Zhong Guo Zheng Quan Bao·2025-11-04 20:29Price 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][2] - As of November 4, 2023, Chow Tai Fook's gold jewelry is priced at 1265 RMB per gram, while other brands like Lao Feng Xiang and Liu Fu Jewelry also report similar price levels [2] Market Response and Consumer Behavior - The increase in gold prices has led to a slowdown in consumer purchases, with many opting to wait and observe the market [1] - Discounts and promotional activities from major brands are limited, indicating a cautious approach to pricing strategies amidst rising costs [2] Policy Changes and Market Impact - Recent tax policy changes by the Ministry of Finance and the State Administration of Taxation encourage on-market trading of standard gold, exempting certain transactions from value-added tax [3][4] - The new policy is expected to impact three types of market participants: trading members, investors, and downstream businesses, potentially increasing costs for non-investment gold jewelry companies [4] Company Performance in Response to Gold Prices - Mining companies are experiencing significant revenue growth due to rising gold prices, with Western Gold reporting a 106.2% increase in revenue year-on-year [6] - Chifeng Gold also shows strong performance, with a 38.91% increase in revenue, benefiting from stable gold production and higher sales prices [6] - Zijin Mining's revenue increased by 10.33%, with a notable rise in gold and copper production, capitalizing on the upward trend in metal prices [7]