This is an outlet of the chain "Old Auspicious Phoenix" (Lao Feng Xiang). It occupies a cheap and ugly modern building from 1994, that replaced the old Jeweler's Guild/Pearl and Jade Market at No. 28, Houjia Rd:
And here is what a typical Shanghai jewelry store looked like at the turn of the twentieth century:
From Eric Boerschmann's "Baukunst und Landschaft in China" (1926).