Trouble again with 'one-word' SJC gold bars

Some customers brought “one-letter” SJC gold bars to Saigon Jewelry Company (SJC) to resell, but the company refused to buy them.

SJC gold bar with "one letter" on the right and gold bar with "two letters" on the left - Photo: QUANG DINH

So what is "one word" SJC gold bar?

SJC Company stops buying SJC gold bars to wait for processing of gold inventory

"One letter" gold is SJC gold bars with a serial number consisting of a letter before the number. This is the gold produced by SJC Company a long time ago.

According to research, the reason SJC Company refused to buy is because this place has an inventory of about 1,000 taels of dented and "one-letter" gold that was purchased in the past 2 months, and there is no information about when the State Bank will open a workshop to re-stamp these types of gold.

In fact, this is not the first time SJC Company has stopped buying or deducted costs when buying "one-letter" gold bars.

In March 2015, SJC Company deducted 40,000 VND/tael when buying "one letter" gold bars to offset high capital costs and risks due to gold price fluctuations while waiting for the State Bank to allow reprocessing. After working with the State Bank of Ho Chi Minh City, SJC Company's leaders abandoned this decision.

At the end of December 2015, many gold shops reported that they were quite worried because they heard that SJC Company temporarily stopped buying gold. SJC series gold bars with one character and dented SJC gold bars.

In January 2016, SJC Company also suddenly stopped buying "one letter" gold bars because it had used up its gold stamping limit.

Later, when the State Bank granted a license to limit the processing of dented gold, SJC Company bought it back.

The market rejects "one-word" gold bars

Talk to Tuoi Tre Online Previously, SJC Company said that the quality of "one letter" gold bars is no different from "two letter" gold bars. However, for unknown reasons, the market "dislikes" the "one letter" SJC gold bars.

People go to the company to sell, the company still buys, but the company sells to gold shops but people do not buy. This situation lasts for a long time, causing the "one-letter" gold bars to be left in stock.

Therefore, SJC Company had no choice but to ask the State Bank to re-stamp these gold bars into "two-letter" gold bars with new packaging. However, the long waiting process for the license led to inventory and affected the capital balance of SJC Company.

Previously, SJC Company was autonomous in producing gold bars. However, since Decree 24 took effect, the State Bank has held a monopoly in producing SJC gold bars. For many years, the State Bank has not granted permission to stamp more SJC gold bars.

SJC Company is only allowed to reprocess dented gold and "one-letter" gold according to the amount of gold licensed by the State Bank.

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