Old Shop Gold Price Adjustment Day: Small Gram Weight Popular Models Sold Out, "Scalpers" Mark Up and Resell for Profit

Gold spot prices have been steadily rising recently, once breaking through $5,278 per ounce, prompting many domestic jewelry brands to raise their prices above 1,600 RMB per gram. Against this backdrop, the high-end gold jewelry brand Lao Pu Gold announced its first price adjustment of the year, with a hike of 20% to 30%, reaching a new high in recent years. This adjustment brought the unit price of some products close to 2,500 RMB per gram, attracting widespread market attention.

After the price increase, Lao Pu Gold’s official website shows that the lowest-priced 7.6-gram traditional handmade pure gold diamond pendant (small size) is sold at 18,648 RMB and is already out of stock; the most expensive 91,845 RMB pure gold pendant with a gold chain, weighing about 37.8 grams. Staff members explained that before the price adjustment, many stores experienced queues for purchases, but customer flow significantly decreased on the first afternoon after the price hike. In Wangfujing shopping district stores, customers can enter without queuing, but small-weight products like gold necklaces and rose chain collars are mostly sold out.

Consumers’ enthusiasm for small-weight products is particularly evident. Styles such as the “Three Treasures for the Poor”—the Vajra, Rose Window, and small gold beads with diamonds—are almost completely out of stock both online and offline due to their typical weight of around 10 grams and unique designs. One consumer said they considered buying an 8-gram cross Vajra last October when Hong Kong stores offered discounts, but hesitated and did not purchase. Now, the same style has increased to 18,000 RMB, making them regret their hesitation.

The rise in gold prices has also stimulated activity in the second-hand market. Some “gold traders” lock in low prices by placing orders online before the price increase and resell at a markup of several hundred RMB per transaction. For example, an 18.2-gram necklace was bought for 33,624 RMB and can be resold with a 200 RMB markup; a gourd-shaped pendant of the same weight now sells for 43,380 RMB, nearly a 29% increase. Second-hand sellers generally target small-weight jewelry, such as 8 to 13 grams of lion Vajra, diamond-encrusted Pixiu, etc., priced between 18,500 and 27,700 RMB.

Market analysts believe that Lao Pu Gold’s price adjustment, which combines traditional craftsmanship, Eastern aesthetic design, and the financial attributes of gold, breaks the traditional luxury pricing logic. It aims to strengthen its positioning as a “heritage asset” to attract high-end customers. Experts point out that consumer purchasing behavior has shifted from functional consumption to cultural identity and symbolic consumption. Additionally, the “buy-to-invest” asset allocation mindset, along with limited supply and price increase expectations creating a sense of scarcity, collectively drive high-end consumers’ enthusiasm during the price rise cycle.

Currently, Lao Pu Gold’s offline stores have not listed sold-out items, and consumers need to inquire with staff about specific stock availability. Online and offline inventories are not interconnected. As gold prices continue to rise, whether the demand for high-end gold jewelry can be sustained remains to be seen.