The traditional gold track is booming, with some brands announcing price increases and long queues forming at stores, and some brands have construction periods of up to a year.

Recently, domestic jewelry brands have experienced fluctuations in gold prices. Traditional gold brands Lao Pu Gold (06181.HK) and Junpei Jewelry, which sell at “fixed prices,” have announced price increases one after another, leading to queues at offline stores.

According to staff at Junpei Jewelry stores, “Popular items like Pi Yao amulets, bamboo joint, and peony series are currently out of stock, with custom orders taking about three months.”

Over the past year, industry insiders have called it the “first year of high-end traditional gold brand explosion,” and now four brands—Lao Pu Gold, Junpei Jewelry, Lin Chao Jewelry, and Bao Lan—have emerged in the market, collectively known as the “Four Sisters of Traditional Gold.”

Their sales strategies all emphasize “scarcity.” A gold consumer mentioned that Lin Chao Jewelry mainly sells online, with six orders placed in a month, all of which are highly competitive, and products require waiting 8 months to a year.

Fashion expert Zhang Peiying believes that true luxury goods are about making consumers willing to follow long-term, not just one-time purchases. If consumers only remember costs, price cuts, or gold price fluctuations, that’s a failure of the brand. Real transformation lies in shifting from “selling gold” to “selling a brand,” from cost-driven to value-driven.

Screenshot from Junpei Jewelry’s official online store

Traditional Gold “Buy More as Prices Rise”

Queues at offline stores, popular styles out of stock

This week, international gold prices fluctuated. As of March 7, spot gold was at $5,171.00 per ounce, down over 2% for the week. Domestic gold prices also declined after breaking through 1,600 yuan per gram at several brands.

On February 28, Chow Tai Fook (01929.HK) and the Lao Miao Gold of Yuyuan Group (600655.SH) both priced their pure gold jewelry at 1,608 yuan per gram. By March 8, domestic brands’ gold prices generally hovered around 1,590 yuan per gram, with Chow Tai Fook at 1,590 yuan/gram and Lao Miao Gold at 1,583 yuan/gram.

Meanwhile, traditional gold brands Lao Pu Gold and Junpei Jewelry announced price hikes.

On February 28, Lao Pu Gold began a new round of price increases, with hikes between 20% and 30%.

That day, queues formed immediately at Lao Pu Gold stores. Around 10 a.m., about 80 people queued outside the Shanghai Harbour Hanjing store, with at least a three-hour wait to enter; staff also reported that many styles were out of stock.

A sign in the store indicated peak customer flow, with each customer experiencing about 30 minutes inside. Many of those in line were from out of town, rushing to buy before the price increase.

Following Lao Pu Gold’s lead, Junpei Jewelry also announced that from March 9, their grade gold prices would be adjusted, with details to be confirmed at actual store prices. After the announcement, queues at offline stores quickly formed.

On March 3, customers were queuing outside Junpei Jewelry’s Beijing China World Mall store, with about 20 minutes of wait. Staff said, “Today’s queue is already quite short.”

Staff explained that “best-selling products include Pi Yao amulets, bamboo joint, and peony series, all of which are mostly custom orders now. Custom means full payment upfront, with about three months for production. For example, an order placed today (March 3) would be ready by June 9.”

Online sales are also booming. On March 6, Red Star Capital Bureau found that at Junpei Jewelry’s JD.com flagship store, aside from a pendant priced at 95,600 yuan, all other items showed “out of stock.”

Screenshot from Junpei Jewelry’s online store

Fashion expert Zhang Peiying analyzed, “Junpei’s price increase is partly a brand upgrade and pricing strategy adjustment, and also a way to lock in high-end customers through pre-sales, further enhancing brand scarcity and storytelling. Collecting deposits and setting a three-month pre-sale period are common ‘hunger marketing’ tactics in the industry, which help with cash flow and cost control. But whether consumers accept this, and whether the brand can provide services and products matching the prices, remains to be seen in the market.”

The “Four Sisters of Traditional Gold” Focus on “Scarcity”

Some products require waiting 8 months to 1 year

It is reported that the past year, dubbed the “first year of high-end traditional gold brand explosion,” saw Lao Pu Gold leading the charge, creating a “catfish effect” that prompted many new brands to enter the market simultaneously and accelerate store openings across multiple regions.

In the first half of 2025, Lao Pu Gold’s revenue reached 12.354 billion yuan, a year-on-year increase of 251%; net profit was 2.268 billion yuan, up 285.8%. By the end of 2025, two brands, Lin Chao Jewelry and Bao Lan, announced multi-million yuan financing rounds. The market has initially formed four main brands: Lao Pu Gold, Junpei Jewelry, Lin Chao Jewelry, and Bao Lan, collectively known as the “Four Sisters of Traditional Gold.”

Among them, Lao Pu Gold, Junpei Jewelry, and Bao Lan all use fixed-price sales; Lin Chao Jewelry prices by weight, with different craftsmanship having different per-gram prices.

The “Four Sisters” share similar styles, all positioned as high-end brands, with stores located in top-tier commercial districts in major cities. Their sales strategies are aligned, emphasizing “scarcity” through limited editions and pre-sales to enhance brand premiums.

Some gold consumers said, “Lin Chao Jewelry only has one store in Lanzhou, mainly selling online. But Lin Chao places six orders a month, all of which are highly competitive, and products take 8 months to a year to be ready.” Therefore, most buyers are high-net-worth individuals who purchase through secondary luxury channels, which are cheaper and don’t require waiting.

From Lin Chao’s online flagship store, products require a deposit, with fixed release times; orders are paused outside these periods. Customization takes about 13-15 months, with per-gram prices around 2,300 yuan.

Screenshot from Lin Chao’s online store

The current popularity of traditional gold is closely tied to the rising spot gold prices. However, as the market stabilizes or even declines, whether traditional gold can maintain its current hot streak remains an unavoidable question.

Zhang Peiying also told reporters, “Luxury goods are not simply defined by ‘price hikes’ or ‘scarcity.’ They are a systematic project—a long-term brand-building process. True luxury makes consumers willing to follow long-term, not just one-time purchases. This requires brands to have unique elements, a stable tone, and lasting appeal. If consumers only remember your costs, per-gram prices, or gold price fluctuations, that’s a brand failure. The current rise in gold prices indeed offers an opportunity for traditional gold to become more luxurious, which is a good starting point. But real transformation depends on shifting from ‘selling gold’ to ‘selling a brand,’ from cost-driven to value-driven. There’s still a long way to go.”

Editor: Tao Yueyang, compiled from Huaxia Times, Blue Whale News, Jiemian News, etc.