| Hong Kong industry bodies that set daily gold price recommendations for jewellery retailers continued as normal yesterday despite a landmark competition law taking effect that frowns upon such practices. Under the city's new Competition Ordinance, any move to set prices for retailers is deemed to be price fixing. Offenders are subject to a penalty of as much as 10 per cent of Hong Kong turnover for each year of the infringement if found guilty.
Lau Hak-bun, president of the Kowloon Pearls, Precious Stones, Jade, Gold and Silver Ornament Merchants Association, told the Post it was not viable to ditch the 50-year industry-wide practice because the price recommendations were meant to give its more than 600 members a reference. Members did not have to follow the recommendations...............................................Full Article: Source
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