Welcome to flyertalk Jpal, hope you enjoy your time here!

As a resident of Hong Kong I suggest this town. It is really world famous for jewels. It has several Jewelry trade fairs every year. My friend is a jeweler in Singapore and i can tell you first hand that he makes several trips to HKG each year.

Serena (or Venus, forgot) Williams needed some gems and made a stopover here to buy some BIG diamonds. The highstreet shops are reliable and cheap.

Gold is also a good deal, but they do not shout about that here, they just see it as a commodity and any design is paid by weight. The daily price for gold is displayed in the shop, so it is easy to compare!

It is China, so you are always free to bargain and you should. Go to several shops before you decide.