEW METERS have been installed, the people are complaining, that their bills are skyrocketing! The money from utilities goes, directly to the government, which is broke! Salaries of officials have been cut 15 to 30%, sometimes, they're not even getting paid! Bus drivers went on strike, they hadn't been paid, in six months. In another location, teachers hadn't been paid, and they stopped teaching... The iron rice bowl has rusted!

[@Redjoker96]

Ok so let me get this straight 4:34 is a "high value" woman in her 30s, un-married with possibly wanting kids, a failing business owner, sick from stress, and millions in debt. The only thing I didn't hear was that she had a "PHD" and wanted a "high value" man.

[@SeattlePioneer]

I would have liked to hear her talk to Kevin Samuels, RIP.

[@BLACKAAROW]

Yeah, she wasted her 20’s and now has no kids, not married and no business to show for it

[@roxyroxelle]

@@BLACKAAROW i bet you wasted your 20's too doing useless crap and take it out on others.

[@Redjoker96]

@@BLACKAAROW Also about to be chased by debtors with millions in debt waiting for any unfortunate man who stumbles into this woman's life.

[@Jason-sf8vx]

Gold is rising as central banks are buying gold , this mean different type of risk associated with soverign risk

[@cedricquilal-lan1616]

30's Unmarried and Childless, what a waste.

[@lutomson3496]

Laughing at these statements when the world gold market sets the price of gold and currency fluctuations impact it also overpriced gold in China even at 600 yuan per gram is still over priced so complaining of not selling it overpriced means nothing

[@craighunter3273]

Oh well - in the west our jewellers aren’t selling much either. The RAM raiders are moving product for them. No money - no insurance anymore.

[@ljunljun6354]

I think the problem is the fake gold that was made by one of their biggest company got found out

[@moshunit96]

Then you haven't been paying attention. It doesn't matter whether its real or fake, they simply don't have the money. The economy in china has collapsed. Nobody is buying much of anything.

[@CatsMeowPaw]

Gold. If you don't hold it, you don't own it. Also I would be testing every piece of gold they sell. It could be gold plated tungsten.

[@vincentyeo88]

Don't even think about buying any suspicious item. Don't waste your time and effort testing any of them.

[@birajpradhan6405]

Gold price soon going up .🎉🎉

[@sanatani_bhau74]

Hahaha our indian jewellery showroom sells more than 100000 yuan of jewellery 😂😂 everyday but its 22/24 carat gold with govt seal

[@jamesrawlins735]

Yeah Indian gold is pretty reliable - but I'm guessing over half the piece of jewelry here are fake.

[@lamentate07]

Indians only buy investment grade gold jewellery. Same with the Chinese.

[@littleowlfamily]

Its very negative in China now

[@jadyynstarlight9851]

I am confused. There is little to no foot traffic. Why are people opening stores?

[@user-ry7sl1eu6l]

abundance of fakes, they should buy with fake money instead hahaha.

[@chillxxx241]

Hate that they are being punished because of the goals of Emperor Xi.

[@nathan10014ify]

A countries economic collapse often starts with luxury goods =GOLD

[@dbdejonge2081]

Logically: iron or copper with a minumal gold layer.

[@jimmylam9846]

Rolex, Omega and other very high end Swiss watches have seen big drop in sales in China...Chinese younger generations have no interest in luxurious wrist watches or jewelry !

[@waltertodd4479]

Thank you for this update.

[@arkrainflood]

i was at a shopping mall in the washington dc area, it had 8 jewelry stores, on a wednesday, around noon, there was at best only 1 person in the stores.

[@Evom777]

And the mall itself probably had a grand total of 5 people in it. 😉 Chain jewelry stores have gouged people for decades...... combine that with malls in the decline, and the handwriting is on the wall for them. Independent jewelers that beat a chain store's margins aren't hurting though, even in this economy. I'm in the business and see it every week. People are gravitating to the precious metals in all forms and the traditional stores of value when they feel that the dollar is losing its purchasing power.

[@poobum9857]

they should speak with their government officials and lobby why the economy is so bad

[@charzemc]

Communists don't listen to the people, they are dictatorial.

[@moshunit96]

Lmao! Thats not how dictatorships work.

[@practicing1]

Global commercial real estate values should have been reduced massively during pandemic, they are still avoiding this adjustment which ha wiped out the economy. This because regulators let them get away with false values and absurd rents

[@rubeiko]

What happened to the tons of gold bought by CCP

[@pmshah1946]

I have a question. How do they pay for their gold purchases? By cash stashed in shoe boxes? The banks are not allowing withdrawal or transfer of funds. Are these purchasers/buyers mostly govt and CCP officials who have ZERO restrictions of any kind? People can';t draw cash for food but can buy apartments and gold? Too much contrast in reports coming out of China.

[@Zonker66]

Let's see... bling or food... bling or food... decisions, decisions.

[@Jack-It-UP]

Great reporting thank you.

[@kelvinw.1384]

The problem with chinese gold is that its usually 18 to 24 ct. Which also makes it very soft and brittle and notmally shouldnt be worn daily. As it can rub off and mallable. Plus there are so many shady jewelers that sell fake or massively overpriced for geninue jewels

[@bennylava8717]

chinese ain't buying gold jewellery to wear lah.

[@lamentate07]

@@bennylava8717 Some do, but you are right, it's mostly a store of value play.

[@jamesrawlins735]

So many businesses in China will be going through this in the next few years - the economy is going down faster than what happened in 2008 in the US.

[@SeattlePioneer]

So.... How can a retail customer test a piece of jewelry for gold purity? My method has always been not to buy, but perhaps there are alternatives. Gold and silver American coins would be hard to counterfeit. I've had about $3500 face value in American silver coins on hand for forty years or more as insurance against financial collapse. I kind of dote on American silver dollars.

[@CapeSIX]

🤷‍♂️. And the gold you buy in China is just gold plated lead

[@sammakorn254]

Good News

[@fswatyahoocom]

malls are the same everywhere. empty most of the times!

[@Justnopeone]

can we get source for the number of closed stores

[@SimonPhelps-qg1eg]

Couldn't be happening to a nicer bunch

[@Wisdom-enlightened]

Truth is wisdom

[@edzely.santos1255]

Avoid Chinese Gold at all cost

[@chialiu2067]

People buy when its going up. When its on sale people get scared.

[@mesimesi2313]

Why wouldn't they buy gold at a lower price? Eventually, the gold prices will rise.

[@orlock20]

There is no proof system in China. "Gold" is not the same thing as gold.

[@ericwilliams1659]

No money to buy. Also, Chinese gold has a very bad counterfeit problem.

[@bennylava8717]

@@ericwilliams1659 chinese did those to themselves

[@moshunit96]

Did you even watch the video?

[@mesimesi2313]

@@moshunit96 yes.

[@Aliphatic]

One video showed that the Chinese were buying gold like crazy and the other video shows that the gold business in China is bad. Don't know which is the true situation

[@sjv9147s]

I am aware this is a China bashing channel but I also am of the view that much of what you presented is also true.

[@9-23-15]

Nobody is buying fake Gold? Gee, I'm so shocked

[@Jaysqualityparts]

Investing in gold is a long game investment not quick money. Trust me.

[@D-B-Cooper]

Saw vids of lines around block to buy gold. Maybe selling fake gold is not good.

[@allo4131]

Tungsten is gold in china be deceptive and prosper.

[@BLASTIC0]

500 yuen for a gram? that is less than spot price. Is that for just one gram or cost per gram on a larger bar?

[@ahmataevo]

Crime causes poverty. Look to who is not in poverty to know who the criminals are.

[@astralclub5964]

Tofu Dreg Gold!

[@dougsheldon5560]

I wonder who owns all these malls. Haven't heard of a Chinese hedge fund.

[@johnrolavs6794]

No one can "own" land in China except for the government. Companies/individuals just rent the land for a fixed term.

[@vanesatenorio609]

Coming to the U.S

[@henrycarlson7514]

Sad for the Chinese people . ccp NO Care

[@tracyjacksonjackson4221]

The emergence of the middle class in medieval times made for a better society. People were able to learn a trade, the Guttenberg printing press made books very cheap and as a result literacy skyrocketed, skilled craftsmen could join guilds and earn a living. Even here in the United States with Henry Ford and his Model T built using the assembly line, an idea given to him by George Washington Carver, allowed him to pay workers more than double what was being paid by the Industrial Capitalist. This is in part how we got to the prosperous Roaring Twenties. We in the Middle Class buy the homes, cars and college educations. We give to the worthy causes and save for the future. We call the wealthy class on their BS and most of us vote because we think it will make a difference. Without the Middle Class, we are all sunk, including the wealthy. They just don't know it yet.

[@Pkwen23]

actually its because people are getting smarther, there are places where can buy cheaper gold than from chain stores i mean everyone is starting to buy stuff factory price ancd cut the midddle man in any kind of products, its just like in the west every one is buying cheaper stuff made in china instead of buying local products.

[@ronnelacido1711]

In a survival mode environment, buying gold and other precious metals is considered less priority than having food on your table. You can't eat gold, anyway. Chinese people lack financial literacy. Nothing wrong investing big but they don't know when to cut losses when signs appear that things are about to go south. Too little, too late.

[@magicpenuts6934]

i must be winning in life if im getting richer atm

[@johnmccormick3147]

Try eating Gold. In the end, you will give all the gold you have for a slice of BREAD! Fools.

[@seaniandp]

AGAIN+AGAIN= ONLY SAFE HAVEN ASSET IS PHYSICAL GOLD NOTHING BUT GOLD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:)

[@phgamer4393]

when the dollar is strong gold wont be. gold is only a hedge against inflation. wasnt gold like 300$ an ounce in the 90s? if interest rates are high asset prices should drop.

[@midimusicforever]

OOFY OOFY!

[@persada5913]

I thought this year i sthe year of the dragon and supposed to be prosperous year!🤣

[@dbdejonge2081]

Mayday holiday? 😅

[@west.8105]

huh? when the price of gold is high people buy...when the price of gold is low people don't buy???????????????

[@Whyareyoustilltalking]

It is not high price and low price. It is increasing and decreasing prices. When you think something is going to be more valuable next week you will buy but if you think the value is going to be lower next week you will sell or at best hold.

[@west.8105]

@@Whyareyoustilltalking i always thought people buy gold at a low price and sell it again for a high price to make profit....so isnt it time to buy gold now.....now the price is low?

[@jamesrawlins735]

Too many Chinese gold pieces are fake - people found this out in the past year when the economy tanked and everyone started selling - and no one wants it.

[@doctoruttley]

There is only one way out of this economic and moral downward spiral… W-A-R (civil or world). Either way, it’s going to be expensive…in human life. 😵‍💫

[@The9thMonth]

Only the dead have seen the end of it.

[@Yellow_Afryca]

U know it’s rough when gold diggers are having issues

[@vlnjoan]

fake gold no thank you.

[@1439315]

Chinese invited to live and work NORMAN, Oklahoma, we have work.

[@derekmottley3656]

If that woman in the video was in China, well......

[@georgeacun3619]

Even Gronk knows that not real gold.

[@johnyang6969]

And I thought Bidenomic was bad...

[@Velereonics]

I mean step one is stop making garbage. You have all the materials and machinery to make products properly, so why not make them at a slightly reduced pace but sell more of them for longer because people dont assume that any listed item where the label has that nonspecific but unmistakable chinese-ness in it is trash.

[@moshunit96]

Did you watch the video? People have no money to buy gold. Quality does not matter when you're unemployed or deep in debt. Their economy has crashed.

[@Velereonics]

@@moshunit96 Yes Im saying the reason their manufacturing is dying completely as opposed to just slowing is because they had everything available to make working products, but one can make MORE products if everything is of lower quality, and more short term gains are possible. This has actually been covered in these videos: Chinese businesses are never thinking about longevity. They are always attempting to exploit a loophole and psychology to make a quick buck and then peace out. The problem is that even though people in the west are spending, we have dealt with Chinese crap and all the scams so long that A) we detect them instantly no matter how they try and obfuscate where they are selling from and can avoid them a lot of the time and B) we simply are buying less despite having more disposable income, because we know that anything we buy, we have to be methodical about it to avoid buying trash.

[@PoohSeaFresh]

Karma is real 😂😂😂🤣🤣🤣

[@oscargrainger2962]

Right son you had better go and find a job, which industry do you want to move into son, well anyone who pays my wages in at the end of the month is at the top of list dad.😅

[@quantifiablyqorrect2905]

Why buy fake chinese gold? You cant get it out the country.....crypto is better lol

[@jamesedwards3923]

Crypto is illegal in China.

[@dan020350]

🐍 humans!

[@tonysu8860]

That's interesting if the gold market has actually bottomed out in China. Someone will have to do an in depth analysis. I imagine Chinese have very few options how to store wealth. Does this signal a decrease in personal individual wealth?

[@kitsinu1]

The price drops and people stop buying. SMH.

[@JohnS-il1dr]

I would too if the gold was fake

[@brucel.554]

commercial building crisis.

[@alviolampis]

GOLD... LOL... LEARN ABOUT BITCOIN....

[@natsume001]

🥀

[@olivrrrr]

Tofu gold sellers

[@nayanmipun6784]

1 st woman ,💦

[@christophery8927]

Finally people are realising that some bit of rock is just that, a rock.

[@Evom777]

Gold has utility and has had value since the literal dawn of man. (Genesis 2:12) What is just a rock are the gold plated tungsten items that people are getting screwed over with.

[@melk7423]

If you look to the channel informations , this channel was made in May 2020 and base in USA... Neutral Credibility/100 Check for different source to have a neutral opinion and confront your sources always... I'm from Western EU and i'm tired of this behavior... Missinformations should be a crime.