<p>The Jiama porphyry–skarn system in the Gangdese belt, Tibet, hosts bornite-rich skarn ores with visible Au–Ag minerals and the newly recognized Bi-rich bornite-related mineral juxingite (Bi₆Cu₁₄₀Fe₃₀S₁₂₅). This study investigates the redistribution of Au–Ag–Te–Bi during the cooling of bornite-bearing Cu–Fe sulfides, using integrated microanalytical and nanoscale techniques. Two assemblages are identified: a Cu-rich bornite-I + digenite assemblage with wittichenite, and a bornite-II + juxingite + chalcopyrite assemblage. Matrix Au contents in the analyzed Cu–Fe sulfides are low, with quantifiable values generally ≤ 13 ppm, whereas Ag and Bi commonly reach concentrations of hundreds to thousands of ppm. In the bornite-I + digenite assemblage, ordered digenite-related domains exsolved coherently from bornite-I and locally transformed into anilite, producing Bi-rich segregation domains enriched in Ag, Au, and Te. In the bornite-II + juxingite + chalcopyrite assemblage, juxingite records Bi-rich ordering during coherent to semi-coherent exsolution. The concentric zoning of bornite-hosted telluride inclusions, from Au–Ag cores through hessite to Cu–Te-rich rims, records progressive Au–Ag–Te segregation and reorganization during cooling. These observations suggest different redistribution behaviors of Bi and Te during cooling: Bi was stabilized in juxingite and Bi-rich Ag–Au–Te-bearing segregation domains, whereas Te was concentrated in telluride-bearing domains closely associated with Au–Ag minerals. Thus, visible Au–Ag minerals at Jiama are interpreted to have formed, at least in part, through cooling-driven internal redistribution rather than solely by late-stage fluid overprinting. This finding suggests that cooling-driven internal redistribution may be an important control on visible Au–Ag mineralization in bornite-rich skarn and porphyry Cu–Au systems.</p>