"Consumers now attach more importance to design when buying gold jewelry than ever before, but they are aware of prices as usual," said Xu.
Yan Fang, a sales consultant at a gold store in Shanghai's Yu Garden, one of the city's gold jewelry hubs, has also seen changes in buying habits, as consumers tend to buy gold jewelry in batches, as an investment.
"Fewer individuals are buying gold jewelry for themselves or as gift this year. However, we have frequently seen big orders, such as 500,000 yuan ($79,000) worth of gold rings being bought in a single purchase."
Investment managers said they had seen more demand for gold bars and commemorative coins, than for gold-backed exchange-traded products.
"An increasing number of investors realize that buying gold may add stability to their investment portfolios and they are seeking long-term yield rather than short-term profit," said Li Xiaodong, a wealth manager with China Construction Bank Corp.
Wang Zhe, head of Shanghai Gold Exchange, said in Hong Kong this week that it would be launching over-the-counter gold exchange-traded funds on Friday night.
An interbank market will also be opened that it will start with spot contracts and gradually offer forward contracts, said Wang.
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'Gangnam style' life of young rich in Chongqing
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