A consumer incident involving Lao Miao Gold's fixed-price exchange policy has sparked public concern after a customer reported that a 5.5-gram gold ring was replaced with one weighing only 2 grams. Similar complaints have emerged, with another customer claiming that 50 grams of gold bracelets were exchanged for a fixed-price bracelet weighing approximately 29 grams, despite paying an additional 4,000 yuan. The involved store stated it would escalate the matter to headquarters.
The fixed-price sales model may be linked to performance pressures at Lao Miao Gold. In the first three quarters of 2025, the jewelry and fashion segment of Yuyuan Tourist Mart, which includes Lao Miao Gold, saw a decline in revenue and a significant reduction in store numbers. Yuyuan Tourist Mart also reported losses, with an estimated annual net loss of approximately 4.8 billion yuan for 2025—marking its first annual loss since going public in 1992.
Fixed-price exchange practices have raised questions about transparency. A customer from Zhejiang reported exchanging a 5.5-gram gold ring for a fixed-price 5G-craftsmanship ring, only to find the new ring weighed just 2 grams. The store explained that "5G" refers to a craftsmanship technique, not weight, and that the product was clearly priced rather than sold by weight. Following mediation by local authorities, the customer recovered the original gold and returned the new ring, compensating the store 740 yuan.
Other customers reported similar experiences. A Shanghai consumer used four gold bracelets totaling around 50 grams in a fixed-price exchange, paying over 4,000 yuan extra for a bracelet that later weighed only 29 grams. She expressed disbelief, suggesting the brand exploited consumer trust. The store reiterated that fixed-price items are sold based on tagged prices, not weight, and exchanges are calculated based on original purchase value, not current weight.
On consumer complaint platforms, Lao Miao Gold has accumulated 1,764 complaints, many related to fixed-price exchanges and allegations of misleading sales practices.
In addition to consumer disputes, Lao Miao Gold faced controversy in 2025 for allegedly infringing on the intellectual property of STAYREAL's carrot-themed IP. The company later issued an apology acknowledging the oversight.
Financially, Yuyuan Tourist Mart reported a sharp decline, with jewelry and fashion revenue falling 31.86% year-on-year in the first three quarters of 2025, attributed to industry restructuring and volatile gold prices. The number of retail outlets under its Lao Miao and Yayi brands also decreased from 4,615 at the end of 2024 to 4,249 by mid-2025.
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