During the National Day holiday, the Shuibei gold and jewelry market in Shenzhen, Guangdong, experienced a surge in sales. As a key distribution hub for China's gold and jewelry industry, multiple shopping malls and gold stalls in Shuibei saw strong foot traffic.

Gold Sales Boom During National Day Holiday, Merchants Busy Restocking

During the National Day holiday, reporters visiting Shuibei in Shenzhen observed crowded gold showrooms and a significant increase in market foot traffic. Many merchants were overwhelmed with orders, staying open until around 9 p.m., with holiday foot traffic reaching three to four times the usual level. Merchant Hao Runwei stated that sales during this year's National Day period increased by 50% compared to last year, and restocking could not keep up during the holiday. Bracelet inventory was largely depleted and is currently being replenished gradually. Merchant Zhang Rui noted that plain gold bracelets were bestsellers, with substantial inventory prepared for the holiday, yet they sold out within the first two days.

Wedding gold jewelry became the main driver of this consumption wave. Products related to wedding "three golds" and "five golds" — such as dragon-phoenix bracelets, double-happiness chains, and wedding rings — saw strong demand. Merchant Peng Kangteng said wedding jewelry sales rose 60% to 70% compared to last year, with two to three times the usual inventory prepared before the holiday. By October 4 and 5, stock was already depleted, and some factories had workers return to work overtime.

Gold trade-in exchanges also saw a surge. Many consumers brought old gold jewelry from home, paying the price difference to exchange for new wedding accessories, which both revitalized idle gold and reduced the cost of purchasing new items.

Out-of-Town Tourists Flock to Shuibei Market, More "International Faces" Buying Gold

A pullback in gold prices combined with holiday promotions brought a wave of out-of-town tourists to China's largest gold and jewelry distribution center, making Shuibei gold jewelry a "must-buy souvenir" for visitors to Shenzhen.

Recently, international gold prices experienced a significant correction, with New York Mercantile Exchange gold futures falling below $4,200 per ounce, and domestic Shanghai gold breaking through the 900 yuan per gram mark. Branded gold jewelry prices have cumulatively dropped by about 150 yuan per gram from their peak. Driven by the downward trend in gold prices, the listed price for jewelry gold in Shenzhen's Shuibei fell to 1,061 yuan per gram. Combined with various promotional activities, gold consumption demand was concentrated and released during the National Day holiday.

During the National Day period, the proportion of out-of-town tourists in Shenzhen's Shuibei market increased noticeably. Many tourists, after visiting attractions and enjoying morning tea, made Shuibei their final stop to pick out gold jewelry to take home. Some tourists even traveled specifically from other cities to make purchases, as gold and jewelry are becoming one of Shenzhen's "local specialties." Merchant Hao Runsong stated that out-of-town customers accounted for about 60%, with sales during the National Day period increasing by around 30% year-on-year and about 40% quarter-on-quarter.

The surge in tourist demand also boosted Shuibei's gold shopping guide business. During this year's National Day holiday, gold shopping guide Xu Xu brought at least 30 to 40 groups of out-of-town customers to Shuibei to buy gold each day. Reporters also noticed during visits that "international faces" were quietly increasing in the Shuibei market, with diamond jewelry and high-quality gold items particularly favored by overseas tourists.

A Russian tourist told reporters, "We came to Shenzhen's Shuibei this time to buy earrings and rings. I'm especially happy to be here. I like large styles. The prices here are much cheaper than in Russia, and there are more different styles to choose from."

Merchant Zuo Jing said that during the National Day period, she received about a dozen batches of foreign tourists daily, typically from Russia, Indonesia, and Kazakhstan. They tend to prefer larger-carat diamonds, such as 3 to 5-carat lab-grown diamonds.