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The luxury gold market in China is showing strength in the face of unprecedented market conditions, with high-end products maintaining strong sales despite gold prices reaching 40 new records and rising up to 30%.
This trend is particularly evident in Laopu Gold Co Ltd’s performance, whose shares jumped over 70% during its Hong Kong stock exchange debut in June. According to China International Capital Corp Ltd (CICC), the company is projected to achieve extraordinary growth in 2024, with revenue expected to increase 136% year-on-year to 7.5 billion yuan ($1 billion) and net profits surging 187% to 1.2 billion yuan.
CICC remains bullish on Laopu Gold’s prospects, raising profit forecasts for the current and following year by 15% and 18% respectively, highlighting the luxury gold sector’s ability to thrive even as mainstream jewelry sales face pressure from elevated gold prices.
