Why is gold jewellery outgrowing the wider jewellery market?

Two forces at once. Gold's investment appeal drew both first-time and repeat buyers as prices repeatedly set new highs amid economic uncertainty, and at the same time a wave of design innovation opened purchase occasions that had nothing to do with investment. Together they took online gold jewellery to +27.3% growth in Q1 2024, against +18.8% for jewellery and accessories overall. Traditional brands responded by moving away from generic weight-priced gold toward curated, trend-forward design that meets younger buyers' aesthetic standards, which is what converted an investment moment into a category expansion.

Which gold sub-categories lead?

Hand jewellery, meaning rings, bracelets, bangles and chains, leads at CN¥ 42.7 billion (+24.4%) and accounts for more than 40% of both gold jewellery sales and product count. Those pieces lead because they can be styled daily, layered with others, and gifted across self-purchase, birthday and couple occasions. Ancient-craft gold reached CN¥ 17.1 billion (+73.7%), as heritage techniques met contemporary design. Gold DIY accessories grew fastest of all, and they reflect an entirely new consumer behaviour rather than a larger version of an old one. Plain gold rings also reached CN¥ 6.6 billion at +44.2%, on minimalist everyday wearability.

What did buyers judge gold jewellery on in Q1 2024?

Appearance and craftsmanship, ahead of gram weight. Gold's investment attributes keep weight relevant, but the growing proportion of young buyers has raised aesthetic and craftsmanship expectations sharply. Review sentiment on top-rated products clusters on three themes in that order: appearance ("the petals are three-dimensional and lifelike"), craftsmanship ("refined and detailed… the adjustable clasp fits any wrist size"), then weight and texture. The design imperative that follows is specific: younger consumers still carry a perception that gold can look gaudy or dated, and overcoming it takes architectural, botanical or geometric forms executed precisely enough to be worn daily as fashion.

China Gold Jewelry in Q1 2024: Chow Tai Sang's IP Play

Newer data: China Jewelry Market: Online Gold Sales Up 50% in Early 2026

Executive Summary#

Online gold jewelry sales grew 27.3% YoY in Q1 2024, well ahead of the 18.8% growth of the jewelry and accessories market as a whole. Chow Tai Sang (周大生) offers a clear example of the strategies brands are using in this market. Its range is built on six product lines, guochao (national trend) cultural identity and widely shared IP collaborations with the snack brand Weilong (卫龙) and with KFC (肯德基). This analysis looks at what is driving gold jewelry's growth, at how brands are competing, and at the four trends that we believe will shape the category's next phase of growth.

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Gold Jewelry's Two Drivers: Investment Demand and Design#

Two forces took gold jewelry to 27.3% YoY growth in Q1 2024, well above the 18.8% growth of the jewelry market overall. The first is gold's lasting appeal as an investment, since gold prices repeatedly set new highs during the period amid global economic uncertainty, which drew both first-time buyers and repeat buyers into the market in search of a safe-haven asset. The second is a wave of design innovation, which gave consumers new reasons and new occasions to buy.

Traditional gold jewelry brands responded by launching more personalised and fashionable designs, moving away from generic gold priced by weight towards curated pieces that meet younger consumers' standards. We believe the combination of investment demand and design innovation produced the category's strongest growth in recent years.

Hand jewelry, which includes rings, bracelets, bangles and chains, was the largest gold jewelry sub-category in Q1 2024, accounting for more than 40% of gold jewelry sales and of the number of products:

Hand jewelry (rings, bracelets, chains): CN¥ 42.7 billion | +24.4% YoY | >40% of total gold jewelry sales and SKUs
Ancient craft (古法) gold: CN¥ 17.1 billion | +73.7% YoY | heritage techniques in contemporary designs
Gold DIY accessories: the fastest-growing of these sub-categories | a new consumer behaviour
Plain gold rings (素圈): CN¥ 6.6 billion | +44.2% YoY | demand for minimalist pieces that can be worn every day

We believe hand jewelry performs well because it can be worn often as fashion and suits many kinds of gift. Rings and bracelets can be styled daily, paired with other pieces and given as a gift to oneself, for a birthday or as couple's jewelry.

Appearance Mattered More Than Gram Weight in Q1 2024#

Our analysis of how consumers decide which gold jewelry to buy shows that appearance and craftsmanship ranked above gram weight as the main purchase drivers in Q1 2024, which reflects the growing number of buyers who buy gold for fashion and self-expression. Gram weight still matters because gold is also an investment, but the rising proportion of young consumers has raised expectations of design and craftsmanship considerably.

This puts pressure on brands to improve their design, because many younger consumers still see gold jewelry as "gaudy" or old-fashioned. We believe brands can change that view with innovative forms, such as architectural, botanical or geometric designs, made with enough precision that consumers are proud to wear the pieces every day as fashion accessories as well as holding them as an investment.

Consumer reviews support this finding, and the praise for the highest-rated products concentrates on three themes:

Appearance: "Beautiful, the petals are three-dimensional and lifelike, and wearing it on the finger feels like wearing a real flower."
Craftsmanship: "Refined and detailed, and pairs perfectly with a plain gold ring. The adjustable clasp fits all wrist sizes. Superb value for money."
Weight: "Good texture, with a hammered finish that feels substantial and weighty. Accurate gram weight communicated upfront, quick refund or top-up."

These reviews suggest that the look and feel of a piece matter as much to buyers' satisfaction as its price.

Chow Tai Sang: A Strategy Built on Product Lines and IP#

Established in 1999, Chow Tai Sang (周大生) has built its position on six product lines that cover the main consumer segments and occasions. Bracelets and chains are central to its online gold range, and the brand has extended into ear jewelry and gold bead products.

The brand's most notable innovation is the FIRST Jelly Enamel Lucky Charm series, launched at the end of 2023, which shows a three-part approach to reaching young consumers:

Dopamine aesthetics: The jelly enamel's bright and playful colours respond to young consumers' high expectations of design, and they catch the eye when consumers come across the products on social platforms.

Emotional resonance: Sub-series including the Cute Pet series, the Fairy Tale series and the Art Co-branded series appeal to a range of feelings, from playfulness to nostalgia, so that the products do not rely on gold's traditional appeal as an investment alone.

Cultural symbolism: The "lucky charm (转运)" symbolism matches young consumers' hopes for good fortune and positive energy, which is a strong reason to buy in Chinese culture.

Full-Domain Strategy: Product, Marketing, Conversion#

Chow Tai Sang's strategy rests on three connected pillars:

Product strength: "Gold as lead product, diamonds as core product", supplemented by K-gold, platinum, jade and pearl. Six gold product lines, each with distinct series, are matched to different consumer segments and occasions, and fashion-forward designs attract young consumers while hero products lead to sales of other jewelry.

Marketing strength: The brand combines in-store livestreaming with traffic from outside its stores, drawn from leading social and content platforms. Its content strategy centres on IP collaborations and co-branding with other brands, which present gold as fashionable and culturally current.

Conversion strength: The brand acquires new users through marketplace partnerships, discount coupons and promotional offers, and keeps existing customers with red packets and loyalty coupons that encourage repeat purchases.

Key Marketing Campaigns#

Weilong (卫龙) co-branded "May Gold Bring Good Fortune": A co-branded short film launched the First Jelly Dragon product together with a joint "So Much Gold" gift box, and used the snack brand's appeal to raise Chow Tai Sang's profile among young consumers.
KFC (肯德基) co-branded gold lottery event: A co-branded promotion on 25 April offered 999 gold Crazy Chicken pieces, Fortune bracelets, Golden Joy bracelets and Fortune Gold Banknotes as prizes, which drew wide engagement online and linked the brand with the fast food chain's young audience.
Marketplace new-user acquisition: Discount coupons and promotional offers through marketplace partnerships brought in new customers, while red packets and loyalty coupons encouraged existing customers to buy again.

Ancient Craft and Guochao: Cultural Identity as Commercial Strategy#

The rise of guochao (国潮) culture has given strong commercial momentum to ancient-craft (古法) gold jewelry, a segment that combines centuries-old gold-casting techniques with contemporary design and national cultural identity. Ancient-craft gold reached CN¥ 17.1 billion in Q1 2024, up 73.7% YoY.

Gold jewelry manufacturers are combining the two, as they keep ancient techniques while bringing in modern production and processing technology, and use national-style (国风) design and IP co-branding to reach young consumers. Traditional techniques such as ancient craft (古法), filigree (花丝) and guilloché (玑镂) attract a great deal of discussion on social media, which shows how strongly they resonate with consumers' sense of their culture.

One consumer comment, "Ancient-craft gold bangles are looking better and better with time", reflects a wider change in how a generation sees traditional gold design. Young consumers' long-standing preference for refined, understated and versatile styles has widened to include retro, elegant and Chinese-revival styles, and we believe the meeting of modern minimalism and cultural heritage is bringing gold jewelry to more consumers.

Four Trends That Will Shape the Next Phase of Growth#

The Q1 2024 data points to four trends that we believe will shape the category's growth in the near term:

1. Craft innovation in gold jewelry: Ancient-craft, filigree and guilloché techniques are moving from cultural heritage into mainstream demand. Manufacturers that combine authentic traditional craftsmanship with modern production at scale are in a position to charge premium prices and to stand apart from other brands.

2. New-generation celebrity endorsements: Emerging entertainment figures are replacing established celebrities as ambassadors for gold jewelry brands. Younger celebrities create associations that appeal to Gen Z and young millennial consumers, which can turn their social media following into interest in buying jewelry.

3. Gaming IP and cross-brand collaborations: Partnerships with popular games give jewelry brands access to large and highly engaged communities of young consumers. Limited-edition pieces made with gaming IP become objects that fans want to own, which encourages impulse purchases and sharing on social media.

4. Snack brand collaborations: Chow Tai Sang's campaigns with Weilong and KFC show how partnerships across categories can work. Snack and food brands give jewelry brands access to large young audiences through content that is engaging and easy to share, and they present gold as an everyday accessory to enjoy as well as a traditional luxury.

Key Takeaways#

Online gold jewelry grew 27.3% YoY in Q1 2024, ahead of the 18.8% growth of the jewelry market overall.
Hand jewelry (rings, bracelets and chains) accounted for more than 40% of gold jewelry sales and SKUs, at CN¥ 42.7 billion (+24.4% YoY).
Appearance and craftsmanship ranked above gram weight as the main purchase drivers in Q1 2024, as the share of young buyers grows.
Chow Tai Sang (周大生) shows how six product lines, the FIRST Jelly Enamel series and cross-brand IP campaigns with Weilong and KFC can reach young consumers.
Four trends, namely craft innovation, new celebrity endorsements, gaming IP and snack brand collaborations, will shape the next phase of competition in gold jewelry.

About the Data#

This analysis draws on Moojing Market Intelligence (魔镜洞察) data covering Q1 2024 (January to March 2024). Online sales data is drawn from leading Chinese marketplaces, and social media discussion and sentiment data from leading Chinese social platforms. YoY comparisons use Q1 2023 as the baseline unless otherwise specified.

Moojing Market Intelligence analyses brand and category performance across major Chinese e-commerce platforms. For inquiries, contact info@moojing-global.com.

Cultural identity and cross-category collaboration. Guochao, or national-trend culture, has given ancient-craft gold real commercial momentum, with manufacturers inheriting techniques such as filigree and guilloché while integrating modern production, then attaching national-style design and IP co-branding to reach young buyers. On collaboration, Chow Tai Sang paired its gold line with a snack food brand and with a fast food chain, using a co-branded short film and a gold lottery event to borrow those brands' youth audiences. Two further vectors are forming alongside: new-generation celebrity endorsement replacing legacy ambassadors, and gaming IP partnerships that create limited-edition desire objects.