The so-called decline in gold prices refers to the decline in "raw materials" such as gold bars and gold futures. Gold jewelry is a finished product with relatively fixed costs such as brand intangible assets, processing fees and transportation fees. The decline of gold raw materials has limited effect on lowering gold ornaments. In a short time, the price reduction of gold jewelry is very limited. If the price of gold raw materials is depressed for a long time, the decline of gold jewelry may be even greater.