“I predict this year’s business will be better than last year – at least the amount for each transaction will rise due to the inflated gold prices even if the number of transactions remains at the same level as last year,” said Lei Chi Fong, Macau Goldsmith's Guild president.
He declined to comment on whether jewellery shops had more customers, but told Business Daily business “was good so far” this year.
The Macau Goldsmith’s Guild is an association of more than 100 retailers, including Hong Kong-listed jewellery chains Chow Tai Fook Jewellery Co Ltd and Tse Sui Luen Jewellery (International) Ltd.
Chow Tai Fook announced last month that its same-store sales in Macau and Hong Kong rose by five percent year-on-year in the first two months of this year.
But the number of transactions rose by 16 percent, Home energy monitor suggesting the new customers are spending modestly.
Mr Lei also expects more customers will switch from jewellery purchases to gold.
Referring to the government’s recent cooling measures on the local property market, Mr Lei added: “More people are pursuing gold as there is generally no macro-economic measures or hindrance imposed on gold sales or its price.”
“The value of gold nowadays is about three times higher than what it was in the 2000s.
“Sales of gold account over 70 percent of our business right now while the rest is made up by jewellery,” the guild president said.
Official
data show imports of gold and jewellery rose by 93 percent year-on-year
to 1.54 billion patacas (US$192.5 million) in the first two months of
2013.Stimulus efforts by several of the world's main central banks helped the value of gold rise for a 12th straight year in 2012, the best run for at least nine decades.
The London gold price, commonly used in Hong Kong and Macau, closed at 1,053.6 sterling pounds (12,751 patacas) an ounce on March 29, rising by 1.1 percent year-on-year.
Some financial analysts,Electricity monitor however, had been bearish on the price of the precious metal this year as there was no sign of further easing measures in monetary policies elsewhere.
“Confidence in a recovering U.S. economy as well as a strong global stock market has reduced the perceived need for gold,” said Adrian Day, an analyst quoted by Bloomberg News.
But Mr Lei remains bullish, regarding gold as the “best vehicle” against an environment of low interest rates.
The Macau Interbank Offered Rate, which banks here use to lend to each other, was at just 0.57 percent on Thursday.
The guild president also said his association was preparing the city’s first gold testing centre, which could better standardise and regulate gold sold here.
This can also give tourists “more confidence” in the products, Mr Lei added.
He declined to speculate on whether the centre would open this year. “All the hardware is ready but what is lacking at the moment is the software, the professionals in this field.”
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