Chow Tai Fook Jewellery (1929) may raise prices for gold products at its mainland China stores after the Chinese New Year, with some fixed-price items expected to see increases of up to 30 percent, according to mainland market reports.
Several Chow Tai Fook stores have confirmed the planned adjustment, which is expected to be rolled out in mid-March, mainland media reported. The price hikes will mainly target fixed-price products, with increases ranging from 15 percent to 30 percent, subject to in-store price tag updates.
The move follows three rounds of gold product price increases by Chow Tai Fook last year, in March, October and December. The late-October price increase targeted fixed-price gold products, with most items seeing rises of between 12 percent and 18 percent.
Chow Tai Fook said the price increase is real, but the timing and magnitude have yet to be decided. It added that price adjustments are part of its normal operations and will be made in line with market conditions and demand, while maintaining its commitment to quality and craftsmanship
Spot gold briefly hit a record high of around US$5,600 (HK$43,680) per ounce in late January before retreating, and is currently fluctuating around the US$5,000 per ounce level.
Cynthia ZHONG
