50g Gold Bracelet Surges 50,000 in One Night, Gold Jewelry One-Price Momentum Strong

After Lao Pao Gold, another emerging brand in the “Ancient Method Gold” track, Junpei Jewelry, recently completed its first price increase for 2026. One of its best-selling bamboo bangle bracelets, weighing 50 grams, was raised by nearly 50,000 yuan, an increase of over 40%.

Driven by rising gold prices and market enthusiasm for gold purchases, before and around this year’s Spring Festival, many gold brands such as Lao Pao Gold and Chow Sang Sang have raised their fixed-price gold jewelry prices, with increases generally ranging from 10% to 30%. Chow Tai Fook and Lao Feng Xiang also confirmed they will adjust prices in March.

It is noteworthy that as consumers’ acceptance of fixed-price gold jewelry continues to grow, many brands are steadily increasing the proportion of fixed-price products. At Lao Pao Gold’s store in Yuyuan, I observed that almost all the products displayed on the first floor of the two-story space are fixed-price items.

Consumers shopping at Lao Pao Gold. Photo by Ye Yu

Collective Price Increases for Fixed-Price Gold Jewelry

Earlier this year, gold brands collectively experienced a price hike. Lao Pao Gold completed its first price adjustment for 2026 on February 28, with product increases of about 20% to 30%. Chow Sang Sang and Chao Hong Ji raised their prices in January. Chow Sang Sang’s adjustments mainly covered lucky beads, co-branded jewelry, and gold-inlaid diamond products, with increases of 10% to 13%. Chao Hong Ji saw several fixed-price gold products increase by 10% to 20%.

On March 9, Junpei Jewelry implemented a price adjustment, with most products increasing by 25% to 40%, exceeding Lao Pao Gold’s increase. Rumors indicated that Chow Tai Fook would raise prices on March 10, and store staff told reporters, “We’ve already received internal notice of the price increase, but the exact timing has not been confirmed.” The staff member said that this round of adjustments mainly targets fixed-price products, with different styles increasing between 15% and 30%. Staff at Lao Feng Xiang also revealed that although they have not yet received specific notices on timing and extent, they will also initiate price adjustments in March.

It is worth noting that the recent collective price hikes among gold brands are concentrated on fixed-price gold jewelry.

Regarding pricing methods, the current market gold jewelry mainly falls into two categories: traditional weight-based pricing and fixed-price. The key difference lies in their relation to gold prices. Weight-based gold jewelry is calculated by multiplying the daily gold price by the weight and adding processing fees, making prices relatively transparent and fluctuating with real-time gold prices. Fixed-price gold jewelry is not priced by weight; instead, it displays a fixed selling price, with a premium reflecting craftsmanship, design, and brand value. Under the same weight, fixed-price gold jewelry usually has a significantly higher unit price than weight-based products.

Lao Feng Xiang’s store interior with gold jewelry. Photo by Ye Yu

Tracing the industry development, the fixed-price model is not new. During the early reform and opening-up period, after the domestic gold jewelry market gradually recovered, pricing models mainly borrowed from Hong Kong-invested brands, which generally adopted a fixed-price approach, pricing per piece. However, issues of non-transparent information during sales often caused disputes. To regulate market chaos, the industry began to implement a pricing model separating gold prices from labor costs, which has gradually become mainstream.

Today, with continuous innovations in 3D hard gold, 5G gold, and other techniques, gold jewelry design has expanded to include more creative possibilities, allowing brands and craftsmanship to command higher premiums. As a result, emerging gold brands like Lao Pao Gold are once again pushing the fixed-price model into the market. Compared to traditional weight-based gold jewelry, the new generation of fixed-price gold jewelry is often more innovative in style, with exquisite designs, better suited to the fashion needs of young consumers. While weight-based products tend to be classic and basic, with higher gold content and better value retention, they are more favored by consumers with long-term holding or investment needs.

Industry insiders analyze that the recent price increases of fixed-price products are closely related to the continuous rise in international gold prices. Unlike weight-based jewelry, fixed-price products cannot adjust prices flexibly in real time according to raw material costs. Under the backdrop of rising gold prices, raw material costs keep climbing, squeezing profit margins for companies, making price adjustments an inevitable way to ease cost pressures.

“However, gold prices are not the only driver. The willingness of major gold brands to raise prices collectively also reflects their confidence in fixed-price products,” said an industry insider. The rise of emerging brands like Lao Pao Gold, which leverage design concepts like ancient methods, and their sustained popularity, indicate that consumer acceptance of high-design, finely crafted gold jewelry is steadily increasing. “This suggests that brands built through aesthetic upgrades and craftsmanship innovation are beginning to show their competitive strength. The industry is shifting from relying solely on the intrinsic value of gold to enhancing brand value.”

Aesthetic craftsmanship as a core competitive advantage

During on-site visits, I found that the price hikes by gold brands have not dampened consumer enthusiasm for purchasing gold. On weekends after Lao Pao Gold’s price increase, although queues at its Yuyuan store are no longer overnight, many visitors still come to browse, and queues of three to five meters occasionally form outside. Many customers said they are aware of the recent price increase but still willing to enter the store to look.

Ms. Zhang from Nantong came to Shanghai to visit her daughter, who is studying at university. While sightseeing in Yuyuan, they happened to pass by Lao Pao Gold and decided to stop in. Ms. Zhang had previously purchased a filigree pendant from the brand. She told us she doesn’t pay much attention to price changes; her main reason for choosing Lao Pao Gold is her preference for its classical and elegant style design. “I usually wear new Chinese-style clothing, and when I wear Lao Pao’s ancient method gold jewelry, it feels very matching.”

Local resident Aunt Wang said it was her first time entering Lao Pao Gold’s store. “Many friends around me are wearing their jewelry. The styles are indeed very beautiful, and I’m a bit tempted.” Currently, the mainstream gold recycling method still prices by weight, which means fixed-price products have a higher risk of depreciation when resold compared to weight-based jewelry. However, Aunt Wang doesn’t mind: “We buy gold jewelry mainly to wear, and we don’t plan to sell it later, so whether it’s worth more or less in the future isn’t a concern.”

Ms. Wu, waiting in line outside Lao Pao Gold, was interested in a gold compass pendant. She had compared it across the Yuyuan shopping area. “Some individual studios and gold shops also have similar imitations, but after careful comparison, I still think Lao Pao’s craftsmanship is more delicate,” she said. “Since I’m spending this much money, I definitely choose the one with better craftsmanship.”

Feedback from consumers shows that after years of market cultivation, fixed-price gold jewelry has accumulated a stable customer base. These consumers have distinct characteristics: on one hand, they are relatively insensitive to price and willing to pay a premium for brands; on the other hand, they demand higher design and craftsmanship standards, paying more attention to whether their extra spending truly delivers a higher aesthetic experience. This is why craftsmanship value has become the core competitive advantage of fixed-price gold jewelry.

After Lao Pao Gold’s price increase, queues still form at the Yuyuan store on weekends. Photo by Ye Yu

Zhou Ting, president of the Key Customer Research Institute, believes that this price adjustment by gold brands will promote multiple transformations: shifting from simply selling products to building brand value, moving from weight-based pricing to fixed-price, from gold price-led to independent pricing by companies, and from passive market adaptation to active industry leadership.

“This transformation not only helps improve brand image and positioning but also increases the proportion of fixed-price products, enhancing companies’ ability to cope with gold price fluctuations and laying a solid foundation for high-end development,” Zhou said. High-end positioning has become an inevitable choice and core strategy for leading gold jewelry companies. Concentrating resources to advance brand premiumization is a key direction for current industry development.

In addition to continuously launching more fixed-price jewelry, many brands have accelerated their high-end product lines in recent years, striving to align with international luxury jewelry brands. For example, Chow Tai Fook has created the “Chow Tai Fook Pavilion,” focusing on high-end customers and boutique experiences; Lao Feng Xiang leverages its century-old brand heritage and master resources to establish a high-end custom center offering exclusive services; China Gold has launched the “Master Gold” series, integrating national intangible cultural heritage techniques with modern aesthetics to create collectible and artistic gold products.

However, the value of domestic gold brands still heavily depends on the material and rising gold prices, and they have yet to truly break free from the constraints of raw material attributes. Zhou Ting pointed out, “This also indicates that their brand strength and premium capacity are still below those of international luxury brands like Hermès and Cartier, and they lack the resilience to withstand economic cycles.”

The path to high-endization for Chinese gold jewelry has already begun, but to truly grow into a globally influential high-end brand remains a long-term challenge.