4,000 taels deformed gold bullions reprocessed: SJC

The work has been done within 4 working days, of which 1,800 taels of deformed gold bullions were reprocessed in the first day (October 11).

The customers will be charged a VND50,000 ($2.4) fee for the converting of each tael of deformed SJC gold bullion into a standardized gold bullion.

Each deformed SJC gold tael will be charged 50,000 dong fee to be converted to standard gold at SJC Co.

SJC, Vietnam’s biggest gold trader and refiner with over 90 per cent of local market share in gold billions, said there is no need to worry about fake gold products in Vietnam.

All the gold bullions recently brought to SJC for testing have been proved to be 99.99 pure gold bullions.

The owners of those gold bullions are concerned that they had bough fake gold bars after there were news about the emergence of fake gold bullions at gold shops around big cities like Hanoi and Ho Chi Minh City.

The national broadcaster Vietnam Television last month reported the case at gold shops where fake gold bullions were found. The report also found that those gold bullions were imported via northern borderlines.

Only 80 taels of fake gold bullions, or around 3.02 kilograms, have been found in the country over the last two decades, while the company has supplied over 20 million taels over that time span, Nguyen Cong Tuong, deputy manager of SJC’s sales department, told newswire VnExpress.

But the situation has disturbed the customers’ confidence in SJC brand that the company has built for over 20 years, he added.

SJC was officially announced to be the national brand by the State Bank of Vietnam (SBV) in early July, after its gold bullion was taken over on May 25.

SBV late last year hinted that it would pick SJC as the gold bullion monopoly for the sake of the Vietnamese people.

Local gold price on Wednesday went up VND420,000 a taels day on day to over VND47 million a tael following the world trend.

The bid and ask price of SJC gold bullion were at VND46.82 million a tael and VND47.02 million a teal.

With the official foreign exchange rate at VND20,870 per dollar, local gold price was VND2.8 million a teal more expensive than their world counterpart.

On the world market, gold prices last night up due to a rising bullish sentiment of investors as the dollar was weakened after the release of the US September inflation report which stating that inflation had returned.

Spot gold rose 0.5 per cent to $ 1,744.6 an ounce, while gold futures for December delivery increased $ 8.7 to $ 1,746.3 an ounce.

On the Asian market, gold prices continued to go up with spot gold was at $ 1,752 an ounce.