国际金价下行，周大福、老铺黄金们却接连涨价

Core Viewpoint - The article discusses the recent price increases of gold jewelry by leading brands like Laopu Gold and Chow Tai Fook, despite a decline in international gold prices, raising questions about the sustainability of their pricing strategies [4][6]. Price Increase Trends - Laopu Gold has raised prices for the third time this year, with many products seeing increases around 20% [2]. - Chow Tai Fook announced a price increase of 12%-18% for its gold products at the end of October [3]. Factors Influencing Price Increases - The price of gold jewelry is primarily determined by "raw material cost + processing fee + brand premium" [5]. - The increase in prices by leading brands is driven by the need to enhance the processing fee's share to maintain stable profit margins amid fluctuating gold prices [5]. - The strategy of regular price increases by brands like Laopu Gold is also aimed at reinforcing the perception of gold as a stable investment [6]. Market Dynamics - Despite a drop in spot gold prices, leading brands are increasing retail prices, which may lead to consumer expectations that gold prices will only rise [6][9]. - The recent decline in gold prices is attributed to technical adjustments and changes in market sentiment, with a cumulative increase of over 60% since the beginning of the year [9]. Consumer Behavior and Market Impact - The disparity between falling gold prices and rising retail prices may affect consumer willingness to purchase physical gold jewelry [10]. - High-end consumers are less price-sensitive and more focused on brand prestige and product quality, which may sustain demand despite price increases [10]. Industry Trends and Challenges - The shift towards "one-price" gold jewelry reflects a trend of moving away from weight-based pricing, which may help brands maintain higher profit margins [12]. - There is a growing concern among consumers regarding the perceived value discrepancy between purchasing and selling gold, particularly with the "one-price" model [13]. - Brands are encouraged to establish a closed-loop recycling system to enhance consumer trust and address concerns about value loss when reselling gold products [13].