Editor’s Note
**Editor’s Note:** As gold prices soar, a sophisticated counterfeiting method using tungsten has emerged in Seoul’s jewelry district, raising alarms among merchants. The article highlights the growing challenge of detecting fake gold, even through traditional testing methods like cutting or melting.
As gold prices continue to surge and the ‘gold investment’ craze spreads, the jewelry district in Jongno, Seoul, is on high alert after repeated discoveries of ‘fake gold’ mixed with tungsten circulating in the market. Among merchants on Jongno’s jewelry street, a sense of crisis has grown, with rumors circulating that “even if you cut it or melt it, it’s hard to tell the difference.”
The core issue is that this exploits the weaknesses of existing appraisal and inspection systems. On-site equipment that primarily measures the surface can sometimes yield a high-purity reading, leading to cases where buyers trust the appraisal result and purchase the item, only to later discover tungsten inside, resulting in losses. Warning notices about ‘fake gold’ have been posted throughout the Jongno commercial district, and there is a growing sentiment within the industry to strengthen verification at the distribution stage, even if it means bearing the cost themselves. According to reports, industry associations have issued urgent notices to raise awareness and defend the market.
Anxiety over the distribution channels is also mounting. There are mentions of attempts to “test the waters” by introducing fake gold into Jongno’s appraisal offices, raising suspicions of organized activity. As the damage could ultimately be passed on to end consumers, shaking the entire district’s trust, the industry argues that self-response has its limits and is demanding swift investigations and the blocking of distribution networks by law enforcement.
The Jongno commercial district is now seeing a simultaneous trend of ‘purchase avoidance’ and ‘inspection reinforcement,’ raising concerns about a contraction in trade. Experts believe that if the fake gold risk persists during a period of rising gold prices, it could undermine the trust in the jewelry market and disrupt its cost structure. There are growing calls for institutional improvements, including a thorough investigation, preventive measures, and the advancement of inspection systems.