(Yicai) Oct 20 -- Driven by rising international gold prices, famous Chinese jewelry brands are rushing to increase their product prices.

Chow Tai Fook Jewellery Group told Yicai today that considering the impact of rising costs due to increasing gold prices, the company would raise the retail prices of most of its pieces of jewelry by 12 percent to 18 percent at the end of October.

The spot gold price in London peaked at record USD4,379.38 per ounce on Oct. 17 and then closed down 1.8 percent at USD4,247.17.

In the fiscal year ended Sept. 30, Chow Tai Fook raised its retail prices by 4.1 percent from a year earlier, while those of gold products skyrocketed 44 percent in the period, according to the company’s latest earnings report released on Oct. 17.

Laopu Gold, another renowned Chinese jewelry brand, recently issued a statement that it would adjust its product prices on Oct. 26. Details of the price adjustments will be based on the actual market prices.

The upcoming markup will be Laopu Gold’s third in the past year. The latest one was in August, when the firm hiked the prices of its popular items worth CNY10,000 to CNY30,000 (USD1,400 to USD4,200) by CNY1,000 to CNY3,000 (USD140 to USD420). Prices of its main products were raised by 5 percent to 13 percent.

Editor: Futura Costaglione