THE escalating price of gold has aroused concerns in the gold market, prompting the Shenzhen police to issue a notification reminding customers and dealers to register their real names. Individuals purchasing gold ornaments valued at over 20,000 yuan (US$2,764) are now required to provide personal identification.

The most recent gold price (GC:CMX) soared to US$2,286.40 per ounce Monday, with renowned jewelry brands like Chow Tai Fook listing the average price of pure gold at over 690 yuan per gram.

The continuous surge in gold prices has highlighted two critical issues affecting the industry. Customers often unwittingly acquire gold-plated items under the guise of pure gold, resulting in a surge in consumer complaints and a pressing need to safeguard their rights. Gold sellers find themselves increasingly susceptible to fraudulent activities.

Shuibei, China’s foremost manufacturing and trading hub for gold and jewelry, is situated in Cuizhu Subdistrict, Luohu District. The Cuizhu Police Station has issued a risk advisory urging shop assistants to ensure real-name registration for purchases exceeding 20,000 yuan and verify that a buyer’s bank account details match their identification card.

The property manager of Jinzhan Square in Shuibei told a reporter from Dute News that the property management office has been aware of the notification since July 2023.

One fraud case related to gold purchasing occurred in a gold store in Leizhou City, Guangdong Province in June 2022. An individual known as Zhang Qiang encountered a situation where his attempt to make a purchase with a frozen bank card containing 220,000 yuan was thwarted. Following a report to the local police station, it was revealed that Zhang’s account had been flagged as part of a money laundering scheme linked to a telecom fraud case.

Further investigations revealed that a suspicious individual, identified as Huang Lu, orchestrated the illicit transactions, acquiring substantial amounts of gold ornaments as part of the money laundering operation. Authorities successfully apprehended Huang and his associates, putting an end to their fraudulent activities.

(Chen Siqi)