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Five Shanghai-based gold and jewelry stores and a local trade association have been fined a combined total of 10.59 million yuan ($1.72 million) for manipulating the prices of their products on August 13, 2013.

According to the NDRC, the five stores are Shanghai Laofengxiang Co Ltd, Shanghai Laomiao Gold Co Ltd, First Asia Jewelry, Chenghuang Jewelry and Tianbao Longfeng.

The NDRC said probes by local pricing authorities found the five stores had manipulated the retail prices of their gold and platinum jewelry in accordance with a pricing scheme created in cooperation with the Shanghai Gold & Jewelry Trade Association.

A Chinese clerk puts gold ornaments in a display at a jewelry store of Laofengxiang in Shanghai on March 24, 2013.[Photo/IC]