Chow Tai Fook avoids fines after probe

Chow Tai Fook Jewelry (1929.HKG) escaped punishment after Chinese authorities concluded an industry probe into price-fixing, resulting in fines for five other jewelry retailers, Bloomberg reported, citing state media. Shanghai Laofengxiang, Shanghai Laomiao Gold, First Asia Jewelry, Chenghuang Jewelry, Tianbao Longfeng and the Shanghai Gold & Jewelry Trade Association were fined a combined US$1.7 million (RMB10.59 million) for monopolistic pricing on gold and platinum products, state-run Xinhua News Agency said on Monday, citing the National Development and Reform Commission. The jewelry industry probe is the latest sign of increased scrutiny of business practices by the Chinese government.