Zhong Guo Zheng Quan Bao·2025-11-04 20:17Price Increase of Gold Jewelry - Major gold jewelry brands such as Lao Pu Gold and Chow Tai Fook have raised the price of gold jewelry, with prices exceeding 1260 RMB per gram, reaching a historical high [1] - As of November 4, 2023, Chow Tai Fook's gold jewelry prices were reported at 1265 RMB per gram for gold ornaments and 1170 RMB per gram for gold bars [1] Market Response and Consumer Behavior - Many consumers are currently adopting a wait-and-see approach due to high gold prices, leading to a relatively quiet atmosphere in gold retail stores [1] - Discounts offered by major brands are limited, with Chow Tai Fook providing a trade-in discount [2] Tax Policy Changes - A new tax policy announced by the Ministry of Finance and the State Administration of Taxation encourages trading in standard gold through exchanges by exempting value-added tax for certain transactions [2][3] - The policy aims to differentiate between investment and non-investment uses of gold, potentially increasing costs for non-investment gold jewelry companies [3] Impact on Gold Jewelry Industry - Analysts believe that the new tax policy will significantly impact non-compliant gold jewelry businesses, while established brands may see an increase in market share [4] - Short-term price increases may suppress consumer demand, but the long-term industry restructuring could benefit well-known jewelry brands [4] Performance of Mining Companies - Mining companies are experiencing significant revenue growth due to rising gold prices, with Western Gold reporting a 106.2% year-on-year increase in revenue for the first three quarters of 2025 [4] - Other companies like Chifeng Gold and Zijin Mining also reported substantial revenue and profit increases, benefiting from higher gold prices and stable production levels [4][5][6]