Laopu Gold shines despite lacklustre demand for high-end goods in China

Ms Vivian Wang bought a gold medallion decorated with a carved dragon from Laopu Gold nearly a decade ago, but forgot about the brand until 2024, when it appeared all over her social media feeds.

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BEIJING - Ms Vivian Wang bought a gold medallion decorated with a carved dragon from Laopu Gold nearly a decade ago, but forgot about the brand until 2024, when it appeared all over her social media feeds.

Swiping through post after post about Laopu Gold, the sales and marketing professional from Shanghai came across her dragon medallion, which was now selling for double what she paid at 220,000 yuan (S$40,600).

Ms Wang decided to brave the lines outside Laopu's Shanghai store in tourist hub Yu Garden to make another purchase - an intricate jewellery box constructed from thinly woven gold strands with a dragon and phoenix on the lid. She said she would like to pass it on to her eight-year-old daughter one day.

Citing rival chains owned by LVMH and Richemont, Ms Wang said: "I'm a jewellery lover. Tiffany, Cartier and Bvlgari - these are all brands I have bought. I have diamonds and gemstone jewellery, but in the long term, it's gold that offers the best way to preserve value.

"After the Covid-19 pandemic, people want to pursue something more elevated that offers some spiritual sustenance. This traditional dragon and phoenix box has an auspicious meaning - it also offers this kind of spiritual sustenance."