Retail link. According to the Notice on Adjusting the Consumption Tax on Gold and Silver Jewelry issued by the Inland Revenue Department, with the approval of the State Council, the consumption tax on gold and silver jewelry was changed from production and sales to retail. Gold and silver jewelry mainly refers to jewelry made of gold or silver. Jewelry refers to the ornaments on the heads of men and women, commonly known as "heads". Later, it became the floorboard of all-body jewelry. Ancient jewelry is divided into hair ornaments, neck ornaments, earrings, hand ornaments and accessories. Ancient ancestors' understanding of gold and silver began in the Shang Dynasty more than 3,000 years ago, when people made these precious metals into ornaments and offered them to nobles for enjoyment. Jewelry is one of the earliest industries opened to the world. In previous years, China's import tariff on finished jewelry was as high as 50%. The high import tariffs and consumption taxes on gold jewelry and gem products restrict the sales of jewelry. With the further opening of China market, these barriers are gradually eliminated, and the signal of China's jewelry industry policy adjustment is getting stronger and stronger. This proves that China government has begun to attach importance to the development of jewelry industry. The State Planning Commission has announced that China Gold will cancel the central bank's pricing, implement market-regulated prices, and gradually dismantle the institutional barriers of "unified purchase and marketing" under the planned economy. The establishment of the gold exchange marks a substantial step towards the international gold market. The opening of Shanghai Gold Exchange has made great contributions to the construction of standardized gold market in China. China has made major adjustments to the diamond import and export management and tax policy, which will surely push the diamond industry in China onto the track of virtuous circle development.