Amanze Chinonye
A Shenzhen-based gold trading platform, operated by Shenzhen Jiewo Rui Jewelry Co., Ltd., has come under official scrutiny after reports emerged of widespread redemption difficulties, with many investors unable to withdraw cash or receive gold they purchased.
The situation has drawn public attention nationwide and prompted intervention by local authorities.
Loss estimates vary widely. Official sources have not confirmed the total, but media reports and social media content suggest losses could range from approximately $1.4 billion to as high as $19 billion. For comparison, the collapse of cryptocurrency exchange FTX involved $8–10 billion in customer assets.
Join our WhatsApp ChannelLocal government authorities in Shenzhen’s Luohu District confirmed that they have established a special working group to address the platform’s operational irregularities.
According to official statements, the task force is supervising the company’s asset disposition, fundraising and redemption efforts, and has begun to facilitate repayment channels under its oversight.
In a situation update released on January 31, the Luohu District task force said Jieworui has opened online redemption channels and established a physical service point at the Luohu Stadium to help investors process claims. The company has also commissioned a third-party audit of its business operations. Initial audit findings indicated that amounts circulating online were “significantly exaggerated.”
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The government update urged the public not to believe or spread unverified information, and provided dedicated hotlines for investor inquiries. Authorities said they are reviewing evidence and will handle any violations in accordance with law.
Investors across multiple provinces have taken to social media and online forums to share their experiences, with some saying they were unable to process withdrawals or scheduled gold deliveries, and that redemption queues were long.
Several media outlets reported that users from across the country travelled to Shenzhen to seek repayment and lodged complaints with authorities.
Domestic reporting indicates that the platform’s online mini-program promoted with functions such as gold recapture, low processing fees and “pre-priced” trading features has encountered payment bottlenecks, leaving thousands of investors waiting for repayments. Some users reported delays starting in late January, with certain withdrawal limits and processing issues emerging as the gold market’s volatility increased.
Jieworui operates in Shenzhen’s Shuibei gold and jewellery market, one of China’s most active hubs for precious-metals trading. Underlying the redemption issues are concerns about how the platform’s products functioned with experts describing its pre-pricing model as more akin to speculative trading than traditional regulated gold investment.
While some social media posts have cited very large amounts of unpaid funds, official communications have not confirmed specific figures and noted that such estimates may be exaggerated. Government updates instead emphasized that the platform’s situation is under ongoing review and that repayment work has formally begun.
As of early February 2026, the redemption process continues under government supervision, and investors remain in the process of seeking repayment through the channels provided by authorities.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
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