November 3, 2025 01:33 AM GMT China Gold & Jewelry | Asia Pacific M Update Gold VAT reform: Scenario analysis Key Takeaways For details see our note: China Gold & Jewelry: VAT reform for gold procurement from Gold Exchange – Our initial thoughts (2 Nov 2025) Exhibit 1: Scenario analysis: Margin and profit if there is a 7% increment VAT for gold procurement from Gold Exchange | Negative impact if more VAT imposed on gold procurement (Highest to Lowest) -> | | | | | | --- | --- | --- | --- | --- | | Lao Feng ...