Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Counterfeit gold containing tungsten spreads as prices soar
Gold jewelry pieces are showcased at a store in Seoul’s popular jewelry shopping district of Jongno in this undated photo. Yonhap
By Yi Whan-woo
Counterfeit gold is spreading through the Korean market as the precious metal’s price steadily rises toward an unprecedented 100 million won ($680) per 3.75 grams, according to industry officials, Monday.
The standard retail unit in Korea, a 3.75-gram pure gold piece, was priced at 948,000 won, Monday, surpassing the 940,000-won mark for the first time after rising about 80 percent in 2025, according to the Korea Gold Exchange.
An average of 49,712 users per month requested authentication of their gold through the mobile appraisal platform Geumbang Geumbang in the fourth quarter of 2025, up 50.5 percent from a year earlier, the platform said.
"The number is expected to rise even faster in the first quarter this year, given the surge in gold prices and suspected smuggling of counterfeit gold," an industry official said.
The official referred to a warning from the Korea Jewelry Federation, which recently identified counterfeit gold containing about impurities of up to 9 percent, including materials such as tungsten. The rate suggests the loss of at least 20 million won in pure gold per kilogram, according to the federation.
“The market is especially concerned since mixing tungsten is a new technique and much harder to detect than the conventional alloys of copper, silver, tin, and ruthenium,” the official said.
He explained that tungsten is “nearly indistinguishable from gold using non-destructive methods such as X-rays or lasers" and that it separates from gold only when fully melted.
Another official noted that vendors in Seoul’s downtown jewelry district in the Jongno area are focusing on gold authentication, as more than 60 percent of individual visitors come to sell gold rather than buy it, seeking financial gain as gold prices soar.
Market observers urged customs authorities to enhance border inspection, claiming that counterfeit gold may be entering the country from overseas, as materials like tungsten and ruthenium are primarily mined and produced in China.
“Fear and anxiety over counterfeit gold could potentially shrink the entire market, so authorities must enforce strict measures to restore market order,” Shin Se-don, professor emeritus of economics at Sookmyung Women’s University, said.