Shuibei wholesale gold reads 1,061 yuan on 3 October
The Shenzhen district's real-time price sits 15.05% to 15.46% below three Chinese brand counters on their 2 October levels. 第一現場 supplied the figure, carried by HK01 on 4 October.
By The Gold Desk
What changed
The wholesale district prints a level. Shenzhen's Shuibei market quoted real-time jewellery gold at ¥1,061 a gram on 3 October. Three Chinese brand counters sat near ¥1,250 a gram a day earlier.
What it means
- If you buy wedding gold in China: The wholesale district is quoting about ¥190 a gram under the brand counters.
- If you price a counter: That gap is workmanship and brand, not metal. Both legs are jewellery gold.
- What this is not: A same-day comparison. The levels are dated 3 and 2 October.
Key figures
| Shuibei wholesalereal-time level, 3 October | ¥1,061/g |
|---|---|
| Versus Chowbelow Chow Sang Sang | −15.05% |
| Versus CTFbelow Chow Tai Fook | −15.46% |
| Yuan gap1,249 minus 1,061 | ¥188 |
| Merchant salesSeptember over August, attributed | 20%–30% |
Source: 第一現場 via HK01 · level dated 3 October 2026 · published 4 October 2026 19:30 HKT
Wholesale sits under the counters
The gap is priced. At ¥1,061 a gram the Shuibei level is ¥188 under Chow Sang Sang's ¥1,249. The gap to Lao Miao and Chow Tai Fook is wider, and the table carries both.
Shares, not guesses. Dividing gives 84.95% of the Chow Sang Sang level, so 15.05% below it. Both counter levels are dated a day earlier than the wholesale reading.
The widest leg. Against Chow Tai Fook's ¥1,255 the Shuibei level is 84.54% of it, so 15.46% below it.
| Quote | Level | Date | Gap to Shuibei | Shuibei as % of it |
|---|---|---|---|---|
| Shuibei wholesale, Shenzhen | 1,061 | 3 Oct 2026 | — | — |
| Chow Sang Sang counter | 1,249 | 2 Oct 2026 | 188 | 84.95% |
| Lao Miao counter | 1,252 | 2 Oct 2026 | 191 | 84.74% |
| Chow Tai Fook counter | 1,255 | 2 Oct 2026 | 194 | 84.54% |
Notes on this table
The Shuibei level is 第一現場's, carried by HK01 on 4 October and dated to 3 October. The three counter levels are the ones Carat Capital published on 3 October from 21jingji, dated to 2 October. Gap and share are Carat Capital's arithmetic: 1,249 − 1,061 = 188, and 1,061 ÷ 1,249 = 84.95% of it, so 15.05% below it; 1,061 ÷ 1,255 = 84.54%, so 15.46% below. The two legs are a day apart and are not a same-day comparison.
Merchants report firmer volume
One stallholder quantifies. A Shuibei merchant put September sales 20% to 30% above August, attributing it to holiday weddings and a lower gold price. The figure is that merchant's, for one stall.
Stock ran short. Traders described restocking more often than in August, with some popular styles out of stock. No shop-level volume figure is published.
Buyers travelled for the level
Out-of-town plates. The report describes car parks queuing and buyers driving in from outside Shenzhen to buy at the wholesale district. No visitor count is given.
What to watch
- 6 Oct 2026First post-holiday Shuibei quote. Tests whether the ¥1,061 level was a holiday reading.
- 8 Oct 2026Golden Week ends in China. Tests whether the wholesale-counter gap narrows once wedding buying clears.
- Mid-Oct 2026Next Chinese brand-counter board, measured against this wholesale level rather than against August's high.
The story so far
Go deeper
What would change this call
A counter board under ¥1,150. The gap printed here rests on counter levels dated 2 October, and a sharp counter cut would shrink a ¥188 difference to something a labour-fee discount could close.
Why a wholesale district quotes a different price
Shuibei in Shenzhen is a wholesale jewellery market where stalls sell close to the metal price plus a thin fabrication charge. A brand counter adds workmanship, brand premium and retail cost to the same metal. Both legs here are jewellery gold rather than bullion, so the difference is the trade margin, not the metal.
Method
HK01's report was fetched to raw bytes (497,327) and searched for the exact strings printed here: 1061元 two hits, 20%到30% two, 10月3日 two, 許樂虹 two, 第一現場 two. The page's own datePublished field reads 2026-10-04T19:30:35+08:00. The three counter levels are not re-sourced here; they are Carat Capital's own published figures of 3 October, drawn from 21jingji and dated to 2 October, and they are cited as prior coverage rather than as a fresh read. The gap and the percentage shares are Carat Capital's divisions on those two sets of figures and are shown in the table note. The archive was searched before filing: in website/content/articles.json, the string 1,061 returns zero hits and 水貝 returns zero, while Shuibei returns two, both opened and read — 9 August 2026, on the Shanghai exchange and counter spread, and 30 September 2026, on Chow Sang Sang at ¥1,245. Neither carries a Shuibei wholesale level. Golden Week footfall itself is not new to this paper and is not the claim here; the new fact is the wholesale level and the arithmetic against the counters.