Gold sales at jewelers in Hong Kong have declined this year as mainland Chinese shoppers bought less, according to the Chinese Gold & Silver Exchange Society. Demand dropped about 30% from a year ago during the May Day holiday, according to President Haywood Cheung. There were fewer visitors this year as luxury spending fell and gift-giving slowed, he said. While China surpassed India as the largest gold customer last year, the buying frenzy that was sparked by gold’s slump into a bear market last April has not been repeated, according to Heraeus Metals Hong Kong. “Before, when they walked into a jewelry shop, they spend about HKD10,000 and now it’s about HKD5,000 to HKD6,000,” Cheung said, citing estimates by the society’s members, which include Chow Tai Fook Jewelry Group. An anti-corruption drive in China has hurt gold demand this year, which is back at 2012 levels after an exceptional 2013, said Dick Poon, General Manager at Heraeus, a precious metals trader and refiner. Chinese gold and silver jewelry sales fell 30% to CNY20.8 billion in April from a year earlier when low prices attracted buyers, according to the National Bureau of Statistics (NBS). Goldman Sachs is among banks forecasting further declines for gold as the U.S. Federal Reserve winds back monthly bond buying, predicting a price of USD1,050 per ounce in 12 months. Consumption in China rose 32% to a record 1,065.8 tons last year, making up about 28% of global usage, according to the World Gold Council (WGC).