Hazel Wu, a 23-year-old student in Shanghai, recently bought a gold pendant to “seek an auspicious meaning” in the coming Year of the Dragon.
Many Chinese believe that they may face challenges during years that match the zodiac sign they were born under. So people born in the Year of the Dragon, like Wu, may believe they are at risk of financial setbacks or health issues. However, these can be warded off by wearing or carrying talismans.
But that is not the only reason Wu made the purchase. “I bought gold jewellery mainly for its value preservation, viewing it as a form of investment.” Wu said. “The designs are getting much fancier now, with collaborations featuring animated [characters] or ‘guochao’ elements. It’s changing the stereotyped impressions associated with gold accessories.”
The rise of the guochao or “China chic” trend, which celebrates Chinese identity, coupled with the increasing value of gold, has created significant market opportunities in the gold jewellery market in China, which was valued at 410 billion yuan (US$57 billion) in 2022, according to the Gems and Jewelry Trade Association of China. The market has grown about 12 per cent compared with the pre-pandemic level in 2019 and 66 per cent compared with 2012.
