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Shanghai Gold Jewelry Industry Association was antitrust investigation

Date: 2013-07-20

reporter Kanpei

Yesterday, the Shanghai Gold Jewelry Industry Association, the China Securities Journal reporter confirmed that the NDRC is currently undergoing an antitrust investigation.In addition, as members of the Association, Shanghai Lao Feng Xiang, Yuyuan also admits that the case is under investigation, is expected to come out in the investigation concluding observations will be released after the announcement.

Shanghai Municipal Development and Reform Commission spokesman team staff also said that the case investigation has been a long time, has not yet ended, no detailed details disclosed.Old Phoenix internal executives to China Securities Journal reporter, said the subject is being investigated antitrust Shanghai Gold Jewelry Industry Association.

Shanghai gold shop gold price going down

Shanghai Gold Jewelry Industry Association official website information, the Association was founded in December 1996, the existing 226 member units of various ownership, including vice president of the unit 29, the governing unit 50, the industry coverage reached 85%, the old Phoenix,old temple of gold, Asia a gold shop, Cheng Huang jewelry gold jewelry and other domestic companies and the Shanghai Gold Exchange, the Shanghai Diamond Exchange, the Shanghai Futures Exchange are its members, market share of 90% or more, and the authorities of ShanghaiMunicipal Commission of Commerce.

According to People's disclosure that the antitrust investigation focused on the old Phoenix, etc. Shanghai gold shop through the "Shanghai Gold Jewelry Industry Association," platform monopoly Shanghai gold jewelry retail prices.

Since April this year, the price of gold fell.Yesterday, the China Securities Journal reporter's comparison of the old temple of gold Yuyuan, Shanghai Gold Exchange and Shanghai Gold 9999, Beijing hundred dishes of gold, CTF from April 12 to July 19 gold price changes, where the old temple of gold, gold prices(thousands of gold) from 402 yuan / g down to 343 yuan / gram, a decline of 14.7 percent, Shanghai Shanghai Gold 9999 from 311.8 yuan / g down to 258.80 yuan / gram, a decline of 17%.

As China's gold market is no pricing power, the Shanghai Gold Exchange price of gold and the pace of the international gold price ups and downs, ranging almost converge.But compared to the old temple of gold price of gold, Beijing cuisine hundred gold prices (thousands of gold) from 398 yuan / g down to 336 yuan / gram, a decline of 15.6%, the CTF from 390 yuan / g down to 329 yuan / gram, a decline15.6%.

From the price comparison, the old temple of gold prices above a hundred dishes, Chow Tai Fook gold, the decline farther apart and the international gold price decline, a drop compared to a hundred dishes, CTF lighter.

Regional monopoly industry association leaders

A gold expert analysis, pre-purchase when gold prices are high, resulting in higher cost of sales companies, and now the price of gold fell sharply, like the old Phoenix, Yuyuan other jindian reluctant to lower profits or even losing money selling gold, it will lookinto their pricing is higher than market price; addition, the recent gold price decline is faster, the Old Phoenix Gold's price adjustment mechanisms such as slow, can not reflect the changes in the international price of gold, making these issues more prominent.

Insiders pointed out that the core of the problem is caused by regional monopolies their price is higher than the market price.An unnamed antitrust lawyer told the China Securities Journal reporter, for the punishment of past NDRC some industry associations which often provides its own membership prices, how much prices, the NDRC to check they are almost very easy, just look formeeting.

The lawyer reminded folk buy gold boom behind a variety of horizontal and vertical agreements restricting competition which is easy to conceal, antitrust enforcement agencies hope to be able to observe the changes in the relevant industry.

Affected by the bad news, yesterday the old Phoenix, Yuyuan shares both fell, which the old Phoenix fell 1.87 percent to 17.86 yuan per share, Yuyuan fell 4.42 percent to 6.70 yuan per share.