International News
WGC Report: Central banks continue their great gold grab in November 2024 Central banks and gold in July
By Krishan Gopaul, Senior Analyst, EMEA, World Gold Council
- Based on available reported data, central banks bought a net 53t in November. The National Bank of Poland (21t) was the biggest buyer, while the People’s Bank of China reported its first addition (6t) since April. The Monetary Authority of Singapore was the biggest seller during the month, while the Bank of Finland also announced a reduction in its gold reserve.
- Assessing the final act of 2024, central banks around the world continued to play a leading role in the demand for gold. Combined reported bank gold demand registered a net 53t of global official holdings based on available monthly data.
- These effective purchases were spread throughout the year and centered on familiar buyer markets — notably Emerging Markets — as the reasons behind holding gold, having increased for a stable reserve during times of global and economic uncertainties.
The gold price dip in November, following the US election, may have provided some central banks with added impetus to accumulate. At a country level, much of the buying was limited to those who have been active in recent months:
- The National Bank of Poland (NBP) was once again a major buyer. It increased its gold reserves by 21t in November, to 448t. Gold now accounts for almost 18% of its total reserves, just below the previously stated target of 20%. This purchase also cemented the NBP’s position as the leading gold buyer on a year-to-date (y-t-d) basis of 130t.
- Data published by the Central Bank of Turkey (CBRT) showed its gold reserve rose by 5t during the month to 578t, maintaining additions since July.
As a result, both banks’ steady purchases mean total y-t-d net gold holdings amount to 382t.
International News
Kering Invests in China’s Gold Jewelry Surge as Laopu’s Explosive Growth Reshapes Market
Heritage-gold brands Borland and Lamchiu secure major funding amid soaring demand, fueled by Laopu’s meteoric rise and China’s booming 24-karat segment.
A wave of investor interest is sweeping through China’s gold jewelry sector as the rapid rise of Laopu Gold Co. galvanizes confidence in the country’s high-end heritage gold market. The latest beneficiary is Borland, a Hangzhou-based jeweler known for its traditional filigree craftsmanship, which this week announced more than 100 million yuan ($14 million) in new funding.
The investment round includes contributions from Kering Ventures, the startup arm of luxury group Kering SA, and Shunwei Capital, co-founded by Xiaomi chairman Lei Jun. Kering noted that its minority stake enables participation in the “rapid development of a particularly buoyant 24-karat gold jewelry segment,” reflecting growing appetite for culturally rooted premium gold pieces.
Meanwhile, Dayone Capital has made a separate investment exceeding 100 million yuan in Lamchiu, a Lanzhou-based maker of handcrafted bespoke gold jewelry. The firm will support Lamchiu in expanding distribution and reinforcing the brand’s supply-chain capabilities.
The surge of capital follows the remarkable ascent of Laopu, which has become one of China’s breakout jewelry success stories. The company reported 12.4 billion yuan in revenue in the first half of 2025 — a year-on-year increase of over 250%, building on 168% growth from the previous year. Laopu’s momentum has outpaced Western luxury houses struggling with softer China demand.
Heritage gold jewelry — deeply rooted in Chinese aesthetics and traditional techniques like filigree — is attracting a new generation of luxury consumers. Brands like Laopu, which operate in top-tier malls, increasingly compete with global maisons such as Hermès and Cartier for clientele.
Despite strong digital followings, newer brands still face distribution gaps. Borland operates only three mall stores, while Lamchiu, despite amassing more than 1 million followers on Douyin, runs just one physical outlet in Lanzhou. Both companies plan to use their fresh funding to accelerate expansion and strengthen operational infrastructure.
The latest investments signal rising confidence that China’s heritage-gold renaissance is evolving from a trend into a long-term luxury category shaping the future of the jewellery market.
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