After the founding of New China, the government purchased the fixed assets of (Laofengxiang) Silver House and organized a state-run Shanghai gold and silver jewelry store, which opened on June 1959. In addition to manufacturing and selling jewelry, we also design and produce gold and silver relief portrait ornaments and various utensils ornaments, which are mainly supplied to government agencies, organizations, enterprises and institutions. For example, 1959, the store produced more than 29,000 gold-plated sunflower dome lamps and silver tableware with a diameter of 9.5 meters for the Great Hall of the People in Beijing. In addition, it has also undertaken the gold-plating business of large-scale buildings for many years. For example, the five-pointed star of the steel tower of Shanghai Sino-Soviet Friendship Building, the memorial tower for the martyrs of Huaihai Campaign, the chandelier of the Jinna Mausoleum presented by China to Pakistan and the memorial tower for the "August 1st" Nanchang Uprising. These large-scale buildings for people's viewing have been gilded, adding brilliant artistic decoration effects.

1958 was renamed as "Shanghai Gold and Silver Jewelry Factory", and 1962 belongs to Shanghai Arts and Crafts Company. Together with the "Shanghai Gold and Silver Jewelry Factory" established by the company at the end of 1959, it has become the only two factories in Shanghai that produce gold and silver jewelry and ornaments. In the 1970s, contemporary ornaments such as Chairman Mao's Going to Anyuan, Xin 'anjiang Hydropower Station, large-scale traditional gold ornaments, Feng Dan facing the sun, and Bailong playing with pearls were made. Since the mid-1980s, the production of gold and silver ornaments has developed rapidly and started to be exported in batches. Jewelry Research Institute of Shanghai Arts and Crafts Company, founded in 1984, has also developed a new type of jewelry-jewelry ornaments. 1987 Shanghai Global Jewelry Factory is involved in the production of silver tableware. During this period, many excellent ornaments reached the level of "treasures". 1988 No.3 factory (Far East, Cosmos, Universal) No.1 factory (Jewelry Research Institute) produced 2.983 million yuan of all kinds of gold and silver ornaments and exported 2.945 million yuan. 1989, the output value of jewelry soared to 8.293 million yuan, all of which were exported.

During the period of 1998, Shanghai Laofengxiang Company, which was established according to the company law and modern enterprise system, gathered a large number of China arts and crafts masters, senior arts and crafts artists, senior technicians and various professional and technical talents. On the basis of inheriting and developing excellent traditional crafts, it has made continuous innovations and made remarkable achievements.