China has a 'fake gold' problem — locals are getting scammed into buying artificial jewelry 

Key Facts

• Gold bracelets at a gold jewelry store in the Zhejiang Province of China.
• Thousands of people in China have been duped into forking out money on “fake gold” — inferior or artificial gold — after trying to purchase so-called “999 gold” online, according to the government.
• “Fake gold is becoming a major problem in China as more Chinese are looking to put their savings into gold,” said China Market Research Group’s Managing Director Shaun Rein.
• China is the leading consumer demand for bullion, after the country overtook India in 2023 to become the world’s largest buyer of gold jewelry.

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