Beijing, late January, tents outside SKP. Not for a Supreme drop. Not for a sample sale. For gold. From the Chinese capital to Shanghai and Chengdu, the new marker of status is camping overnight outside a Laopu Gold store. With queues snaking round the block, prices that rival top-tier Western brands and ancient filigree techniques more popular than ever, China’s heritage gold boom is reshaping the luxury landscape. But is this a cultural renaissance or a calculated financial move? Beijing-based reporter Layla Zhang investigates.
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If you imagine luxury is defined by a silent Hermès sales associate handing you an orange box, you haven’t been to Beijing’s SKP mall lately.
Picture this: late January, temperatures hovering around freezing. Outside the city’s busiest luxury department store, a cluster of small tents appears. Not for a concert. Not for a streetwear drop. These devoted shoppers were queuing, some overnight, for gold. Not just any gold. Heritage gold. Homegrown, hand-hammered and packed with cultural meaning.
This is the world of Laopu Gold.
“I stood in line for about four hours just to get a plain gold gourd pendant,” a Beijing resident surnamed Lin tells Zhang on February 5. “There were about 30 people ahead of me. The gourd symbolizes fortune and prosperity–perfect for Chinese New Year [which falls on February 17 this year].”
This is not an isolated case. From the capital to Chengdu, the scene repeats: Queues, waiting lists and a consumer class that now views filigree with the same reverence once reserved for Cartier.
China’s gold production edged up in 2025, but overall consumption declined–and buying patterns shifted, according to China Gold Association data released on February 5.
The country produced 381.339 tons of gold last year, up 1.09 percent year on year. Output from imported raw materials rose 8.81 percent to 170.681 tons. The association noted that several exploration, development and technology projects achieved “phased breakthroughs” in 2025. Consumption reached 950.096 tons, down 3.57 percent year on year.
This headline figure masks a big change: Jewelry demand fell sharply, while bar and coin purchases jumped. For the first time on record, investment gold consumption exceeded jewelry consumption in China.
Trading activity increased across domestic exchanges. Turnover rose on both the Shanghai Gold Exchange and the Shanghai Futures Exchange, reflecting greater participation amid higher prices. Higher prices also drove inflows into gold exchange-traded funds (ETFs), which added 133.118 tons over the year–a 149.91-percent increase from 2024.
Total ETF holdings had reached 247.852 tons as of late December. Production up, consumption shifting and, for the first time, more gold bought to hold than to wear.
Against this broader shift from wearing gold to simply holding it, the Laopu queues tell a different story:
a niche, but fiercely committed, counter-current.
From Heirloom to Haute Couture
A generation ago, gold for most Chinese families was about weight, not aesthetics. Chunky bracelets and thick bands signaled value, not style. It was what your grandmother wore to weddings and what your mother kept in the safe.
Yu Xue, a Beijing bride-to-be shopping for her “Three Gold Pieces” wedding set, recalls that older style: “My mother’s bracelet was very thick with bold, large patterns, and my grandmother’s gold pieces didn’t have the smooth finish you see today, they felt more rustic and textured.”
The Three Gold Pieces, typically a necklace, bracelet and ring, are a traditional Chinese betrothal gift from the groom’s family, symbolizing commitment and prosperity. They also function as a safety net for emergencies, a portable family fund, if you will, that can be sold if needed.
Today’s heritage gold is something else entirely.
The shift is both visual and philosophical. Heritage gold (gufa huangjin in Chinese) isn’t one technique but a constellation of ancient, manual arts: Hammering to achieve a soft luster; filigree (literally “flower threads” in Chinese), or UNESCO-recognized intangible cultural heritage where gold is drawn into delicate wires; chasing, the art of hand engraving; granulation, where tiny gold spheres are meticulously arranged and fused onto the surface; repoussé, hammering gold from the reverse side to create raised designs; and gold inlay, setting pure gold into precisely carved patterns on a contrasting metal base.
The result is jewelry distinguished by its subtle texture and intricate patterns, a deliberate rebellion of sorts against the high-polish, logo-slathered aesthetic of conventional luxury.
On fans crafted by Lanzhou-based heritage gold brand Lamchiu, the lotus blooms in hammered gold. The peony, too–etched, layered, refusing to wilt. Courtesy image
Consider Laopu’s Filigree Diamond-Studded Auspicious Cloud Bracelet, or Chow Tai Fook’s Heritage Gold “Fortune Lock” Necklace. These pieces communicate quietly. In Mandarin. In metaphor. In museum-grade craftsmanship. And the museums provide the proof.
The granulation technique on a 2025 Laopu pendant echoes the Gold Belt Ornaments with Granulation from the Spring and Autumn Period (770-476 B.C.), now in the Hubei Provincial Museum. The filigree that makes a 30-gram piece look delicate? Empress Xiaoduanxian’s (1564-1620) Dragon and Phoenix Crown at the National Museum of China pioneered it centuries ago.
As Chen Wei, a 32-year-old financial analyst and collector based in Shanghai, puts it: “For me, buying heritage gold is like owning a piece of living history. I remember seeing similar intricate filigree and engraving on artifacts in museums like the Palace Museum (housed in the Forbidden City). The fact that these ancient techniques are now being revived and made accessible through brands like Laopu is incredibly exciting.”
Chen also owns Cartier and Van Cleef & Arpels. She knows Western luxury. But heritage gold, she says, “speaks to me in a more direct way. I guess that is what we call ‘the awakening of affection for gold lies in the Chinese DNA.'”
In ancient myths, the pixiu guarded treasures and devoured misfortune. Today, it sits quietly on a gold chain by Chinese heritage gold brand Jemper–still working overtime. Courtesy image
The Numbers Tell a Story
Let’s look at the figures. Skeptics sometimes say: “It’s just gold. People are buying the raw material. That’s not luxury; that’s a hedge.” Li Ming, a second-hand luxury store owner in Shenzhen, disagrees.
“Take Laopu,” she says. “Even when the market price of gold was just over RMB 400 (USD 57.55) per gram, Laopu’s pieces were already selling for over RMB 580 (USD 83.45) per gram–and that’s before craftsmanship fees and extra charges for gem settings.”
The implication: Customers are paying for story, scarcity and status, not just weight.
The second-hand market confirms this. Li adds: “Heritage gold jewelry holds its value exceptionally well. Pieces from Laopu or Jemper Gold that I received in late 2025 can typically be resold at 75 percent to 80 percent of their original retail price, with popular styles sometimes exceeding 80 percent. This rate of value retention is notably higher than that of many conventional luxury brands.”
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A New Kind of Luxury Consumer
So who was waiting in those earlier-mentioned tents?
According to a survey by global research and strategy consulting firmFrost & Sullivan, 77.3 percent of Laopu Gold’s customers also shop at Louis Vuitton, Hermès, Cartier and Bulgari. These are experienced luxury consumers, familiar with premium branding, who have chosen to spend on a domestic product–often at a price per gram exceeding many Western fine jewelry lines.
“Laopu is one of the first Chinese jewelry brands to build a luxury-like feeling, not just selling gold, but turning heritage craft into repeatable retail,” Erwan Rambourg, head of luxury at HSBC, one of the world’s largest and most influential banking and financial services organizations, told newspaper Financial Times in January.
Repeatable and profitable.
Laopu’s 2025 interim report was striking: A year-on-year revenue increase of 251 percent to RMB 12.35 billion (USD 1.78 billion), and a net profit surge of 286 percent to RMB 2.27 billion (USD 330 million). The Beijing SKP location alone? HSBC estimates show it generated approximately RMB 3 billion (USD 415.5 million) in annual sales in 2025.
One store. RMB 3 billion. For gold.
In Tibetan Buddhism, the vajra cuts through ignorance and destroys all obstacles. In Chinese hertiage gold brand Laopu’s hands, it also cuts through the noise of ordinary luxury. Two necklaces. One indestructible symbol. Courtesy image
Culture As Currency
It would be simplistic to frame this purely as commerce. What we are witnessing is the monetization of cultural identity, with the Chinese consumer as an active participant.
Zhan Junhao, founder of Fujian Huace Brand Positioning Consulting, explains to digital platform Cover News: “The popularity of heritage gold stems from multiple factors. First, it is driven by cultural identity. Heritage gold employs state-level intangible cultural heritage techniques, aligning with a consumer reverence for traditional culture. Second, it meets evolving aesthetic needs. The younger generation pursues ‘pleasure-based consumption,’ and heritage gold satisfies both daily wear and the desire for gifts commemorating special occasions. Third, its investment attributes are reinforced. As a safe-haven asset, gold’s value becomes more prominent amid global inflation and geopolitical risks.”
In short: It is aesthetically pleasing, culturally resonant and financially prudent.
Zhang Mengxia, Director of the Luxury Research Center at the University of International Business and Economics, tells news portal China Economic Net: “Laopu Gold is rooted in Chinese culture. By offering products that showcase intangible cultural heritage and embody cultural expression, it fosters a sense of value perception, immersive experience and shared identity among consumers. This cultivates a ‘luxury gene’ based on the resonance of consumer values. Its unique Eastern aesthetics and cultural value are compelling enough to shine on the global luxury stage.”
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What Does This Mean for the West?
The Financial Times recently posed a question unthinkable a decade ago: Could the rise of high-end heritage gold brands undermine the appeal of Western luxury goods in China?
It is a serious question. When a consumer chooses a 30-gram Laopu gourd over a Bulgari Serpenti, it is more than an aesthetic choice. It is a statement of value, cultural, emotional and financial. It suggests that luxury is no longer a one-way flow from Paris and Milan to the East.
Supply is responding. High-end heritage gold brand Bao Lan, backed by investors including French luxury group Kering, focuses on preserving advanced filigree craftsmanship. Lanzhou-based heritage gold brand Lamchiu has orders booked into late 2026, driven by extreme customization and long lead times.
This is the slow luxury of ancient traditions, revived for a generation that values both heritage and style.
On lifestyle and e-commerce app Xiaohongshu (RedNote), the Laopu girl isn’t just a shopper–it’s a hashtag, an identity, a whole aesthetic. Image: RedNote
The Gilded Takeaway
So, is this about love, or about ledger?
The answer is both. Today’s Chinese consumer is sophisticated, well-traveled and financially aware. They want gold that tells a story–but also holds its value. They want jewelry that works on social media and as a future heirloom. They want connection to a 2,500-year-old artistic tradition, while knowing they could resell it at 80 percent of its retail price in six months.
As one “Laopu girl,” a hashtag in its own right on lifestyle bible and e-commerce platform Xiaohongshu (RedNote), lamented on the app, raking in thousands of likes:
“Being a ‘Laopu girl’ is incredibly joyful, yet so difficult!” Difficult, sure. But evidently…
worth it.
FEATURED IMAGE: COLLAGE
Contact Layla Zhang at yz7048@nyu.edu
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