2.1 tons of gold to be imported for jewelry making

January 13, 2012 | 15:11

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The State Bank of Vietnam has given the green light to the import of over 2.1 tons of gold to make gold jewelries for re-export, according to the Vietnam General Department of Customs.

Among the newly licensed import quotas, DI Co Ltd is permitted to import 450 kilograms of gold, followed by Jewelpark Vina and Son Duong Vang Co, with 360 kilograms and 320 kilograms, respectively.

The remaining firms will import smaller amounts, ranging from 6 to 180 kilograms, to make gold jewelry that must be exported.

Vietnam's gold imports this year will increase by almost 10 per cent over 2011, equivalent to about $2.5 billion, after a year of upheaval in the gold market, said the Ministry of Industry and Trade.

"However, if we take measures to stabilize the gold market, the amount of imported gold could be reduced," Minister of Industry and Trade Vu Huy Hoang said.

On Friday afternoon the domestic gold price slipped to VND43.8 million a tael (1.2 ounces) after climbing to VND43.95 million a tael in the morning.

Spot gold has fallen to around $1,640 an ounce after climbing towards $1,660 an ounce on Thursday, as the euro rose against the dollar after a well-received auction of Spanish bonds.

But its gains were curbed by uncertainty ahead of a European Central Bank news conference later in the day, said Reuters.

Analysts told Reuters that firm demand for the precious metal from leading consumers China and India, and a recovery in prices to above a key technical level, are reassuring investors that the metal can keep rising after prices fell 10 per cent in December, said.

Vietnam’s closing gold price Thursday rose to around 43.85 million dong a tael against Wednesday's closing price of VND43.60 million, as the global gold price rose to a one-month high last night.

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