Leading Chinese jewellery retailer Chow Tai Fook Jewellery Group Limited has denied any involvement in gold price-fixing in Mainland of China following a report on the issue in the country.
The jewellery retailer said it was “aware of an alleged report in the mainland media” relating to a gold price fixing situation in China which allegedly took place in July last year.
“Chow Tai Fook feels that these allegations would adversely affect its reputation and would like to clarify that it is not involved in any collective price fixing activities,” the firm said in a statement.
“Chow Tai Fook reiterates that it has always complied with all relevant laws and regulations in the Mainland of China in its business operations. Chow Tai Fook has its own gold pricing mechanism, and has never been involved in any price fixing activities. Chow Tai Fook’s gold product prices are reasonably set based on the cost of raw materials and various operating costs such as design, craftsmanship and services, while taking the international gold price as a major reference. Chow Tai Fook always complies with all relevant laws and regulations, and will continue to abide by this principle in the operation of its business,” the firm explained.
A leading jeweler in the Mainland of China, Hong Kong and Macau, Chow Tai Fook was listed on the Hong Kong Stock Exchange in 2011 and is the world’s largest jeweler by market capitalization.
The group operates more than 2,000 points of sale in more than 400 cities in Greater China, Singapore and Malaysia.