China fines five jewellers $2m for fixing prices-media
BEIJING (REUTERS) - China has fined five domestic jewellers 10.1 million yuan (S$2 million) for fixing their prices, state media said on Monday, the second time in less than a week that authorities penalised firms found to be anti-competitive.
China News Agency said the country's top economic planner, the National Development and Reform Commission, fined the five Shanghai-based firms after investigations showed they had fixed the prices of gold and platinum jewellery.
The companies agreed to a price calculation formula that limited price fluctuations to within a range, the agency said.
The Shanghai Gold and Jewellery Trade Association was also fined 500,000 yuan for supporting the price-fixing.