Luxury “Made in China”: These Are the Leading Brands in the Jewelry Sector

From giant chains to boutique “heritage gold”: the revenue map through the latest available fiscal year reveals where China already competes on scale — and where public data is still lacking to measure the leap into the top tier. If there were doubts about whether “made in China” luxury can play in the league of big numbers, the answer lies in jewelry: this is where Chinese brands with published and comparable revenue series are concentrated. This ranking for the latest fiscal year, converted into RMB and EUR/USD using annual average exchange rates, shows clear leadership, a hyper-growth challenger, and a shared pattern: less dependence on gold “by weight,” more design, fixed pricing, and premium retail networks.

The period analyzed confirms an operational reality: financial transparency (and thus the ability to “measure” domestic luxury) is asymmetric across sectors. Jewelry offers the best tracking because several leading players are publicly listed and report revenues regularly. By contrast, in high-end fashion, leather goods, and independent watchmaking, many brands stay private or do not offer disaggregated reporting, leaving many figures unspecified or requiring estimates with greater uncertainty.

In jewelry, the revenue leader is Chow Tai Fook Jewellery Group Limited, which in its official earnings release reported a decline in revenue to HK$ 89.656 billion in the latest audited fiscal year, amid a high gold price environment and more cautious consumer spending. Its strategic pivot is clear: the company is accelerating its transformation toward more aspirational store formats and a higher-margin product mix (fixed-price pieces, high jewelry, and culturally driven collections). Reuters summed it up with a phrase that almost reads like a headline within the headline: “We’ve acquired a new generation of customers.”

The major growth story, yet, belongs to Laopu Gold Co., Ltd.: its interim results announcement (HKEX) reported revenue of RMB 12.354 billion for the first half — a very strong year-on-year expansion — positioning “heritage gold” (design-led gold using traditional techniques and storytelling) as one of the few domestic categories capable of combining high ticket + cultural desirability + premium channel. For comparability purposes, this article estimates the full year by simple annualization (1H×2), explicitly labeling it as an estimate.

The counterpoint comes from Lao Feng Xiang Co., Ltd.: in its quarterly report (CNINFO), the company disclosed cumulative revenue of RMB 48.001 billion for the first nine months. To construct an “annual equivalent,” a mechanical annualization (9M/0.75) is applied. While useful as a scale indicator, it does not capture seasonality or changes in product mix; so, it is labeled as an estimate rather than a finalized figure.

In the “second tier” of the ranking, Chow Sang Sang Holdings International Limited provides another signal of the market environment: its interim results announcement reported turnover of HK$ 11.036 billion from continuing operations. For annual comparability, 1H×2 is applied (estimate). Meanwhile, Luk Fook Holdings (International) Limited reported annual revenue of HK$ 13.341 billion in its results documentation and acknowledged a key driver for the entire category: rising gold prices alter the product mix, pressure volume, and force brands to monetize added value (design, fixed pricing, differentiation) to sustain margins.

And the rest of “made in China” luxury?

There are signals, but the thermometer is less reliable due to the lack of comparable disclosure. In automotive, NIO Inc. reported annual revenue of RMB 65.7316 billion in its financial communication — a case of “premium-tech” with public metrics; yet, the leap to “luxury” depends on criteria (pricing, service, exclusivity versus scale). In hospitality, The Hongkong and Shanghai Hotels, Limited detailed merged group revenue and hotel performance (The Peninsula) in its annual release, providing a robust snapshot of experiential luxury with Hong Kong roots. In fashion, JNBY Design Limited published annual revenue and margin figures, though it symbolizes scalable “designer lifestyle” rather than haute couture. In leather goods and independent watchmaking, brand-level revenue data largely remains unspecified in comparable public sources.

Key Data and Estimation Approach

The figures in the table are expressed in RMB and converted into EUR/USD using annual average exchange rates from Federal Reserve Economic Data: CNY/USD (annual series), HKD/USD (annual series), and USD/EUR (annual series).

Estimation criteria (indicated in the table): – 1H×2: simple annualization of half-year revenue. – 9M/0.75: simple annualization of nine-month revenue. – Published: full fiscal year reported in official earnings release / annual report.

2025 Jewelry Revenue Ranking

The next competitive edge of “made in China” luxury will not only be about manufacturing excellence, but about transforming craft and culture into global codes (iconic product + experience + channel discipline) and, above all, publishing comparable metrics that allow the market to assess the leap using the same yardstick applied to historic European groups.