Core Viewpoint - International gold prices have resumed an upward trend, leading to a rise in gold jewelry prices, with a significant shift in market dynamics towards "self-wear demand" surpassing wedding-related purchases [1][5]. Group 1: Price Trends - Domestic brand gold jewelry prices have generally exceeded 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, although international gold prices have not yet returned to their peak [3]. Group 2: Market Dynamics - The differentiation in gold jewelry pricing among brands is influenced by brand positioning and inventory strategies, with established jewelers maintaining high prices to uphold their premium image, while some brands leverage supply chain advantages for lower pricing [3]. - The market has seen a decline in gold jewelry sales volume by nearly 30% compared to October, with consumer sentiment cooling due to recent tax policy changes leading to price increases [3][5]. Group 3: Consumer Behavior - "Self-wear demand" now accounts for 37% of gold jewelry sales, indicating a fundamental shift in market driving logic away from traditional wedding purchases [5]. - Consumers are increasingly opting to exchange old gold jewelry for new pieces to manage costs, while demand for well-designed, low-weight gold jewelry remains stable despite rising prices [3][5]. Group 4: Cost Structure - Rising gold prices and increased processing fees have heightened the financial burden on consumers, with some brands seeing processing fees account for nearly 10% of the total price [5]. - The shift towards higher-value, lightweight gold jewelry products suggests a transition in the industry from a focus on scale to one emphasizing innovation and value creation [5].