Hong Kong’s gold jewellers hurt by protests are hoping for sales to sparkle in the Year of Rat
- Year of the Rat is the first animal of the 12-year Chinese zodiac cycle, with gold traders believing it will be a very good year for the yellow metal
- Gold jewellery sales fell by between 40 and 70 per cent in the Year of the Pig because of the protests, said Haywood Cheung Tak-hay, president of the Chinese Gold and Silver Exchange Society
Hong Kong’s gold jewellers are expecting a boost in the Year of Rat as it is auspicious to get married and have babies, after sales plummeted last year largely because of the anti-government protests.
“The second half of the Year of the Pig shaped up to be a bad year for many gold jewellery shops due to the social unrest as it discouraged tourists from coming here for shopping,” said Haywood Cheung Tak-hay, president of the Chinese Gold and Silver Exchange Society, which provides facilities and related services to its members for gold, silver, and precious metal transactions. “Some gold jewellery shops have seen sales decrease by between 40 and 70 per cent.”
Cheung was hopeful that the gloom would lift in the Year of the Rat, which begins on January 25. “When there are more weddings and babies born, there will be more demand for gold jewellery.”
It is a tradition in China for a bride’s relatives to give gold jewellery as gifts while parents also buy gold bangles with dragon and phoenix motifs and other ornaments as dowry.
The upcoming Year of the Rat comes first in the 12 animals of the Chinese zodiac. The 12 animals – which follow in the order of rat, ox, tiger, rabbit, dragon, snake, horse, goat, monkey, rooster, dog and pig – represent a cycle of 12 years.
“It is not only a good year for weddings but also a popular year for having babies, as children born in the Year of the Rat are smart, clever and dynamic,” said feng shui master Wong Man-chiu.