China Jewelry Market: Online Gold Sales Up 50% in Early 2026
By Jotham Lim
4 min read
Online sales of gold and fashion jewelry on three of China's largest online marketplaces were CN¥ 210.4 billion in 2025, according to Moojing Market Intelligence. Gold jewelry, investment gold such as bars and coins, and gold craft, taken together, made up CN¥ 133.7 billion of that. In January to April 2026 gold sales were 50.1% higher than in the same months of 2025. We believe that rise mostly reflects the price of gold, which the World Gold Council reports averaged 70% more in the first quarter of 2026 than a year earlier. Fashion jewelry sales were 2.1% lower over the same months.
Key figures
- CN¥ 133.7 billion: online sales of gold jewelry, investment gold and gold craft in 2025
- CN¥ 76.8 billion: online sales of fashion jewelry in 2025, at an average of CN¥ 46.5 per item
- +50.1%: gold sales in January to April 2026 on the same months of 2025
- 69.6%: gold's share of gold and fashion jewelry sales in January to April 2026, up from 59.9%
Method and scope: observed online sales on three of China's largest online marketplaces in 2025, and in January to April 2026 against the same months of 2025, from Moojing Market Intelligence. Gold means gold jewelry, investment gold (bars, beans and coins, listed on one marketplace together with other investment precious metals) and gold craft, taken together. They are combined because one marketplace moved gold bars and similar products out of its gold jewelry category into a new investment gold category in April 2025, so gold jewelry and investment gold cannot be compared separately across the two periods. Fashion jewelry means each marketplace's fashion jewelry category. Diamond, jade, pearl and other fine jewelry is not included, because its categories also changed during the period. The number of gold items sold is not reported, because gold listings include many low-priced items whose numbers swing widely from month to month. This is online sales only, not the total market.
How big is China's online jewelry market?#
Online sales of gold and fashion jewelry on the three marketplaces were CN¥ 210.4 billion in 2025. Gold, including investment gold and gold craft, made up 63.5% of that, at CN¥ 133.7 billion, and fashion jewelry the remaining CN¥ 76.8 billion, on 1.65 billion items at an average price of CN¥ 46.5.
| Category | 2025 online sales | Share | January to April 2025 | January to April 2026 | Change |
|---|---|---|---|---|---|
| Gold jewelry, investment gold and gold craft | CN¥ 133.7 billion | 63.5% | CN¥ 39.2 billion | CN¥ 58.8 billion | +50.1% |
| Fashion jewelry | CN¥ 76.8 billion | 36.5% | CN¥ 26.3 billion | CN¥ 25.7 billion | −2.1% |
| Total | CN¥ 210.4 billion | 100% | CN¥ 65.5 billion | CN¥ 84.6 billion | +29.2% |
Exhibit 1. Source: Moojing Market Intelligence, observed online sales on three of China's largest online marketplaces, 2025, and January to April 2026 against the same months of 2025. Not the total market. Figures may not sum because of rounding.
Why did online gold sales rise so fast in early 2026?#
We believe it was mostly because gold cost more. Online sales of gold jewelry, investment gold and gold craft in January to April 2026 were CN¥ 58.8 billion, 50.1% more than in the same months of 2025. Over the first three of those months, the gold price averaged US$4,873 an ounce in the first quarter of 2026, 70% more than in the first quarter of 2025, according to the World Gold Council. The Council also reports that China's gold jewelry demand fell 32% by weight in that quarter while spending on it rose 16%, which shows that, for jewelry at least, more money spent on gold did not mean more gold bought.
How is fashion jewelry doing?#
Fashion jewelry sales were slightly lower in January to April 2026, at CN¥ 25.7 billion, 2.1% less than in the same months of 2025. The number of items sold fell 9.8%, and the average price rose from CN¥ 49.0 to CN¥ 53.2. With gold rising and fashion jewelry slightly lower, gold's share of the two together rose from 59.9% to 69.6%.
What does this mean for jewelry brands in China?#
In January to April 2026 gold took a larger share of online jewelry sales, as its value rose while fashion jewelry, whose prices do not follow gold, sold fewer items at a higher average price. Because gold is measured here by value, we believe its growth says more about the gold price than about how much gold shoppers bought.
Earlier editions#
This is the 2025 edition of our coverage of China's jewelry market. Earlier editions measured different periods and, in some cases, a single marketplace or a wider set of jewelry, so their figures are not comparable with the ones above. They covered the jewelry market and gold jewelry in Q1 2024, one brand's use of licensed designs and heritage craft in gold jewelry in Q1 2024 and one fashion jewelry brand's growth in 2023.
This content adheres to Moojing's editorial standards .
Frequently Asked Questions
Online sales of gold and fashion jewelry on three of China's largest online marketplaces were CN¥ 210.4 billion in 2025, according to Moojing Market Intelligence. Gold jewelry, investment gold and gold craft made up CN¥ 133.7 billion and fashion jewelry CN¥ 76.8 billion. Diamond, jade, pearl and other fine jewelry is not included. These are online sales only, not the total market.
Not by weight. The World Gold Council reports that China's gold jewelry demand fell 32% by weight in the first quarter of 2026 while spending on it rose 16%, and that the gold price averaged 70% more than a year earlier. Online sales of gold jewelry, investment gold and gold craft on three of China's largest online marketplaces were 50.1% higher in January to April 2026 than a year earlier, according to Moojing Market Intelligence. We believe that rise mostly reflects the higher gold price.
On three of China's largest online marketplaces, fashion jewelry sold at an average of CN¥ 46.5 per item in 2025, according to Moojing Market Intelligence. In January to April 2026 the average was CN¥ 53.2, against CN¥ 49.0 a year earlier, and the number of items sold fell 9.8%.
