How gold is priced in China
In mainland China gold is priced in yuan per gram. The wholesale reference is the Shanghai Gold Exchange (SGE) Au99.99 price, while jewellers post a daily 足金 (pure gold) price per gram. The figures here are the international spot price converted to yuan: close to the SGE price, and well below jewellery counter prices, which include tax, labour and brand margins.
The Shanghai Gold Exchange
The SGE, founded in 2002 under the People's Bank of China, is China's national exchange for physical gold. It trades spot contracts such as Au99.99 and deferred contracts such as Au(T+D) in yuan per gram, and sets the Shanghai Gold Benchmark Price twice each trading day. Gold imports need permits from the central bank, so the Shanghai price can trade at a premium or discount to the converted world price.
Tax on gold and the 2025 change
New rules in force from 1 November 2025 to 31 December 2027 separate investment and non-investment uses of standard gold traded on the SGE and the Shanghai Futures Exchange. Exchange sales stay VAT-exempt, and gold taken for investment use keeps an immediate VAT refund. But members taking gold for non-investment use, such as jewellery making, can now deduct input VAT at only 6% instead of 13%, and several jewellery brands raised their 足金 prices within days. Retail jewellery prices include 13% VAT and a 5% consumption tax charged at the retail stage.
Purity marks and buying gold
Under the national standard GB 11887, 足金 means gold of at least 990‰ and is the highest purity term allowed on jewellery. An amendment in force since May 2016 dropped 千足金 (999‰), though the word is still heard informally; a revision of the standard was planned in 2024 and was still going through approval. 18K gold is marked Au750 or G18K. Jewellery is sold by weight at the shop's gram price plus a labour charge (工费), or by the piece. Banks sell investment bars, and gold accumulation accounts and gold ETFs are exchange-linked alternatives. Keep the invoice and certificate: shops buy back below their selling price.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.