Major jewellers Chow Tai Fook Jewellery Group Ltd of Hong Kong and Lao Feng Xiang of China are taking part in China’s new yuan-denominated gold benchmark.
The Shanghai Gold Benchmark Price Trading, to be launched on April 19 by the Shanghai Gold Exchange (SGE), will mark China’s biggest step to become a price-setter for gold. China is currently the world’s largest producer, importer and consumer of the metal.
In an announcement, SGE said the benchmark price trading involves 18 members, including 12 fixing members and six reference price members.
Chow Tai Fook, the world’s biggest jewellery retailer, and Lao Feng Xiang, one of China’s oldest jewellers, will be reference price members, along with Swiss trader MKS, Bank of China and Chinese miners China National Gold Group Corporation and Shandong Gold Mining Co Ltd.
A Lao Feng Xiang store in Hong Kong