Mainland Chinese shoppers invest billions in gold
Drop in price of precious metal sparks investor sell-off but attracts buyers from mainland
The scene at each of the four Chow Tai Fook stores dotting Causeway Bay's Hennessy Road was the same: a rush of buyers snapping up jewellery, coins and other gold items.
Gold investors elsewhere around the world were dumping the precious metal last week as it saw the sharpest price drop in three decades. However, buyers in Hong Kong, particularly those from the mainland see value - they have been swooping on Hong Kong jewellery shops to buy at what they perceive are bargain prices.
A woman from Zhejiang braved the rain to scurry between several jewellery chain stores within a stone's throw of each other. She was in the market for gold necklaces and bracelets, which she plans to give to her daughter when she marries.
"I booked my trip to Hong Kong in January but the timing is good," she says. "Dowry is something you know you will need and I don't think there'll be an opportunity like this for a long time."
Wang Kai, a visitor from Shenyang who bought HK$68,000 worth of gold products during his three-day stay in the city, said: "I missed out the last time gold was low so I know I have to buy some. It's just a little bit of investment to balance out other things."
Haywood Cheung, the president of the Chinese Gold & Silver Exchange Society, said gold sales in Hong Kong got a big boost over the past week.
