China National Gold Group to Compensate Customers Amid Sudden Closure of Franchise

Published on April 8, 2024

The sudden closure of gold stores has occurred in many places in China as gold prices soar, causing consumers to suffer huge losses and triggering public outrage. In response, state-owned China Gold Group issued an announcement earlier this week, stating that it would provide advance payments to consumers affected by the closure of its Beijing store. A mainland Chinese financial expert noted that such “gold custody” practices in China are essentially a scam. On April 1, Being-based China National Gold Group Gold Jewellery (China Gold), whose parent company is the state-owned China National Gold Group Corporation, announced that its franchisee, Beijing Sandingyuan Gold and Jewelry Co., Ltd. (Sandingyuan), operating in the Beijing R&F Plaza Store, violated the franchise agreement signed with China Gold....

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