Text/Chen Haoxing
Banks that used to only sell investment gold bars, gold medals, gold coins and other products are now also selling gold jewelry such as gold bracelets, gold beans, gold melon seeds, and gold ingots.
Why do people start going to banks to buy gold jewelry?
Can banks shake up the gold jewelery market?
Guo Shijun recently visited the branches of the four major banks in Beijing and a number of gold stores and learned that currently ICBC, CCB, Bank of China, and Agricultural Bank of China all sell gold bracelets and other small-gram gold jewelry, but they are all sold on a consignment basis. for sale.
The sales area manager of a Beijing branch of the Bank of China told Guo Shijun that although the gold jewelry and investment gold bars sold on consignment are both gold, there is one difference: banks can repurchase investment gold bars, but cannot repurchase gold jewelry sold on consignment.
If consumers want to resell gold jewelry sold by banks, they can only go to other gold stores for recycling.
After a visit, Guoshijun found that as the price of gold continues to rise in recent times, the price of gold in gold stores has risen from 605-635 yuan per gram in mid-to-late February to the current maximum of about 650 yuan.
At the same time, gold stores have certain processing fees when selling gold jewelry. Taking the pure gold bracelets that most consumers pay attention to as an example, the processing fees for a bracelet of about 30 grams range from about 500 yuan to 1,500 yuan.
Although you do not need to pay additional processing fees when buying gold jewelry from the four major banks, in most cases, the overall price is still slightly higher than buying from a gold store.
Screenshot of bracelets sold on the four major online apps on March 6
Guo Shijun found that some consumers prefer to buy investment gold bars from banks and go to goldsmithing shops to "gold" them into bracelets and other jewelry. This can not only ensure quality but also save costs.
After being recommended by an acquaintance, Guo Shijun contacted the owner of a gold and silver jewelry DIY shop and asked for a pair of gold bracelets of about 30 grams.
The owner of a gold-making shop said that the current cost of making a 30-gram plain gold bracelet is 20 yuan per gram, with a loss of 0.2 grams.
It costs about 600-700 yuan to turn investment gold bars into a gold bracelet.
Therefore, from a price point of view, the price difference between gold jewelry sold by banks and goods sold in gold stores is not big. Some products are even more expensive than gold stores, which is not enough to become a "catfish" that disturbs the gold jewelry market.
Why do banks sell gold jewelry?
Pan Helin, co-director and researcher of the Digital Economy and Financial Innovation Research Center of the International Joint Business School of Zhejiang University, pointed out in an interview with China News Service that banks enjoy high credibility in the minds of consumers and also have the ability to sell gold. Legal license, so its gold products are more likely to win the trust of consumers.
Banks sell gold jewelry out of profit considerations.
In addition, bank branches have a wide coverage, making it convenient for consumers to purchase.
Banks can also integrate gold jewelry sales and financial services to promote each other and improve their ability to attract customers.
Luo Xueming, chief expert of the Guangdong Modern City Industrial Technology Research Institute, believes that banks’ sales of gold jewelry and small-gram jewelry can also help improve the circulation efficiency of gold.
"Compared with traditional gold shops, banks as financial institutions have stronger funds and strength and can more effectively manage and control the gold supply chain. By establishing their own gold jewelry manufacturing and sales channels, banks can regulate the gold market more flexibly supply and demand relationship and improve the circulation efficiency of the market." Luo Xueming said.
He believes that gold jewelry has important symbolic significance in traditional Chinese culture and is crucial to the maintenance of social relationships and the inheritance of family wealth.
The bank has made the gold jewelry trading process more transparent, which not only reduces the circulation of counterfeit and shoddy products, but also improves the standardization and credibility of the market.
The standardized gold jewelry market environment not only supports and stabilizes the entire gold industry chain, but also promotes the healthy growth of gold-related industries.
Is gold jewelry suitable as a safe-haven asset?
In the past few years, the price of gold has been rising and is in a high range.
However, there are still uncertainties about whether gold jewelry can become a safe-haven asset that is easily liquidated like gold bars.
Pan Helin believes that compared with investment in gold bars, gold jewelry usually has a higher premium, part of which comes from its artistic value.
Because gold jewelry is not only a precious metal, but also a handicraft. Its design, engraving and other craftsmanship often add unique ornamental value.
Therefore, for ordinary investors, if they mainly consider the safe-haven properties of gold investment, it may be more appropriate to choose gold bars.
Luo Xueming believes that the continued rise in gold prices reflects the rising market demand for safe-haven assets.
Compared with gold bars, gold jewelry does have a certain price premium, but as gold prices rise, this gap gradually narrows.
Therefore, gold jewelry can currently be considered one of the reasonable choices for safe-haven assets.
However, if the price of gold fluctuates greatly, it is safer to invest in gold bars, and it is easier to trade quickly in the circulating market.