Chinese luxury brands rise from challengers to market shapers as global houses lose lustre

After months of declining gold prices, Li Yue recently spent nearly 28,000 yuan (US$4,148) on a 10-gram (0.35-ounce) pure gold necklace – more than double the prevailing market rate for the metal. The piece in question: a gourd-shaped pendant from Laopu Gold, a Chinese heritage jewellery brand that has captured significant attention in recent years. But for Li, a software engineer in Shanghai, the purchase had little to do with bullion value. She cared more about the necklace’s design – the...