Fake gold sales soar as Thai baht-weight hits 40,000 baht record

Gold prices have recently skyrocketed, touching a record high of 40,000 baht per baht-weight, prompting a surge in sales for fake gold shops as genuine gold becomes less accessible for many consumers.

Amidst these soaring prices, the allure of fake gold that doesn’t tarnish but cannot be pawned has captured a diverse customer base, from luxury car drivers to factory workers.

Ekk Jewelry, an imitation gold retailer located at 58/85 Muang Thong Thani, Klong Klue district, Pak Kret, Nonthaburi, has been in the business for over 10 years. The shop, resembling an authentic gold store, has seen a steady influx of customers since it opened its doors two years ago.

The owners, 41 year old Ingkwat Decharat and 32 year old Juthamas Decharat started their venture into the micron gold jewellery market over a decade ago, initially focusing on online sales. They opened their physical shop to enable customers to see and choose products firsthand.

Their stock, ranging from necklaces, rings, pendants, and bracelets, to wristlets, is crafted to closely mimic real gold jewellery. By using a thick plating of 4 to 5 microns of micron gold, their products resist fading and tarnishing for up to a year but durability varies based on individual usage.

Ingkwat Decharat designed the shop to resemble a real gold store but clearly distinguished that all products are imitation, with the shop’s slogan “Micron gold does not fade or tarnish, but cannot be pawned.” The owners stress that attempting to pawn their products could lead to legal issues.

Safety against theft

The customer demographic has expanded to include a wide array of professions, with some buying for aesthetic purposes during festivals, while others opt for the safety of wearing imitation pieces to avoid the risks associated with real gold.

Customers have expressed that with real gold prices soaring to 40,000 baht per baht-weight, the prospect of wearing genuine gold brings unease due to safety concerns. In contrast, the shop’s imitation gold, priced from hundreds to thousands of baht, offers a worry-free alternative in the event of a theft. Moreover, some customers sell their real gold due to financial needs and purchase similar imitation pieces for appearances. The shop reports significant sales, reaching into the seven-figure range annually, reported KhaoSod.

A 41 year old customer, Ekk, shared that he chose to shop here due to the beautiful designs, wide selection, and quality that surpasses other stores. The after-sales service and the realistic appearance of the products are key factors, as they provide peace of mind against the threat of robbery. He believes the increase in customer interest is driven by the continuously rising costs of real gold, which seems to have no end in sight.