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By Emma Dai and Sophie Hein Hong KongChow Tai Fook, the world’s largest listed jewelry chain, and Chow Sang Sang, its smaller peer, were said to be under investigation for gold price manipulation in Shanghai, according to the official website of People’s Daily on Friday.迷你倉The scandal dragged the two jewelers’ share prices down in Friday trading in Hong Kong. Chow Tai Fook fell 6.3 percent at one point, before rebounding to close at HK$9.49, down 1.56 percent. Chow Sang Sang dipped 3.8 percent, but later recovered to HK$17.00, down 1.05 percent.Several gold jewelry retailers in Shanghai have admitted to the National Development and Reform Commission (NDRC) that they harmed consumers’ interests by setting unified retail prices of gold products, the report said.The investigation targets a rule set by the Shanghai Gold & Jewellery Trade Association, which limits the variation of gold and platinum prices to no more than 3 percent of the “guide price” set by the local guild. The report said seven jewelry retailers, including the two Hong Kong brands, are under scrutiny.Both Hong Kong jewelers are members of the association. Shanghai-based gold companies Lao Feng Xiang Co Ltd and Shanghai Yuyuan Tourist Mart Co are also being probed, according to the report.Chow Sang Sang s文件倉okesperson Cathy Tam said the jeweler isn’t being probed and doesn’t know why it was named in the report.Alvin Chung, associate director at Prudential Brokerage told China Daily the implications could still be serious. “The investigation could lead to serious consequences such as a large fine ... potentially, this could be a very bad news for Chow Tai Fook and Chow Sang Sang,” he said.Chung said that since the investigation was conducted by the NDRC, it is hard to predict how severe the punishment would be. “Although the whole investigation may turn out to be nothing, investors don’t like uncertainties, and that’s why share prices decreased today (Friday) in Hong Kong.”Dickie Wong, research director at Kingston Securities, was more optimistic. “Chow Tai Fook and Chow Sang Sang are both listed companies in Hong Kong. If they denied it, at the current stage, it is quite credible,” said Wong, adding that the price of gold is transparent and hard to manipulate for long periods of time.He did warn, however, of the possibility that some jewelry retailer employees may be involved in wrong-doing, which, if proven, could put short-term pressure on the share prices of Chow Tai Fook and Chow Sang Sang.Contact the writers atemmadai@chinadailyhk.com and sophiehe@chinadailyhk.com存倉