A bracelet's price has increased by over 20,000! Chow Tai Fook, Lao Pu Gold, and other jewelers are planning to raise prices on gold jewelry.

Cailian Press, February 26 (Reporter Wang Biwei, Lu Tingting) During the Spring Festival, gold prices continued to rise. On February 26, international gold prices once again surpassed the $5,200 per ounce mark, up more than 3% compared to before the holiday. Domestic gold jewelry prices responded accordingly, with mainstream brands like Lao Feng Xiang (600612.SH), Chao Hong Ji (002345.SZ), and others generally breaking through 1,560 yuan per gram for pure gold jewelry.

The ripple effect of the price increase may expand further. Cailian Press reporters learned from sales channels that brands like Chow Sang Sang (00116.HK) and Chow Tai Fook (01929.HK) will raise prices on some fixed-price products in March.

Currently, the market is optimistic about the future trend of gold prices. For the gold jewelry industry, which relies heavily on end consumers, high gold prices still exert a certain suppressive effect on demand.

Gold Jewelry Brands Resuming Price Hikes

As international gold prices soar, gold jewelry brands are beginning to prepare for price increases on their fixed-price products.

A staff member from Chow Tai Fook in Shenzhen told Cailian Press, “We plan to raise prices in mid-March. However, the expectation of price hikes is already there. The last time we adjusted fixed-price products was when gold was over 1,400 dollars.” As of February 26, Chow Tai Fook’s jewelry gold price had already reached 1,570 yuan per gram.

Fixed-price products often have higher profit margins compared to weight-based priced items. For example, a staff member from a Chow Tai Fook store in Anhui told Cailian Press about a Palace Museum series bracelet priced at 65,800 yuan and weighing 28 grams, with a unit price of 2,350 yuan per gram.

“If you’re interested, you should buy quickly. We will raise prices again in early March, but the price tags are not out yet. The product you see now was originally over 65,000 yuan, now after discount it’s over 50,000 yuan. It’s expected to rise to over 89,000 yuan later, and it’s uncertain whether there will be such a discount,” the staff member explained. Based on this, the unit price per gram of this product already exceeds 3,000 yuan.

In addition, Lao Pu Gold (06181.HK) announced a price adjustment, effective February 28, 2026. Details of the price change will be based on actual online and offline listed prices. A staff member at a Chow Sang Sang store in Guangzhou also told reporters, “Prices will increase in March.”

Apart from well-known brands, some water-bead gold jewelry sellers, under operational pressure, are also raising labor costs.

A retailer of gold jewelry in Shuibei, Shenzhen, told reporters, “Starting today, our 5D (accessories) series and 5D (micro-hard gold) series products will have a 5 yuan increase in labor costs per piece.” When asked about the reason, the person said, “Market changes and cost adjustments, international gold prices keep rising, and our production costs are also climbing, making it difficult to bear the continuous increase in costs.”

Industry insiders believe that this round of price hikes is not only related to the surge in gold prices.

“The current wave of price increases among brand gold stores is fundamentally different from previous ones. Its core driving force has shifted from simple cost pass-through of gold prices to a systematic restructuring of the industry’s pricing model,” said Wu Zewei, a special researcher at the Shanghai Commercial Bank, in an interview with Cailian Press. “This marks the acceleration of the gold jewelry industry’s transition from traditional weight-based pricing to a pricing logic based on ‘brand premium and craftsmanship value.’ Fixed-price products incorporate packaging, design copyright fees, and brand premiums, significantly enhancing brand profitability, with gross margins reaching 30% to 40%, far higher than the 10% to 20% of weight-based products. This transformation reflects the industry’s shift from relying on passive appreciation of gold prices to active growth driven by brand operation and cultural empowerment.”

Market Sentiment on Gold Buying Diverges

High gold prices are deeply affecting consumer psychology regarding gold jewelry. There is a clear split between “buying more as prices rise” and “rational observation,” with market sentiment divided.

A Shenzhen Shuibei retailer told Cailian Press that before the holiday, foot traffic was high, but prices were chaotic and still high. They admitted that consumers bought lighter-weight products, and the market was lively but not prosperous.

As the traditional peak season for gold consumption, the Spring Festival is a period of concentrated demand for weddings and gifts. The China Commercial Federation’s latest monitoring data shows that during the holiday, the daily retail sales of gold, silver, and jewelry products increased by 33.4% year-on-year.

Interestingly, some gold brands did not give up promotional efforts after the holiday. Lao Pu Gold, for example, launched activities like “100 yuan off for every 1,000 yuan spent” and “gifts with purchase” while adjusting prices to maintain terminal enthusiasm.

Cailian Press observed that before price adjustments, Lao Pu Gold stores often had long queues, with some netizens reporting wait times exceeding 8 hours. Meanwhile, due to high gold prices deterring customers, some brand stores are now nearly empty.

Wu Zewei believes that the current gold jewelry market shows a “dual trend” of “buying more as prices rise” and “rational observation,” reflecting a deepening consumer differentiation in the perception of gold value.

“On one hand, some consumers rush into gold stores to buy in anticipation of price increases; some Lao Pu Gold stores even experience ‘sold out’ situations, driven by consensus on brand value and craftsmanship premiums, believing that buying before a price hike offers better value. On the other hand, many consumers feel fixed-price products are overpriced, complain ‘they can’t afford it’ or ‘being ripped off,’ and choose to stay rational and observe. This split precisely indicates that gold consumption is evolving from a single value preservation logic to a diversified valuation approach. Consumers are not only seeking asset preservation but also becoming more cautious in assessing the reasonableness of paying premiums for design and branding,” Wu Zewei said.

Looking back at the gold price trend since the beginning of the year, London spot gold soared to a historic high above $5,600 per ounce. After peaking on January 29, it retreated and hovered around $5,000 per ounce. During the Spring Festival, gold prices experienced a rollercoaster, with two consecutive declines followed by a strong four-day rally. Since the start of the year, international gold prices have increased by over 18%.

Independent analyst Song Yunming told Cailian Press that currently, gold prices are oscillating at a high level with a slight strength bias. In the short term, international gold prices are expected to remain high with continued volatility, but attention should be paid to resistance above $5,400 per ounce. The medium-term upward trend remains unchanged, but the duration and spatial structure of the long-term trend need further assessment.

Song Yunming further analyzed, “For precious metal jewelry, although gold prices have temporarily stagnated after rising, they remain at historic highs, with high prices and ongoing sales and operational pressures for brands.”