In recent days, the price of gold jewelry on the mainland has fallen, with some brands of 24K gold jewelry priced below 1400 yuan per gram. At the same time, major gold jewelry brands have closed nearly a thousand stores in the first quarter of this year, but some brands are still raising their fixed-price gold jewelry prices.
According to a report from China News on May 16th, on that day, the prices of 24K gold jewelry from several mainland gold jewelry brands were reduced. Among them, Chow Sang Sang’s 24K gold jewelry was priced at 1390 yuan/gram, a decrease of 12 yuan from the previous day; Laofengxiang’s 24K gold jewelry was priced at 1396 yuan/gram, a decrease of 15 yuan from the previous day; Lao Miao’s 24K gold jewelry was priced at 1398 yuan/gram, a decrease of 14 yuan from the previous day.
During the decline in the price of gold jewelry on the mainland, international gold prices have also seen a downturn. On May 15th, the New York Mercantile Exchange (COMEX) gold futures closed at $4543.60 per ounce, with a daily decline of 3.02%; on May 16th, the international spot gold price fell to $4511.84 per ounce at one point during the day.
After the drop in gold prices, whether to buy or continue to wait for lower prices has become a topic of concern for many people.
Data shows a significant decline in gold jewelry consumption in China. According to the World Gold Council data, in the first quarter of 2026, gold jewelry consumption in China was 84.620 tons, a decrease of 37.10% compared to the same period last year.
A report from the Economic Daily on May 16th stated that as gold jewelry consumption declines, the number of offline stores of many brands is also decreasing. The report mentioned that in the first quarter of 2026, the total number of offline stores of gold jewelry brands under major listed companies decreased by nearly 1000.
Among them, Chow Tai Fook closed a net total of 128 stores in mainland China in the first quarter of this year, with same-store sales down by 30.9%; in 2025, Chow Tai Fook voluntarily closed nearly 900 stores. Lao Feng Xiang saw a net decrease of 185 franchise stores, with revenue and net profit both declining; Chow Sang Sang closed a net total of 286 stores in a quarter, with revenue down 26.9% year-on-year; Yuyuan Group’s Lao Miao and Yayi brands closed a net total of 192 stores in the first quarter; China Gold closed a net total of 203 stores in the first quarter.
The report also mentioned that many brands reduced franchise stores or shrunk inefficient stores in the first quarter. In addition to the above-mentioned brands, Lao Pu Gold, Chaohongji, and others are also adjusting their offline store layout.
While the number of stores is decreasing and the price per gram of gold jewelry is falling, some brands are still raising their fixed-price gold jewelry prices.
The Economic Daily stated that Chow Tai Fook Jewelry has confirmed the price increase of fixed-price gold jewelry starting from May 15th, with an increase ranging from 5% to 20%. An example given by a store worker was that a bracelet originally priced at 53,800 yuan was raised to 68,800 yuan, an increase of 15,000 yuan.
The report also mentioned that this is not the first time Chow Tai Fook has raised the price of fixed-price gold jewelry. In March and October of 2025, Chow Tai Fook had previously raised prices on related products by 10% to 20% and 12% to 18% respectively.
In addition to Chow Tai Fook, some brands had already raised the prices of fixed-price gold products at the beginning of this year. The Economic Daily reported that at the beginning of 2026, brands like Chow Sang Sang and Chaohongji were the first to raise the prices of fixed-price gold products, with an overall increase of 10% to 20%; traditional gold brands like Baolan and Linchao also followed suit in late January to early February with price hikes ranging from 10% to 30%.