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

An LPG tanker was hit by debris from unknown projectiles while transiting outbound from the Strait of Hormuz, following a similar incident earlier in the day, the United Kingdom Maritime Trade Operations (UKMTO) said on Monday.

The UKMTO said it had received a delayed report of the incident from the vessel's master. All crew members were reported safe, with no environmental impact reported.

The tanker will continue to its next port of call, while authorities are investigating the incident, the UKMTO said.

It was the second tanker-related attack that the UKMTO recorded on Monday. Earlier in the day, the agency said another tanker transiting the Strait of Hormuz had been struck by an unknown projectile, leaving two crew members with minor injuries. That vessel also continued to its next port under its own power.

LPG tanker hit by debris from unknown projectiles near Strait of Hormuz: UKMTO