How does Saigon Jewelry Company SJC participate in selling gold at a stable price?

(NLDO) - Along with 4 banks, SJC Gold Company has participated in buying gold from the State Bank to sell directly to people, from the beginning of June 2024 until now.

On the afternoon of November 9, at the regular Government press conference, Major General Hoang Anh Tuyen, Deputy Chief of Office and Spokesperson of the Ministry of Public Security , said that on September 16, the Ministry of Public Security's Investigation Police Agency initiated a case of embezzlement and abuse of position while performing official duties at Saigon Jewelry Company (SJC).

Major General Hoang Anh Tuyen added that during the investigation, the Ministry of Public Security prosecuted 6 defendants for the crimes of embezzlement of property and abuse of power while performing official duties.

Initial investigation results determined that the defendants took advantage of the gold price stabilization business to create fake documents and books, and appropriated property. According to Mr. Tuyen, the Ministry of Public Security is focusing on consolidating evidence, expanding the investigation, and thoroughly recovering the appropriated property.

Regarding the State Bank's gold market management solutions, in the report sent to National Assembly delegates on a number of contents related to the group of questions at the 8th session, the Governor of the State Bank said that from April 19 to October 29, the State Bank organized 9 auctions and 44 direct sales of SJC gold bars to the market with about more than 13 tons of gold.

People line up to buy gold bars at SJC company in District 3 in June 2024.

By early June 2024, in order to quickly control and reduce the difference between domestic gold prices and world prices, the State Bank switched to the method of selling gold bars in appropriate quantities to Saigon Jewelry Company (SJC) and 4 state-owned commercial banks including Agribank , Vietcombank, Vietinbank and BIDV.

From there, these units resell gold bars to registered people, in limited quantities and at the same price. The goal is to soon narrow the gap between domestic and international gold prices to a suitable and sustainable level.

The State Bank sold SJC gold bars to four commercial banks and SJC Company at a price determined by the State Bank, based on world prices. On the same day, it resold them to the public at a price 1 million VND/tael higher than the purchase price from the State Bank.

As a result, the price of SJC gold has continuously decreased by millions of VND/tael compared to before, the gap between domestic and world gold prices has increasingly narrowed. Even when SJC gold is purchased by businesses, it is lower than the world gold price by millions of VND/tael.

However, at first, selling gold to people encountered many difficulties due to the large number of buyers. Later, units switched to registering to sell gold online. Thanks to that, the "stable" gold selling activity was carried out more smoothly.

Before the State Bank announced its policy of selling SJC gold bars directly, SJC gold bars on the domestic market were bought and sold at 89-92 million VND/tael, a difference of more than 18 million VND/tael (about 25%) compared to the world price.

Currently, to buy gold at a stable price, customers must have a CCCD and register online through 4 state-owned commercial banks and SJC Company. Photo: Lam Giang

Since the official announcement of the direct sale of gold bars, the difference between the domestic gold bar selling price and the world price has decreased, currently only about 3-5 million VND/tael different from the world gold price (about 5-7%).

Up to now, to buy stabilized gold directly from state-owned commercial banks and SJC company, customers must register to buy gold online.

At SJC company, customers will register to buy SJC gold bars on the website, enter full and accurate personal information according to the instructions on the screen; choose the location and quantity of gold they want to buy; successful booking notification includes information about full name, ID number, time, location and quantity according to the customer's registered information...

Customers must provide complete and accurate information when registering to buy SJC gold bars online. If there is any information that is incorrect or confusing compared to the information provided by the customer, SJC has the right to refuse the transaction.

"Then the customer comes to the transaction location according to the confirmed address and appointment time to make the transaction. If the appointment time is over, SJC will cancel the appointment to serve the next customer. When arriving at the point of sale to pay and receive gold, the customer must provide the QR code, the declared valid identification documents according to regulations, the original for comparison and 2 photocopies" - the announcement of SJC company clearly stated.

It is known that SJC Company is a 100% state-owned enterprise under the People's Committee of Ho Chi Minh City, with a distribution network of more than 200 stores, 43 official agents, of which 36 stores are allowed to trade SJC gold bars.

SJC has been branded by the State Bank to produce gold bars and has been responsible for the quality of SJC gold bars since 2014.

At the end of November 9, the price of SJC gold bars was listed by Saigon Jewelry Company (SJC) at 82 million VND/tael for buying and 85.8 million VND/tael for selling, stable compared to the morning.

The price of 99.99 gold rings and all kinds of jewelry gold is traded around 82 million VND/tael for buying and 84.8 million VND/tael for selling, stable compared to the morning.

Source: https://nld.com.vn/cong-ty-vang-bac-da-quy-sai-gon-sjc-tham-gia-ban-vang-binh-on-nhu-the-nao-196241109200548738.htm