Core Viewpoint - The continuous rise in international gold prices is leading to significant adjustments in retail pricing for gold jewelry, as exemplified by Chow Tai Fook's announcement of a 12%-18% price increase for its "fixed price" gold products due to a more than 15% increase in London gold prices [1][3]. Group 1: Pricing Adjustments - Chow Tai Fook's price adjustment is based on the substantial increase in gold prices, which have surged from 836 yuan per gram to 1262 yuan per gram this year, indicating a need to restructure the existing pricing model [3]. - The adjustment will affect certain gold jewelry products, while "weight-based pricing" products will not be included due to their market-driven nature, showcasing a strategic approach to cost fluctuations [3]. Group 2: Consumer Behavior Changes - There is a noticeable shift in consumer behavior, with some popular online products experiencing inventory shortages and offline promotional activities being paused, reflecting market anticipation of price increases [4]. - The consumption scenario for gold jewelry is evolving from a singular investment focus to a more diversified demand, with some consumers opting for customized and lighter-weight jewelry products, which may impact sales structures post-price adjustment [4]. Group 3: Market Dynamics - Industry data indicates that the retail share of "fixed price" gold products has increased from 24.8% in 2024 to 29.9% in 2025, suggesting a compression of brand premium space [6]. - Chow Tai Fook's price increase may trigger a chain reaction, putting additional profit pressure on smaller brands, while heightened consumer sensitivity to gold jewelry prices could drive the industry to explore more flexible pricing mechanisms [6]. - As fluctuations in international gold prices become the norm, the retail pricing logic for gold jewelry is entering a new adjustment cycle [6].