FAISALABAD: Following an unbearable increase in the gold prices, the Chinese jewelry is becoming increasingly popular with women in Faisalabad like elsewhere in the country, according to WealthPK.
Imran Ali, who has been a gold jeweler for years, quit the business after a surge in the prices of gold and started dealing in the Chinese artificial jewelry.
Speaking to WealthPK, he noted that gold jewelry, which once held a special place in women’s lives, has seen its significance diminish due to soaring inflation. He explained that the steep rise in gold prices has rendered it unaffordable for many customers, thereby casting a shadow over the jewelry business.
“Owing to the high gold rates, the Chinese jewelry has emerged as a viable alternative and has captured the local markets significantly,” he said.
Almost all markets in the district, including shopping malls, shops and even small roadside counters, are selling the Chinese jewelry, though their business is experiencing a slowdown these days.
Nabeela Bibi, who was purchasing artificial jewelry from Anarkali Bazaar, told WealthPK that the Chinese jewelry is trendy, stylish and economical. Women once hesitated to buy Chinese jewelry but now they are buying it due to their quality, affordability and styles.
Nabeela said middle-class women rarely considered gold ornaments, favoring Chinese jewelry instead. However, they now have multiple options to select their favorite designs.
She explained that women no longer need to visit local markets to select designs; they can conveniently order online. This option, she noted, provides access to a broader selection of fashionable designs delivered right to their doorstep.
Muhammad Usman, an artificial jewelry maker in Rail Bazaar, told WealthPK that the Chinese once made copies of multiple products but this task is now being performed by manufacturers in Pakistan, thanks to the research and development of the Chinese entrepreneurs. The rising demand for Chinese ornaments has encouraged producers in Faisalabad and other regions to create their own versions, leading to prosperous business ventures.
“We are supplying the Chinese jewelry to the shopkeepers of different adjacent districts including Chiniot, Toba Tek Singh, Jhang, Sargodha, Khushab and others,” Usman said.
“Public interest in gold ornaments has declined in recent years. Once regarded as a symbol of wealth, gold has traditionally been hoarded. However, in recent years, scores of people have sold their gold ornaments in local markets,” he said.
Usman attributed the shift in public sentiment and approach to the surging prices of gold and its unbridled speculative buying. Resultantly, he said people are now giving importance to the Chinese ornaments, even for bridal beautification.