中国经营报《等深线》记者 郝亚娟 秦玉芳 上海、广州报道 随着纽约期金与现货黄金双双突破4200美元/盎司关口，国内足金首饰挂牌价也站上1200元/克。 在此背景下，号称"黄金平替"的金包银首饰，正在现实消费场景中和网络社交平台里遍地开花。一 句"不是足金买不起，而是金包银更有性价比"，似乎宣示着一种全新的消费观念。 放眼国际，许多奢侈品牌的珠宝本就采用合金材质。业内人士指出，金包银的成功，无疑是一场针对年 轻消费市场的精准创新：它用"银的成本+金的外观+潮的设计"，解决了"年轻人追求时尚黄金外 观"与"预算有限"之间的矛盾。 然而，随着金包银产品热度上升，相关消费投诉也在持续增加。仅在黑猫投诉平台上，截至今年9月1 日，与"金包银"相关的投诉累计已达2700余条，多聚焦于"掉色""金量不足""假黄金"等问题。 多位专家接受《等深线》记者采访时指出，作为"外金内银"的混合制品，金包银天然被两种贵金属80多 倍的价格差异"撕裂"，而其制作配比、成品检测等环节又缺乏统一、有效的标准，这制约了监管跟进， 必然导致众多乱象。 世界黄金协会中国区CEO王立新也指出，"金包银"并不是黄金饰品的平替，尤其不具备黄金的投资价 ...

Core Viewpoint - The surge in gold prices has led to a significant increase in demand for alternative jewelry options among young consumers, who are seeking more affordable substitutes to traditional gold products [3][4][9]. Price Trends - As of September 16, the spot gold price exceeded $3700 per ounce, marking a year-to-date increase of over 40% [3][4]. - The price of gold jewelry in China has risen dramatically, from approximately 500 yuan per gram at the end of 2022 to a peak of 1092 yuan per gram by September 17, 2023 [3][4]. Consumer Behavior - Young consumers are increasingly opting for "alternative" jewelry, such as silver-plated or gold-coated items, due to the high cost of gold [3][6][9]. - Many consumers are prioritizing style and emotional value over the intrinsic value of gold, reflecting a shift in purchasing motivations [4][9]. Market Dynamics - The rise in gold prices has led to a notable increase in foot traffic at jewelry stores, particularly for silver and gold-plated products [3][6]. - Retailers are adapting to the changing market by introducing more affordable options, such as gold-plated jewelry and "gold-silver" products, to attract cost-conscious consumers [6][7]. Consumer Strategies - Some consumers are choosing to repurpose their existing gold items by paying for craftsmanship to create new designs, thus avoiding the high costs of new gold purchases [7][9]. - There is a growing trend of consumers mixing genuine gold with gold-plated items to achieve a desired aesthetic without the associated costs [9]. Quality Concerns - The rise of alternative products has also led to concerns about quality, particularly with items marketed as "sand gold," which may not contain any actual gold and could pose health risks [11]. - Industry experts advise consumers to be cautious when purchasing alternative jewelry, emphasizing the importance of verifying product quality and safety [11].

Core Viewpoint - The gold market in September 2025 is experiencing price fluctuations, with some brands lowering their prices while others remain stable, indicating varying strategies and market responses among different companies [1][2][4]. Price Comparison - Brands like Chow Sang Sang, Lao Feng Xiang, and Lao Miao have reduced their gold prices to 1074 RMB per gram, while Chow Tai Fook, Luk Fook, and King Fook maintain their prices at 1078 RMB per gram [1][2][3]. - The price of gold from China Gold is stable at 1070 RMB per gram, showing a lack of movement in certain segments of the market [3]. - The price at Shui Bei is significantly lower at 835 RMB per gram, reflecting a more straightforward pricing model compared to branded stores [5][6][7]. Investment Gold Bars - Investment gold bars sold by banks range from 840 RMB to 847 RMB, with Agricultural Bank of China at the higher end at 846.7 RMB [8][12]. - In contrast, branded investment gold bars from Chow Tai Fook are priced at 956 RMB, while Lao Feng Xiang and Lao Miao exceed 1000 RMB, highlighting the premium associated with brand and craftsmanship [14][15]. Market Trends - The futures market shows fluctuations with the main contract price around 830 RMB, indicating potential future trends in the spot market [18][20]. - There is a noticeable shift in consumer preferences towards "alternative gold" products, such as gold-plated silver jewelry, which are significantly cheaper and gaining popularity among younger consumers [25][36]. Changing Consumer Behavior - The rise in popularity of platinum, priced at approximately 337 RMB per gram, suggests a shift towards more affordable and stylish options among consumers [32][35]. - The market is witnessing a transformation in consumer attitudes, moving away from a strict preference for pure gold to a more practical approach that considers value for money [36][38].

Group 1 - The rise of "gold-plated silver" jewelry in lower-tier markets has gained attention amid increasing international gold prices [1][3] - The CEO of the World Gold Council's China division, Wang Lixin, stated that "gold-plated silver" is not a substitute for gold jewelry and has inherent differences, leading to potential confusion [1] - Wang emphasized that the current national standards do not allow for quality testing of "gold-plated silver" products due to difficulties in measuring the thickness of gold [1] Group 2 - Consumers are advised to consider solid gold products during high gold price periods, as they maintain purity while enhancing hardness, allowing for better design and quality at the same price point [1] - The China Consumers Association has warned consumers to carefully identify "gold-plated silver" jewelry and not to trust misleading advertisements, as the actual gold and silver weights are often unverifiable [3] - Recent spikes in international gold prices have led to increases in domestic gold jewelry prices, with notable price hikes reported for major brands [3]

Core Viewpoint - The rising popularity of "gold-plated silver" jewelry as a cheaper alternative to solid gold is accompanied by significant quality concerns and potential consumer deception [1][4][5]. Group 1: Market Overview - The "gold-plated silver" product is made by coating a layer of gold over silver, making it visually similar to solid gold jewelry while significantly reducing costs [4]. - Prices for "gold-plated silver" bracelets typically range from hundreds to thousands of yuan, depending on the amount of gold and silver used [4]. Group 2: Quality Concerns - Many "gold-plated silver" products are essentially gold-plated, and the quality varies based on the thickness of the gold layer; some may wear off quickly, revealing the underlying silver [5][8]. - There are reports of misleading marketing claims, such as using 1 gram of gold to create a 20-gram bracelet, which can mislead consumers regarding the actual gold content [5]. Group 3: Detection and Recovery Issues - The detection of "gold-plated silver" authenticity is challenging, often requiring destructive testing to verify gold content, unlike solid gold which can be easily assessed [8]. - The recovery of "gold-plated silver" in the market is problematic, with many gold buyers refusing to accept it due to the prevalence of counterfeit products [9]. Group 4: Consumer Guidance - Consumers are advised to maintain realistic expectations regarding the quality of "gold-plated silver" products, as some may only last a few weeks or months [10]. - It is recommended that consumers purchase from reputable sellers and retain all transaction records to facilitate potential claims in case of issues [10].