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Up to noGold still a hot topicw, non-SJC gold was converted into nearly 168,000 standard SJC gold taels, according to Saigon Jewelry (SJC) general director Do Cong Chinh.

The move came following the government approval allowing the State Bank to hold monopoly in gold production and turn SJC gold brand into national gold brand via Decree 24/2012/ND-CP which came into force from late May, 2012.

During the verification process, non-SJC gold with deficient gold content was found to have made up 10 per cent of the total. Accordingly, of 61,205 gold taels of five non-SJC brands having quality verified by SJC up to 54,945 taels reached 999.9 gold purity whereas 6,260 taels reported 999.5 or 999.6 gold purity.

Of these five non-SJC gold brands, lowest violation degree was 5 per cent and the highest was 57 per cent.

Chinh said when people brought non-SJC gold to the company to convert into SJC gold, fake and imitated SJC gold taels were detected.

“The case was reported in detail to the State Bank’s Ho Chi Minh City branch office and Ho Chi Minh City People’s Committee,” said Chinh.

SJC is under management from Ho Chi Minh City People’s Committee.

In reality, since conversion has progressed slowly, some gold businesses proposed joining efforts with SJC to speed up the process through bringing their facilities to SJC premises.

Their proposal was green-lighted by SJC, however, this move led to diversity in tested gold contents.

In respect to why there was divergence in the quality of gold of the same brand, deputy director of SJC Tan Thuan jewel enterprise Tran Thu Anh said: “SJC’s 999.9 gold is made following stringent quality control process reaching ISO standards whereas other gold enterprises are not so demanding with selecting gold materials.”

Minh said five businesses formerly allowed by the State Bank to produce gold bars, including ACB, Phu Nhuan Jewelry Company (PNJ), Sacombank-SBJ, Phuong Nam Bank’s Jewelry Company and Agriban’s Jewelry Company, had handed in to have their gold casting moulds sealed off by the branch.

“Their act was important to increase transparency in gold production, especially in the context fake and imitated gold has become widespread,” said Minh.

Economist Hoang Trung Khanh, however, assumed gold bar business should not be restricted since the market demand was real and people have growing demands for hoarding gold in the face of surging inflation.

“In the past China also came up with restricting gold bar business like Vietnam but shortly after that China re-opened the gold market and it currently stimulates people to hoard gold. Hence, Vietnam should not tread in China’s footsteps in respect to gold bar business,” said Khanh.

(Dau Tu)

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