Jewelry shops are seeing an unexpected boom as gold prices continue to rise. The photo shows a jewelry store in Jongno District, Seoul. (Yonhap)
SEOUL, Jan. 29 (Korea Bizwire) — On a bitterly cold January afternoon in central Seoul, the narrow corridors of Jongno’s famed jewelry district were unusually warm — not from heaters, but from the steady flow of customers drawn by soaring gold prices.
Inside the tightly packed shops near Jongno 3-ga Station, clerks tapped calculators and weighed old rings, dental gold and forgotten trinkets as shoppers asked a familiar question: how much is this worth today?
Gold prices in South Korea have climbed to historic highs, with pure gold priced at 1.034 million won for 3.75 grams — known locally as one don — fueling a surge of visitors eager to cash in on items long stored away at home.
Despite temperatures plunging below minus 10 degrees Celsius, the district remained crowded as people arrived carrying small pouches and jewelry cases, hoping to sell scrap gold or trade outdated pieces for new ones.
“We’ve been seeing a lot of customers bringing in small items — phone charms, gold cards, even old dental gold,” said one shop employee, noting that the crowds have grown since the start of the new year. “When prices go up, people always come.”
Gold products are on display at the Korea Gold Exchange’s Jongno main branch in Seoul. (Yonhap)
The Jongno jewelry district, sometimes called Jewelry Town, is a dense cluster of dozens of gold and silver shops wedged between Jongmyo Shrine and the subway exits — a long-standing barometer of retail sentiment in the precious metals market.
Customers moved from store to store comparing quotes, sellers hoping to squeeze out a little more value, buyers searching for even a modest discount.
“I didn’t get the price I expected, so I’m checking a few more places,” said a 57-year-old visitor who declined to give his full name. “Even in Jongno, every shop values gold differently.”
For some, the visit carried emotional meaning as well as financial calculation. One woman from Incheon said she had decided to sell unused jewelry to buy a necklace as a gift for her child, recently admitted to university. “I kept putting it off,” she said with a laugh. “Coming here finally feels like clearing my mind.”
Gold products are on display at the Korea Gold Exchange’s Jongno main branch in Seoul. (Yonhap)
Rising gold prices have also redirected demand toward silver, which remains comparatively affordable. Several merchants said interest in silver bars has increased sharply, with some shops taking reservations due to limited supply. Others reported a rise in customers seeking valuations for silverware and household items.
Not everyone, however, is benefiting from the gold rush.
In the inner alleys of the district, where wholesale dealers dominate, foot traffic has thinned. Some wholesalers said higher prices have dampened bulk transactions, even as retail shops thrive.
“One store doing well doesn’t mean everyone is,” said an employee at a gold wholesale shop. “When prices climb this fast, the impact isn’t evenly shared.”
As global uncertainty continues to push investors toward perceived safe-haven assets, Jongno’s jewelry district has once again become a street-level reflection of economic anxiety — and opportunity — glittering even in the depth of winter.
Lina Jang (linajang@koreabizwire.com)
