JavaScript is off. Please enable to view full site.

Cbank tells SJC to correct 1.7 ton gold bars in 1 month

Cbank tells SJC to correct 1.7 ton gold bars in 1 month

Saturday, August 25, 2012, 11:56 GMT+7

Saigon Jewelry Co, the country’s largest gold trader and producer of gold bullion bearing the most popular brand name SJC, has been granted around a month to convert deformed gold bars into normal ones, and those of other brands into SJC bullion, the State Bank of Vietnam said in a statement Friday. “SJC will have to convert some 1,735 kg (46,200 taels) of deformed gold bars in a period between August 25 and September 30,” company CEO Le Hung Dung told reporters. “Of these, there are some 800kg of deformed SJC bars.” Phu Nhuan Jewelry said it will ask to have around 1,000 taels of PNJ and deformed SJC gold bars converted into standardized SJC bullion. The above period is also given to convert gold bars of other brands [not deformed] into SJC bullion, said Dung, adding the company has yet to acquire the official statistics on how many bars fall in this category [not deformed]. Dung also said that the company will only need two days, from August 25 – 26, to modify the misshapen bars. “After that, we will reproduce non-SJC gold bullion into our brand,” said Dung, adding the company can only manage to convert some 2,000 taels a day.Prices slump Gold prices in Vietnam immediately slipped after the conversion task was announced by the central bank. At the closing session of August 23, the precious metal lost VND200,000 a tael compared with the opening, and continued to drop by VND550,000 when it opened the following day, settling at VND43.9 million a tael. SJC gold bars closed Friday at VND44.2 million a tael, some VND2 million higher than global price. “The regulation on converting deformed gold bullion and non-SJC gold bars have cooled down buying demand,” said Nguyen Cong Tuong, deputy head of SJC’s sales department.

Tuoi Tre

Read more

;

Photos

VIDEOS

‘Taste of Australia’ gala dinner held in Ho Chi Minh City after 2-year hiatus

Taste of Australia Gala Reception has returned to the Park Hyatt Hotel in Ho Chi Minh City's District 1 after a two-year hiatus due to the COVID-19 pandemic

Vietnamese woman gives unconditional love to hundreds of adopted children

Despite her own immense hardship, she has taken in and cared for hundreds of orphans over the past three decades.

Vietnam’s Mekong Delta celebrates spring with ‘hat boi’ performances

The art form is so popular that it attracts people from all ages in the Mekong Delta

Vietnamese youngster travels back in time with clay miniatures

Each work is a scene caught by Dung and kept in his memories through his journeys across Vietnam

Latest news