Since the mainland China luxury market took shape in the early 1980s, one constant amid constant change has been strong demand for gold — a fact that has driven revenue for Hong Kong brands such as Chow Tai Fook, Luk Fook, and many others for decades. But, as has been the case for virtually every high-end brand — domestic or foreign — operating in the highly balkanized luxury market in China, the young generation presents new challenges for brands heavy on gold jewelry.