With gold prices reaching historic highs, the Macau Goldsmith Guild is urging the local jewelry sector to adapt by focusing on lighter, more affordable designs to meet rising demand for cost-effective options.
Gold prices in Macau surged past MOP 30,000 per tael in October last year, a record driven by global bullion trends and ongoing geopolitical tensions. Lei Koi Ian, chairman of the Guild, noted that while prices have eased slightly from recent peaks, they remain elevated.
“Geopolitical uncertainties, including shifting trade policies, continue to fuel risk-averse behavior, maintaining gold’s status as a safe-haven asset,” Lei said. Despite this, the industry maintains cautious optimism about future market conditions.
Although foot traffic in jewelry stores remained steady during the first half of 2025, average customer spending has declined. Lei attributed this trend to persistently high gold prices and a shift toward conservative purchasing, which has resulted in smaller individual sales and overall business performance trailing last year’s figures.
In response, the industry is promoting a “light gold” strategy—creating and marketing lighter, visually appealing jewelry that reduces material costs while providing better value for consumers. This approach aims to align with changing consumer preferences and budget considerations.
Local jewelers have echoed this cautious consumer sentiment, highlighting that gold prices have risen by 42% in 2024 alone. Many hope for government support to ease the financial burden on both buyers and sellers during this volatile period.
Such assistance, jewelers suggest, could help stabilize the market and sustain Macau’s gold industry amid ongoing economic uncertainties.
