Hong Kong – As gold prices soar, recently surpassing HK$37,000 per tael, purchasing traditional wedding jewellery has become a costly affair. To meet growing demand, several companies are now offering jewellery rental services, providing an affordable alternative for couples. One such example is a popular HK$70,000 gold pig pendant, which can be rented for just HK$2,000 for a three-day period, with an additional deposit required.
Tang, the founder of Mei2 Jewellery, launched her rental business in 2009, driven by her own experience of rising gold prices during her wedding. Recognizing that gold jewellery is often worn just once, she saw an opportunity to help couples allocate funds for more significant investments, such as a property down payment or diamond watches, rather than spending on expensive gold items.
The jewellery rental market has witnessed a sharp uptick in inquiries, with demand increasing by at least 20% to 30% in recent months. Tang attributes this surge to the escalating price of gold and a shift in consumer spending habits, with more individuals prioritizing practicality. Even elders and future mothers-in-law, once reluctant, are now more open to renting jewellery, signaling broader acceptance of this cost-effective option.
Renting jewellery offers significant savings compared to purchasing. For instance, a two-tael gold pig pendant, valued at over HK$70,000, can be rented for just HK$2,000 for three days. Similarly, a men’s gold ring worth HK$10,000 is available for less than HK$400. Customers are required to confirm their rental dates and pay a deposit based on the market value of the gold, which is refunded upon the jewellery’s return.
The rising cost of gold has prompted more jewellery retailers to introduce rental options. Despite the increased value of gold, Tang remains optimistic about the rental market’s future. She is committed to keeping rental fees stable, ensuring the service remains affordable and accessible to a broader customer base.
