Core Insights - The purchase price of gold jewelry is typically 30% to 50% higher than the original gold price due to brand premiums and processing costs [1][3] - When reselling, gold jewelry is valued only based on purity and weight, leading to a depreciation of 15% to 25%, significantly higher than the 5 to 10 yuan per gram loss associated with investment gold bars [1][3] - The World Gold Council indicates a projected 18% year-on-year decline in global gold jewelry demand by 2025, reflecting a weakening consumer willingness to purchase high-premium items [3] Pricing Dynamics - As of February 9, 2026, the Shanghai gold futures price was 1127 yuan per gram, while the resale price for physical jewelry was approximately 1075 yuan per gram, resulting in a discount rate of 4.6% to 10% [3] - The actual loss when considering brand premiums can reach 15% to 25% during resale, highlighting the disparity between buying and selling prices [3] Investment vs. Jewelry - Investment gold bars do not carry craftsmanship premiums, resulting in lower resale losses of only 5 to 10 yuan per gram, and they offer stronger liquidity compared to gold jewelry [3] - The intrinsic value of gold as an inflation hedge is diminished in jewelry due to its consumer nature, which dilutes its investment attributes [3]