A bracelet increases in price by over 20,000! CHOW TAI FOOK (01929), LAOPU GOLD (06181) and other jewelry brands are considering raising the prices of gold accessories.

During the Spring Festival, the price of gold continued to rise. On February 26, the international gold price once again crossed the $5200 per ounce mark, up more than 3% from before the festival. Domestic gold jewelry prices followed suit, with mainstream brands such as Lao Feng Xiang (600612.SH) and Guangdong CHJ Industry (002345.SZ) quoting pure gold jewelry prices generally exceeding 1560 yuan per gram. The price hikes may continue to expand. According to the Financial Alliance, gold stores like CHOW SANG SANG (00116) and CHOW TAI FOOK (01929) will increase the prices of some fixed-price products in March. Currently, the market is anticipating further price increases in gold. For the gold jewelry industry, which relies on consumer demand, the high gold prices to some extent continue to suppress demand. Rising Voices of Gold Jewelry Brands With the soaring international gold prices, gold jewelry brands are beginning to consider raising prices on their fixed-price products. A staff member at CHOW TAI FOOK in Shenzhen told the Financial Alliance, "We are definitely going to raise prices in mid-March. However, price increases were expected, the last time we adjusted prices for fixed-price products was when gold was over 1400 yuan." On February 26, the price of gold jewelry at CHOW TAI FOOK had already reached 1570 yuan per gram. Compared to weight-based pricing, fixed-price products often have higher profit margins. For example, a reporter from the Financial Alliance in Anhui inquired about a Forbidden City series bracelet at a CHOW TAI FOOK store based on a price of 65800 and a weight of 28 grams, the unit price reached 2350 yuan per gram. "If you're interested, you should act quickly as we will be increasing prices again in early March, but the price tags haven't been released yet. The one you're looking at was originally over 65,000 yuan, but now it's over 50,000 yuan with the discount. Afterwards, it's estimated to increase to over 89,000 yuan, and it's uncertain whether there will be such a discount." A staff member at a CHOW TAI FOOK store in Anhui told the Financial Alliance when asked about the price of a Forbidden City series bracelet. By this calculation, the unit price of this product per gram has exceeded 3000 yuan. In addition, LAOPU GOLD (06181.HK) released a price adjustment notice, with product price adjustments to be made on February 28, 2026. The details of the product price adjustments will be based on the actual price marked by Wuxi Online Offline Communication Information Technology Co., Ltd. A staff member at a CHOW SANG SANG store in Guangzhou bluntly told reporters, "Prices will go up in March." In addition to well-known brand retailers, small gold jewelry businesses in Shuibei, faced with operational pressures, are also increasing labor costs. A gold jewelry retailer in Shuibei, Shenzhen, told reporters, "Starting today, the labor costs for our 5D (accessories) series and 5D (micro gold) series products will each be increased by 5 yuan on the original price." Regarding the reason for this move, the individual stated, "Market changes and cost adjustments, as the international gold prices continue to rise, our production costs are also escalating, making it difficult to bear the huge pressure from the continuously rising costs." In the eyes of industry insiders, this round of price increases is not only related to the soaring price of gold. "The current trend of brand-name gold stores raising prices is fundamentally different from before; its core DRIVE has shifted from simply transmitting the cost of gold prices to a systematic restructuring of the industry's pricing model," said Wu Zewei, a special research analyst at Su Commerce Bank, to the Financial Alliance. This marks the gold jewelry industry's acceleration from the traditional weight-based pricing model to a pricing logic based on "brand premium and craftsmanship value," where fixed-price products significantly enhance brand profitability with profit margins reaching 30% to 40%, much higher than the 10% to 20% of weight-based pricing products. This transformation reflects the industry's shift from passive appreciation dependent on the rise in gold prices to active growth dependent on brand operations and cultural empowerment. Differentiated Market Purchasing Sentiments The high gold prices have deeply influenced people's psychology when it comes to gold jewelry consumption. On one hand, there are clients who are buying more as the prices increase, and on the other hand, there are cautious clients who are waiting for the right moment to make a purchase, leading to a differentiated market sentiment. A business owner in Shuibei, Shenzhen, told the Financial Alliance, "There were many customers before the festival, but the prices were chaotic and high. Consumers purchased lighter products, as the market was bustling but not profitable." As a traditional peak season for gold consumption, the Spring Festival is a period when rigid demands such as weddings and gifts are concentratedly released. The latest monitoring data from the China Commercial Federation shows that during the Spring Festival, the daily retail sales of gold and silver jewelry increased by 33.4% year-on-year. Interestingly, some gold brands have not given up their promotional efforts after the Spring Festival. LAOPU GOLD, despite adjusting prices, has launched activities like "Every 1000 yuan discount by 100 yuan" and "Gifts on total purchase" to maintain consumer interest. According to observations by the Financial Alliance, before every price adjustment at LAOPU GOLD, there are long queues at the stores, with some netizens reporting queues of over 8 hours at certain stores. At the same time, due to high gold prices, some brand-name gold stores have very few customers. In Wu Zewei's view, the current gold jewelry market is characterized by a dual sentiment of "buying as prices rise" and "waiting and watching," reflecting a deep-seated divide in consumer perceptions of the value of gold. "On one hand, some consumers rush to buy at the prospect of price increases, with some LAOPU GOLD stores even experiencing a phenomenon where it's 'hard to find goods'. This is driven by a consensus on brand value and craft premium, believing that purchasing before the price adjustment offers a cost-effective advantage. On the other hand, many consumers believe that the premium on fixed-priced products is too high, labeling it as 'unaffordable' or a 'money trap,' choosing to maintain a rational wait-and-see approach. This differentiation precisely confirms the evolution of gold consumption from a single value preservation logic to a diversified value judgment, where consumers are seeking asset preservation while also more prudently evaluating the reasonableness of paying a premium for design and brand," Wu Zewei said. Looking back on the trend of gold prices from the beginning of the year, the London spot gold price first surged to historical highs above $5600 per ounce. Subsequently, on January 29, it peaked and then fluctuated around $5000 per ounce. During the Spring Festival, the price of gold experienced a roller-coaster ride, with a strong four-day increase after two consecutive declines. From the beginning of the year until now, the international gold price has increased by over 18%. Independent observer Song Yunming told the Financial Alliance, "Currently, the gold price is strong at high levels, and in the short term, the international gold price will continue to maintain a strong fluctuating trend at high levels, with attention still focused on the pressure above $5400 per ounce; the medium-term upward trend remains unchanged, and the duration and spatial structure of the continued long-term upward trend require further consideration." Song Yunming further analyzed, "For precious metal jewelry, although the increase in gold prices has temporarily stalled, it remains at historical highs, with high prices, brand sales pressure, and operational pressure still present."