China's largest jewelry market sees surge in sales due to rising gold prices

Rising gold prices continue to prompt many consumers to buy gold accessories at the Shuibei Market, China's largest gold jewelry manufacturing and trading hub based in Shenzhen City of south China's economic powerhouse of Guangdong.

Although the week-long National Day holiday ended on Monday, there are still a large number of customers coming to buy gold jewelry at the Shuibei area.

Besides the fashion identity, young Chinese consumers choose gold jewelry also for investment reasons.

"I personally prefer buying gold jewelry. If I have money saved up, I would buy it because gold tends to hold its value well," said a local resident.

In China, gold jewelry is traditionally part of the betrothal gift given by the groom's family to the bride. Therefore, wedding gold has been selling exceptionally well in this Shenzhen market.

"At present, the gold jewelry products that sell well include items like these bangles, particularly dragon and phoenix bangles, phoenix hairpins, as well as gold pig necklaces displayed on this wall," said a gold dealer.

Moreover, the gold recycling market is also booming. Rising prices have made many gold holders choose to sell their assets for profit making at gold recycling shops.

"Last year around this time, I bought gold. It's been almost a year, I must have made a profit. I bought it for over 400 yuan (about 56.6 U.S. dollars) per gram before. Now, the current recycling price is over 500 yuan (about 70.75 U.S. dollars) per gram. The recycling price is 588 yuan (about 83.2 U.S. dollars) per gram of gold," said another resident.

China's largest jewelry market sees surge in sales due to rising gold prices

Russian President Vladimir Putin said on Wednesday that Russia holds the strategic initiative along the entire front lines and the goals of the country's special military operation in Ukraine will be achieved.

"The past year has been an important milestone in fulfilling the tasks of the special military operation," Putin said while addressing an expanded meeting of the Russian Defense Ministry.

Putin underscored that Russia has the capability to accelerate its offensive pace, adding that Russia's task of expanding the security buffer zone will be fulfilled, and the core goals of the operation will be realized.

"This year alone, more than 300 settlements have been liberated, including major cities that the enemy had turned into fortified strongholds equipped with long-term defensive structures," the Russian leader said.

He said that the Russian military currently holds the strategic initiative along the entire Russia-Ukraine conflict front and is defeating Ukrainian forces, including elite Ukrainian units trained in the West.

Russia is currently seeking mutually beneficial and fair cooperation with the United States and European countries, Putin said.

Putin rejected claims portraying Russia as a threat to European nations, saying that such narratives are unfounded and fabricated.

Putin also announced that several submarines and surface ships have been commissioned into the Russian Navy this year, while the "Oreshnik" missile complex will enter combat duty by the end of 2025.

Russian military holds strategic initiative along entire Russia-Ukraine conflict front: Putin