Despite the scorching heat, a long queue of over a hundred people formed outside the Saigon Jewelry Company Limited – SJC’s headquarters (in Ban Co Ward, Ho Chi Minh City). Some brought umbrellas, while others carried food, drinks, and sun-protective clothing, patiently following the company’s staff instructions while waiting for their turn to buy gold.
Crowds waiting to buy gold at SJC headquarters.
A long queue formed outside the SJC gold shop even before it opened.
“I’ve been waiting here since 6 am, and the shop only started selling gold around 9 am. From the time I arrived until I was able to buy five units of gold, I waited for about four hours. I was lucky to be able to buy gold, as some people waited for four to five hours only to be told that the gold was sold out,” shared Ms. Nhu Y, a resident of Xuan Hoa Ward.
A similar scene could be observed at Mi Hong gold shop in Gia Dinh Ward, with long lines of customers waiting to buy gold. “More people are buying gold than selling it, so there are times when we don’t have enough gold to meet the demand. Currently, Mi Hong only has plain gold rings, but the quantity is limited, and each customer is allowed to purchase only one unit,” shared an employee of Mi Hong gold shop.
Crowds at Mi Hong gold shop.
Mi Hong gold shop packed with customers.
Meanwhile, other prominent gold shops like PNJ have seen a significant drop in customers. The reason behind this is that PNJ has not had any gold bars or rings in stock for several months. “If customers come to sell gold, we will have products to sell. Currently, our shop mainly offers gold jewelry and wedding gold,” shared an employee of a PNJ gold shop in Cho Lon Ward.
Gold shops in the former District 5’s jewelry street have also seen a decrease in customers. Kim Dung gold shop, one of the busiest shops in Hoa Binh market, now only has a handful of customers who come to repair or exchange jewelry.
Mr. Duy, the owner of Kim Dung gold shop, attributed the lack of customers to the high gold prices.
Mr. Pham Ngoc Duy, the owner of Kim Dung gold shop, explained that the high gold prices have deterred customers from buying. Additionally, those who own gold are also waiting for the prices to increase further before selling.
“Gold shops’ profits depend on continuous buying and selling. With the recent surge in gold prices, small gold shops like ours have struggled. Customers only buy gold for special occasions, and even then, they purchase smaller quantities than before. I hope gold prices will stabilize so we can continue our business,” Mr. Duy expressed.
As of early afternoon on September 4th, the gold price had increased by half a million VND per tael compared to the previous day, reaching nearly 134 million VND per tael.
Gold prices continue to rise.
Gold shops in the former District 5’s jewelry street are also seeing a decrease in customers.
Specifically, Saigon Jewelry Company (SJC) listed gold bars at VND 132.4 – 133.9 million, an increase of VND 500,000 per tael from the previous day. Other brands like PNJ and DOJI listed similar prices for precious metals.
Gold ring prices also increased by more than VND 1 million, reaching nearly VND 129 million. SJC listed prices at VND 126.2 – 128.7 million per tael. Phu Nhuan Jewelry Company (PNJ) bought and sold plain rings at VND 126.9 – 129.9 million per tael. At the DOJI Gold and Gems Group, plain ring prices ranged from VND 125.8 – 128.8 million per tael.
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