SBV, SJC ink gold processing contract
VGP – The State Bank of Viet Nam (SBV) and the People’s Committee of Ho Chi Minh City which manages the Saigon Jewelry Company (SJC) on Tuesday signed a contract on principles regarding the making of SJC gold bars.
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The gold processing will be supervised closely by the SBV’s inspection team.
SJC is responsible for guaranteeing physical volume and technical specification of gold bars.
Earlier, the SBV on August 23, 2012 issued Decision 1623/QĐ-NHNN on gold bar production to monitor the use of gold materials to prevent the making of undervalued gold of unclear origins bearing the SJC brand.
The new rule enables the central bank to control the gold supply and easily regulate the market when necessary.
Deformed SJC gold bars and non-SJC gold bars meeting quality standards will be reprocessed into SJC gold under the supervision of the SBV.
As of February 25, the yellow metal was listed at VND44.4 million and VND44.75 million a tael for buying and selling respectively. The gap between domestic and global gold prices was narrowed down to only VND4.5 million a tael./.
By Kim Loan
