The price of gold has declined in Pingtan county, Fujian province, a rare scene in summer, local media Pingtan Times reported.

The price of gold now stands at 233 yuan ($38) per gram compared with the previous 250 yuan at a jewelry store in Haitanzhong Road, a commercial street in downtown Pingtan.

The newspaper concludes after a little calculation that one can save around 540 yuan buying a 20g golden necklace.

And it is not just the gold products. Prices of platinum and karat gold products went down a notch, too, amid the fall of international gold prices.

Platinum sells at 360 yuan per gram, which is 60 yuan cheaper than before. And the price of karat gold dropped from around 280 yuan per gram to 230 yuan, said an owner of a gold store.

To the bewilderment of many, the price fall hasn’t led to an obvious increase in the number of customers - especially the elderly women known for snapping up gold products during an economic downturn.

Insiders agreed that the sluggish market will continue for a while, resulting in asset deflation.

“The profits are much less of a concern for us than the shrinking of assets value. My store was valued at more than 10 million yuan, but now it is worth only several million yuan,” said a jewelry store boss.