Year of the Dragon: ‘dragon baby’ frenzy to drive up gold jewellery sales by 30%, gold prices to hit record highs, industry players say
- ‘Many people try to get married and have babies in the Year of the Dragon,’ Chinese Gold and Silver Exchange Society executive says
- Many jewellers have prepared an additional 30 per cent of dragon-themed gold products as they expect a substantial increase in sales
Gold jewellery sales are expected to increase by at least 30 per cent in the Year of the Dragon because of the “dragon baby” rush and gold prices are expected to hit record highs, industry players said.
Since January, many jewellers have changed displays of their Chinese zodiac gold products from the rabbit to the dragon, even though the new lunar year starts on February 10.
“Many people try to get married and have babies in the Year of the Dragon,” said Haywood Cheung Tak-hay, president of the Chinese Gold and Silver Exchange Society, the local gold exchange traded by most local jewellery makers.
“The dragon is the superstar among the 12-animal Chinese zodiac, representing power and strength.”
The dragon is the only mythical creature in the Chinese zodiac, and having a child in the Year of the Dragon is considered a blessing. Dragon babies tend to be associated with greater achievements.
Previous years have also seen a baby rush. New births in the last Year of the Dragon in 2012 stood at 91,600, 38 per cent higher than the following Year of the Snake, according to government data. In 2000, 54,134 babies were born, 12 per cent higher than the following year, while in 1988, 75,412 babies were born, 8 per cent higher than the following year.