China auto industry group publication corrects report on 'zero-mileage' crackdown plans
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
South China Morning Post
6 hours ago
- South China Morning Post
Xi meets EU leaders, China's little-known oversupply problem: SCMP daily highlights
Catch up on some of SCMP's biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing At a meeting in Beijing on Thursday, President Xi Jinping urged European leaders to 'make the right strategic choice' as the world grapples with profound changes. He made the remarks to European Commission President Ursula von der Leyen and European Council President Antonio Costa, who are in Beijing for a summit that some Chinese analysts expect to be tone-setting for China-EU relations. Six university students drowned in an industrial tank during a field trip to a mining operation owned by China's most prestigious gold producing company, according to state news agency Xinhua. US President Donald Trump meets with Philippine President Ferdinand Marcos Jnr in the Oval Office at the White House in Washington, on July 22. Photo: TNS The United States has struck new trade deals with Indonesia and the Philippines, in a move analysts say could indirectly undercut China by reshaping regional supply chains and tapping rare earth reserves – even if Beijing is not explicitly targeted.
The Standard
11 hours ago
- The Standard
HK stock spread cuts unlikely to boost turnover
A Stock Exchange of Hong Kong (HKEX) sign is seen at the 2020 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 4, 2020. REUTERS
South China Morning Post
11 hours ago
- South China Morning Post
For jewellers and investors, all that glitters is gold: Hermès, Pomellato and Chow Tai Fook are betting that gold jewellery holds financial and aesthetic appeal as prices surge
At the recent unveiling of high jewellery collections in Paris, yellow gold glowed brightly. And well it might, since the value of gold has soared 40 per cent in the past year. Luxury brands such as Messika , Louis Vuitton, Pomellato, Hermès, Repossi and Dries Criel have taken a shine to the precious yellow metal, making bold modern design statements as if to celebrate its increased value. People like gold. We have been engaged with it for over 6,000 years and it has long been considered a safe haven for wealth – even more so now if you were to add up the value of the gold jewellery you are wearing. A year ago, the spot price for gold bullion was just under US$2,400 per ounce. In April, it hit a record-breaking US$3,500 milestone and has since eased back a little. The spot price in mid-July, according to the World Gold Council, was US$3,355 – a near 40 per cent rise since July last year. Some banks, like J.P. Morgan, predict it may rise further, nudging towards US$4,000 by mid 2026. Politics has a big influence on the value of gold. Right now, uncertainty over American tariffs and financial market turmoil are driving investors towards this historic safe haven, and that situation doesn't look like it'll change any time soon. Therefore, gold jewellery is a truly sound investment, whether you bought pieces a year ago or are considering acquiring something new like Hermès' new rose gold Chaine d'Ancre, a Bee de Chaumet rose gold and diamond honeycomb collar, or something from Repossi's tactile Blast collection, where glossy swirls of gold are tipped with diamonds. Advertisement Gold takes centre stage in these pieces by Hermès. Photo: Handout Until now, big jewellery brands have been swallowing the rising cost of gold within their margins, but that is slowly changing. Jewellery sales at Richemont are buoyant, up 11 per cent, and according to Vogue Business, a senior equity analyst says that Richemont management has indicated it raised prices on Cartier jewellery and watches by 3 to 4.5 per cent, respectively, in the second quarter of this year and on Van Cleef & Arpels by 4 to 5 per cent in April, and that there may be further pricing decisions in the autumn based on currency and gold prices. However, these price increases are modest when compared to soft luxury brands. In China, the Chow Tai Fook Jewellery Group is finding that customers are gradually adapting to elevated gold prices, 'demonstrating a consistent confidence in gold's enduring value', says a spokesperson. Their fixed-price gold products, finely crafted jewellery in both 18k and 24k gold, have been particularly popular, with sales rising significantly from 7.1 per cent in April 2024, to 19.2 per cent in 2025. Among the brand's most popular collections are the Palace Museum range, based on traditional goldsmithing motifs like dragons and clouds, and Rouge , designed by creative director Nicholas Lieou with the auspicious symbol of good fortune and launched in spring 2024. These have garnered around US$510 million in sales during that period, far outstripping expectations. Of course, as the spokesman points out, 'the preference for gold is not only because of its perceived investment potential but also for its aesthetic and emotional value'. A gold necklace from Chow Tai Fook's Rouge collection. Photo: Handout Traditional Chinese jewellery shops price gold by weight and link daily pricing to international gold markets. However, like Chow Tai Fook, Laopu Gold is another luxury brand that uses a fixed price policy which factors in design, symbolism and craftsmanship. It is also tapping into the emotional value of gold, with a deep focus on heritage and traditional Chinese goldsmithing. Needless to say, even they had to up their prices in February, according to Reuters. They factor in two annual price increases, but if gold prices fall, there will be no reductions. For American jewellery designers, the situation is more complicated. Price increases have been inevitable, not just due to the rising cost of gold, but also because the precious gems they import are subject to tariffs.
