CHOW TAI FOOK(HK:01929) Di Yi Cai Jing·2025-11-02 11:53Core Viewpoint - The adjustment of gold and diamond tax rates is expected to increase the cost of purchasing jewelry, impacting leading brands' pricing strategies in the market [1][2]. Group 1: Tax Policy Changes - The announcement regarding the adjustment of gold tax rates was made on October 29, effective from November 1, 2023, until December 31, 2027, which has led to the cancellation of previous tax policies [1]. - The diamond tax rate adjustment was announced earlier, allowing the market to prepare, while the gold tax policy change was more sudden [1]. Group 2: Impact on Jewelry Brands - Leading jewelry brands like Chow Tai Fook and Lao Pu Gold have been pushing fixed-price gold products, which are not directly tied to fluctuating gold prices, indicating a shift in pricing strategy [2]. - The recent tax adjustments have created pressure on brands, although it remains unclear if they will raise prices in response to the new tax policies [2]. Group 3: Industry Chain Effects - The impact of the new gold tax policy is anticipated to be most significant on the B-end of the gold industry chain, including suppliers, wholesalers, and retail stores [3].