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Firms sell gold ring as bullion trading set for ban

Firms sell gold ring as bullion trading set for ban

Monday, November 19, 2012, 11:00 GMT+7

Many gold companies have released gold ring products with 99.99 percent purity to deal with the regulation that bans them from trading gold bullion as of the beginning of next year. The only difference between gold ring and gold bullion is their shape, not to mention the fact that the former is VND2 million a tael cheaper. Saigon Jewelry Co has recently put its gold ring products weighing 1/10 tael, 1/5 tael, and ½ tael on the shelf, and even quoted their selling prices on its website. The rings bear similar features to their bullion counterparts, such as 99.99 percent purity and adequate packaging with an anti-fake stamp, the company’s name, logo, and seal. “The gold ring release is intended to meet market demand as many customers have asked about this product,” said a chief SJC official who wished not to be named. Phu Nhuan Jewelry Co meanwhile has introduced gold ring products to the Mekong Delta. The price gap between gold ring and gold bullion has expanded from VND930,000 a tael to VND2 million a tael, the company said. However, the firm has enjoyed poor sales over the last few days as any goldsmith can produce gold rings and local customers prefer to buy from gold shops. “Locals are loyal customers of gold shops, while customers in Ho Chi Minh City still have the habit of keeping their assets in gold bullion rather than gold rings,” explained PNJ sales executive Nguyen Ngoc Trong. Meanwhile, many gold shops have persuaded their customers to buy gold ring as the product yields higher profits.Cannot replace gold bullion Tran Thanh Hai, CEO of the Vietnam Gold Business Co (VGB), said it will be difficult for gold rings to completely replace gold bullion. “The gold ring is not as convenient to transport and store as gold bullion,” he said. “Moreover, the quality of gold ring is still questionable.” Gold ring is mostly produced manually and its quality is varied and determined by each gold shop or company without any official check from authorities, he added.

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