Retail sales of gold and jewelry across China's leading large-scale retailers, primarily department stores, surged 14.30% year-on-year in May, as reported by the China National Commercial Information Center. First-tier cities spearheaded this expansion with a remarkable 46.28% growth spike.

The top ten brands—Chow Tai Fook, Lao Miao Gold, China Gold (600916.SH), Chow Tai Seng, Luk Fook, Chow Sang Sang, CHJ Jewelry, ZuoJishi, Mingr, and Lao Feng Xiang (600612.SH)—collectively captured 64.75% of the market. This represented a 2.16 percentage point annual gain and a 2.20 percentage point monthly increase.

Soaring international gold prices drove the sector's robust performance, with retailers attributing much of the growth to heightened investment-driven purchases. Consumer behavior shifted notably amid elevated gold valuations, tilting toward high-value assets like gold bars and coins rather than decorative pieces.

Despite premium pricing, innovative and cost-effective jewelry maintained strong appeal. Brands strategically tapped into the "Guochao" trend and traditional craftsmanship, launching lightweight, affordable gold designs that resonated with young consumers and enthusiasts alike. Within the top ten, Lao Feng Xiang and Lao Miao Gold demonstrated standout momentum, lifting their market shares by 0.75 and 0.62 percentage points year-on-year, respectively.