---
title: China's wealthy are turning to gold to protect their wealth
description: "Hong Kong jewelry and watch sales surged +22% YoY, to HK$45.8 billion in the first 9 months of 2026, their highest level since 2019.\n\nThe sector now accounts for ~15% of Hong Kong's total retail sales, significantly outperforming the broader market despite luxury spending in mainland China falling more than -10%.\n\nThe shift reflects growing demand for wealth preservation, as Beijing tightens controls on offshore investments, overseas assets and capital outflows.\n\nThis is pushing wealthy consumers toward physical gold and precious stones.\n\nFurthermore, a stronger Yuan and Hong Kong's tax-free shopping environment have further boosted demand, with jewelry prices reportedly more than 5% cheaper than in mainland China.\n\nWealthy Chinese consumers are increasingly favoring gold as a store of value over traditional luxury purchases.\n\nSource: Global Markets Investor, Bloomberg"
---

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# [China's wealthy are turning to gold to protect their wealth](https://blog.syzgroup.com/syz-the-moment/chinas-wealthy-are-turning-to-gold-to-protect-their-wealth)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Nov 9, 2026, 4:15:18 PM

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