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. “No one asks how much the fabric of their Louis Vuitton bag costs, right?” Li is precisely the kind of customer Laopu Gold is courting.