硬足金成高金价消费新宠 “硬、轻、亮”获海外市场青睐

Core Insights - International gold prices have surged from $3,400 to over $3,700 per ounce since September, leading to a rise in domestic gold jewelry prices to 1,100 RMB per gram [1] - The gold jewelry consumption market is adjusting, with "hard gold" becoming the fastest-growing category in China, capturing over 20% of retail sales in 2024, particularly favored by Gen Z and millennials [1][2] - The World Gold Council has initiated the "New Silk Road Innovative Gold Jewelry Export Plan" to promote the internationalization of China's gold jewelry industry [6] Market Trends - The demand for gold jewelry in China weakened significantly in Q2 2025, dropping to 69 tons, a 45% decrease from the previous quarter and a 20% year-on-year decline, marking the weakest performance since 2007 [2] - Despite the decline in volume, the total consumer spending on gold jewelry in the first half of the year remained stable at 137 billion RMB (approximately $19 billion), which is 34% higher than the ten-year average [2] Product Innovation - Hard gold products are characterized by a hardness of at least 60HV and a gold content of no less than 990‰, offering advantages such as durability, lightweight, and aesthetic appeal [2][5] - The introduction of the "Hard Gold Jewelry" industry standard in May 2023 has standardized the definition and quality requirements for hard gold, enhancing consumer confidence [4][5] Consumer Behavior - Consumers are spending more on gold but purchasing less due to rising prices, with hard gold addressing this issue by providing more value and options at fixed price points [3] - Young female consumers are particularly attracted to hard gold for its design variety and potential for value retention, making it a more accessible entry point into gold consumption [3] International Expansion - The World Gold Council's collaboration with 14 Chinese jewelry manufacturers at the Hong Kong Jewelry Exhibition showcased hard gold's design and craftsmanship, attracting significant interest from international buyers [1][6] - Southeast Asia and India are identified as key markets for hard gold, with local preferences for unique designs and cultural elements influencing product offerings [7][8] Future Outlook - The hard gold category is seen as a transformative force in the jewelry market, combining aesthetics with practicality, and is expected to appeal to a global audience, particularly among younger consumers [8]