水贝冷暖 见证黄金行业规范化进阶——“黄金税”落地满月调查

Core Viewpoint - The recent tax policy adjustment on gold has led to a significant decline in sales and market activity in Shenzhen's gold trading hub, known as "China's Gold First Street," as the cost of purchasing non-investment gold has increased due to a reduction in tax input deduction from 13% to 6% [1][2][3]. Market Impact - The gold market in Shenzhen has experienced a noticeable slowdown, with fewer transactions and inquiries, particularly for large orders, as many small merchants have resorted to selling their businesses [2][3]. - The new tax policy has increased the procurement costs for gold jewelry, leading to a direct impact on sales and a cooling market atmosphere [1][2][3]. Pricing Dynamics - The retail price of gold jewelry in Shenzhen has surged, with prices reported at 1,095 CNY per gram, while the domestic gold price was around 942 CNY per gram, diminishing the competitive pricing advantage previously held by Shenzhen's market [3]. - The price gap between retail and recovery prices has widened significantly, complicating the recovery market as businesses face challenges in pricing strategies [4]. Industry Adaptation - Various segments of the gold industry are actively seeking ways to adapt to the new tax environment, with upstream suppliers halting shipments, midstream manufacturers shifting to cost-effective settlement models, and downstream retailers exploring online sales and unique product offerings [6][7]. - Retailers are responding differently, with larger brands passing on costs to consumers while smaller merchants are diversifying their sales strategies, including online live streaming and special product launches [7]. Regulatory and Structural Changes - The tax reform aims to enhance the government's control over gold production and pricing, while also encouraging innovation in product offerings to meet diverse consumer demands [8][9]. - The industry is expected to transition from a focus on scale to one on value, promoting a healthier and more regulated market environment [9][10]. Future Outlook - Analysts predict that the impact of the tax reform will be short-term, with market stabilization expected within one to two months as the industry adjusts to the new pricing mechanisms [5]. - The transition period will require supportive measures from regulatory bodies and industry associations to facilitate compliance and collaboration among businesses [10].