All standardized deformed gold bullions, from Saigon Jewelry Co (SJC) to other brands, will be eligible for trading and exchanging at accredited local financial institutions and gold shops, said the State Bank of Vietnam.

If necessary, they will be converted into normal SJC gold bullions, SBV said on its official website.

Accordingly, the State Bank are finalizing the provisions relating to the SJC gold production, including the provisions of SJC gold conversion warping, smashed, as well as convert the gold bars other brands of SJC gold to issue within a few days.

The central bank also suggested that local businesses and people do not to pressingly sell their deformed SJC or non-SJC gold bullions at low prices as it will affect their own interests.

SJC last Monday stopped buying back deformed gold bullions from local people who want to resell them, stating that the firm had to do so because it was running out of money.

“We have bought back a lot of deformed SJC gold bullion over the past two months without being allowed to reprocess them into normal gold bars,” Nguyen Cong Tuong, deputy head of SJC sales department, told Tuoi Tre.

“This has caused a real stagnancy in the flow of our working capital, so we have had to offset it with bank loans, and paid the interest rates.”

SJC said it had sought for SBV permits to reprocess the gold bullion, but they had not yet been licensed.