Gold, Jewelery Popular in China with Hope of Anti-inflation
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Gold jewelry is never just a bond of affection to the Chinese, it is also endowed with the hope of maintaining and increasing the value of assets as a surging investment demand seen around the country.
In the previous 10 months, China's gold, silver and jewelry consumption increased by 35.6 percent year-on-year, the highest rate of increase in all sectors of commodities, said Huang Hai, head of the circulation policy consulting committee of the Ministry of Commerce of the People's Republic of China.
The consumption of gold, silver and jewelry as high-end commodities is a symbolic standard of a country with high consumption ability.
"The speed and quality of China's economic development, as well as people's income standard, all push forward the continuous growth of high-end commodities as a strong trend," Huang said at the 2010 China's Jewelry Forum in Shanghai.
In China, gold and jewelry are traditional gifts in the wedding ceremony as promising a long and happy future together as brides will receive them as part of the rituals.
In fact, even most Chinese women, especially in the cities, own more than one significant piece of gold and other jewelry. Wearing jewelry makes them feel wonderful, many say.
"It is a kind of affection deep in the Chinese mind, that a lady should have at least one loving piece of gold jewelry, no matter she wears them often or not," said Yang Yue, a 29-year old newly married bride working in Beijing.