实探丨金饰金价一路走高，交易遇冷！“自戴需求”渐成主流

Core Insights - International gold prices have resumed an upward trend, leading to an increase in gold jewelry prices, with a significant shift in consumer demand from wedding-related purchases to self-wearing needs [1][6]. Group 1: Market Trends - The average price of gold jewelry from domestic brands has surpassed 1300 RMB per gram, with Chow Tai Fook's prices rising from 1313 RMB to 1333 RMB within two days [1]. - In the Shenzhen Shui Bei gold jewelry market, prices have reached approximately 1106 RMB per gram, marking a historical high, despite international gold prices not yet returning to their peak [3][6]. - There is a noticeable decline in gold jewelry sales, with a reported decrease of nearly 30% compared to the same period in October [3]. Group 2: Consumer Behavior - The demand for self-wearing gold jewelry has increased, now accounting for 37% of gold jewelry sales, surpassing traditional wedding-related purchases [6]. - Consumers are slowing down their purchasing pace due to rising gold prices and new tax policies, although there remains stable demand for well-designed, low-weight gold jewelry [3][6]. Group 3: Pricing Strategies - Brand differentiation in pricing is evident, with Chow Tai Fook pricing at 1333 RMB per gram and other brands like Chow Sang Sang at 1295 RMB, influenced by brand positioning and inventory strategies [3]. - The rising cost of craftsmanship is becoming a significant factor in the total price of gold jewelry, with some brands seeing craftsmanship costs nearing 10% of the total price [6].