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Field Notes from Shenzhen
A harsh winter for gold sellers in China’s largest jewellery market
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A customer trades in an old gold pendant for a new item at the Shuibei jewellery market in November 2025.
ST PHOTO: JOYCE LIM ZK
SHENZHEN – Behind a glass counter filled with gold bangles and gleaming necklaces, shopkeeper Huang Sheng sits with his eyes glued to his phone. He watches video after video to kill time while waiting for customers.
“Hello? Hello?” I say. He is startled, finally looking up. Business is slow, Mr Huang says, and he has not had a customer all day.
