In recent weeks, many customers wishing to sell SJC gold bars with a single-letter serial number or deformed gold bars have been refused by the Saigon Jewelry Company (SJC), with no clear explanation given, causing concern among customers.
On August 1st, posing as a customer, Nguoi Lao Dong newspaper contacted SJC to inquire about selling deformed SJC gold bars and was informed by a staff member that the company had temporarily stopped buying this type of gold.
“It’s not that the company doesn’t want to buy back the gold that customers want to sell, but we haven’t received any information from the State Bank about when the workshop for re-casting these types of gold bars will be reopened,” the employee explained.
According to our understanding, in the past, for gold bars with a single-letter serial number or deformed gold bars, when SJC repurchased around 1,000 taels from the market, they would apply to the State Bank for re-casting.
SJC is temporarily suspending the purchase of deformed SJC gold bars and gold bars with a single-letter serial number. Photo: Nguoi Lao Dong Newspaper
“Currently, there are about 1,000 taels of deformed gold bars and gold bars with a single-letter serial number in stock, but they have not been re-cast yet, so the company is waiting for permission. As soon as the re-casting is completed, the company will resume purchasing this type of gold,” the SJC employee added.
SJC gold bars with a single-letter serial number are those with a serial number consisting of a single letter followed by a series of numbers and were produced several years ago.
Decree 24/2012/NĐ-CP on gold market management clearly states that “the state has a monopoly on the production of gold bars, the export of gold materials, and the import of gold materials for the production of gold bars.”
Therefore, since Decree 24, the state, through the State Bank, has had a monopoly on the production and import-export of gold materials… No organization or individual is allowed to produce gold bars, including SJC.
Every year, SJC will repurchase deformed gold bars from the market, apply for permission to re-cast them, and then sell them back to the market through the State Bank.
Nguoi Lao Dong newspaper has contacted the State Bank regarding this information and is awaiting a response.
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