实探水贝黄金市场：买卖价差扩至超百元

Core Viewpoint - The recent adjustment in gold tax policy has led to significant market disruptions, particularly in the Shenzhen gold market, resulting in increased price volatility and a widening gap between purchase and recovery prices [3][4][9]. Pricing Chaos - The gold pricing in the Shenzhen market is currently experiencing a "temporary chaos," with prices fluctuating rapidly. For instance, the price per gram rose from approximately 989 CNY to 993 CNY within a single day, including a tax component of about 70 CNY per gram [5][6]. - The gap between buying and selling prices has expanded to over 100 CNY per gram, compared to just 27 CNY six months ago [6][9]. Market Reaction - Despite a busy market, actual purchases have decreased significantly, with many consumers opting to wait and see due to the sudden price hikes. Only essential buyers, such as those preparing for weddings, are making purchases [9][12]. - The "one-price" gold products, which have smaller price adjustments and appeal to younger consumers, are gaining popularity as gifts [9]. Tax Policy Impact - The recent tax policy changes, effective from November 1, have led to increased costs for non-member jewelry brands, as their input tax deduction rates have decreased from 13% to 6%, resulting in higher VAT payments and potential profit pressure [11][12]. - The gold market's supply chain involves raw material suppliers, gold manufacturers, and retailers, with the tax burden now affecting the entire chain [12][13]. Long-term Industry Outlook - Analysts predict that non-member jewelry companies will face increased profit pressures in the short term, while member companies may be less affected. Over time, the industry is expected to consolidate, with brands that can set prices showing greater resilience [16]. - The policy aims to streamline transactions and reduce capital occupation, which could lead to increased industry concentration and improved operational efficiency in the gold jewelry sector [16].