18 hours ago
- Business
- New Straits Times
'Fake' gold finds favour with Malaysian consumers seeking budget options
Bracelets and necklaces that resemble gold but cost a fraction are flooding social media live streams, drawing in many buyers who think they have found a great deal.
However, some who spoke to the New Straits Times say they were fully aware that the jewellery was never the real deal.
A 53-year-old woman, who wanted to be known as Nazifah, said she purchased a gold-wrapped silver jewellery on TikTok Live for just RM28.
She was fully aware that the product was not real gold.
"I had a gold bracelet, but it broke, and replacing it with a new one is too costly due to the recent surge in gold prices," she said.
Seeing the affordable alternative online, she decided to give it a try. To her surprise, the bracelet held up well despite daily wear.
"I have been wearing it for over three months now, even while doing household chores and cooking, and the gold plating hasn't faded at all. It still looks as good as new.
"Compared with famous brands, this one actually lasts longer, and it is much more affordable," she said.
Previously, the Malaysia Gold Association (MGA) called for the sale of gold-wrapped products to be banned amid their growing popularity.
The association said it was concerned that these items might be indistinguishable to the untrained eye of consumers and even some industry players.
On TikTok Shop, sellers are offering gold-wrapped bracelets and necklaces weighing between three to five grammes for as low as RM200 to RM350.
This is significantly below the market price of gold, which stood at RM450.12 per gramme at press time.
During one live broadcast, a seller was honest enough to state that the jewellery he sold contained only two to three per cent gold.
However, the same seller then advertised a bracelet with an alleged original price of RM430, which he would be offering to selected customers for just RM35.
He also offered a one-year warranty and a buy-back option. Additionally, if customers purchased multiple items, they would receive an extra year of warranty.
Qistina Damia, 22, a university student, said these budget-friendly jewellery options allowed her to keep up with fashion trends without breaking the bank.
"As a student, I cannot afford 916 gold, but I still want to wear nice accessories. These plated bracelets look just like the real thing on camera," she said.
Qistina said she was aware that the items were not real gold, but the sellers' transparency had made it a fair deal.
"They are upfront about the product containing very little gold. I think that's fine, as long as you know what you're buying," she said.
