Editor’s Note
As gold prices surge, a savvy trend is emerging among young consumers. This article explores how they are turning to wholesale hubs like Shuibei for significant savings, with some even capitalizing as purchasing agents. It highlights a shift from mere consumption to strategic investment in the precious metal.
As gold prices continue to rise and the gold market remains hot, on February 21, the gold prices of brands such as Chow Tai Seng, Chow Tai Fook, Luk Fook Jewelry, and CHJ Jewelry all reached 892 yuan per gram. It’s no longer news that young people have “awakened their bloodline” and fallen in love with buying gold. However, in the face of continuously rising prices, this generation of young people has found the most cost-effective way to buy: braving the crowds at Shenzhen’s Shuibei.
Ms. Cai, a post-95s from Shenyang, Liaoning, bought nearly 70 grams of gold in Shenzhen’s Shuibei this February. “It was packed with people, and there were even live broadcasts on-site,” she said. Before making her purchase, Ms. Cai spent three days browsing the area because “the place is just too big.”
She found the market filled with cost-conscious consumers, referred to as “retail customers,” various procurement agents, and purchasing agents making a profit from price differences. They come from all over the country, speaking different dialects, turning this wholesale gold and jewelry market into a must-visit local landmark.
After getting married in 2023, Ms. Cai made buying gold a fixed annual family investment. During this year’s Spring Festival, while traveling in southern China, she specifically planned Shenzhen as a stop to visit Shuibei for gold.
Shenzhen Shuibei is one of the largest gold wholesale markets in China. In the jewelry industry, there’s a saying: “Look to China for the world’s jewelry, and look to Shuibei for China’s jewelry.” Here, gold is settled based on the “spot price + craftsmanship fee,” with no brand premium and no middleman markups. While gold prices per gram for many brands have exceeded 800 yuan, Ms. Cai stated that the unit price for the gold she purchased was 686 yuan, “plus a craftsmanship fee of 77 yuan per gram.”
Like Ms. Cai, many young people come to Shuibei to buy gold. She told reporters that over three days, she saw many young consumers, especially those preparing for marriage, who typically come to select their wedding “three golds” here. “Mostly, they buy the type of gold jewelry that locals in Guangdong prefer to match with their Xiuhe wedding attire.”
On social media platforms, searching with the keyword “Shuibei” yields tens of thousands of buying guides. Young people write about their gold-buying experiences, some recommending products, others warning about certain merchants, sharing surrounding food and entertainment options, and expressing the joy of getting a “good deal.”
Is it worth the time and effort to make a special trip to Shuibei to buy gold? Ms. Cai’s answer is a definite yes. After arriving at Shuibei, she felt completely “overwhelmed by the choices” among various enamel and ancient craft techniques.
During her three-day visit, with a mindset of “comparing three shops,” she compared her desired Shuibei gold with branded gold. “For one style I wanted, Shuibei had something similar, but the craftsmanship was indeed far inferior to the branded version,” she said. After giving up on that piece, she selected a sweater chain instead. “It was made very exquisitely and was much cheaper, so I bought it.”
While some come to appreciate the beauty of gold, others see opportunity here.
The highly cost-effective model has given rise to a group of purchasing agents. Ms. Cai observed many young people conducting live shopping broadcasts in Shuibei. On social networks, many post-95s and post-00s Shuibei purchasing agents are also active. Xiao Yang, still a university student, works part-time as a purchasing agent to earn pocket money, “charging a 30-yuan service fee per order.” Before each purchase, she asks clients to send her their desired products, then goes to Shuibei to find the same styles. When she discovers nice gold jewelry, she also sends videos to recommend them to clients.
There are also full-time agents. Xiao Shan (pseudonym), a post-95s former jewelry appraiser, quit his job and transitioned to becoming a full-time purchasing agent in Shuibei. In his view, this is not an “easy and lucrative” job.
After experiencing buying gold cheaper than branded versions in Shuibei, Ms. Cai feels she will definitely return. Although she is aware of Shuibei purchasing agents in the market, she believes buying in person offers more security, “after all, it’s gold worth thousands or tens of thousands.”
In a ledger, Ms. Cai records the time, weight, and price of her gold purchases, allowing her to calculate current returns. However, she has also found that aside from plain gold jewelry, most other purchases result in losses. Young people who view buying gold jewelry as an investment will also discover that craftsmanship fees, depreciation costs, etc., are all expenses. Gold jewelry simply allows young people who love to buy to find the most cost-effective option among various consumption methods.
Simultaneously, he reminded consumers to ensure transactions are conducted through正规渠道 (正规渠道).
