Jing Ji Wang·2026-01-23 02:16Core Viewpoint - The recent surge in gold prices has led to significant adjustments in the pricing strategies of various gold jewelry brands, with many prices exceeding 1500 yuan per gram, marking a historical high. The industry is undergoing structural changes as companies adapt to these challenges and opportunities through various strategic adjustments [1][2]. Pricing Adjustments - As of January 21, the domestic gold price reached 1506 yuan per gram, with different brands adjusting their prices variably. For instance, Lao Miao's price in Shanghai was 1493 yuan per gram, up by 38 yuan, while Chow Sang Sang's price was 1495 yuan, up by 41 yuan [2]. - The pricing of gold jewelry is primarily influenced by raw material costs, which are tied to real-time quotes from the Shanghai Gold Exchange. Some brands use a "real-time tracking" mechanism for price adjustments, while others may have a delay due to internal approval processes [2][3]. Market Dynamics - Factors influencing gold jewelry prices include brand premium, operational costs, and inventory management. High-end brands tend to have a more stable pricing strategy due to their customer base's lower sensitivity to price fluctuations, while mass-market brands adjust prices more closely to raw material costs to maintain competitiveness [3]. - The rise in international gold prices has prompted some brands to increase prices for fixed-price products, with Chow Sang Sang raising prices on certain items by 200 to 1500 yuan starting January 6 [3]. Sales Performance - The share of fixed-price products has been increasing, becoming a significant growth driver for brands. For example, Chow Tai Fook reported a 59.6% year-on-year increase in retail value for fixed-price jewelry in the last quarter of 2025, contributing 40.1% to total retail value [4]. - Sixi Group reported a 15% same-store sales growth for gold products, with fixed-price products seeing a 17% increase, indicating strong performance despite high base figures [4]. Brand Expansion - Companies are focusing on high-end market positioning as part of their brand transformation strategies. Chow Tai Fook opened a new high-end store in Shanghai and plans to continue expanding in cities like Xiamen and Hangzhou [5]. - China Gold Group is set to open its first high-end stores in Beijing and Shenzhen in 2026, aiming to leverage cultural themes and collaborations to enhance brand value [5]. International Expansion - International expansion is a key strategy for growth among gold jewelry brands. Chow Tai Fook plans to enter the Australian market by mid-2026 and expand in Canada and the Middle East [6]. - Sixi Group is also increasing its overseas presence, targeting a net growth of about 20 stores in international markets by the end of the fiscal year [6]. Challenges and Recommendations - The internationalization of Chinese gold jewelry brands is still in its early stages, characterized by small scale and a focus on Southeast Asia. Brands are advised to adopt a dual strategy of product and platform to enhance their international presence [7]. - Recommendations for brands looking to expand internationally include maintaining a high-end brand image, respecting local cultures, and implementing a unified pricing strategy across markets to ensure success [7].