Gold jewelry faces major changes in management policy: Open but not let go

Removing gold jewelry from the list of conditional business lines will contribute to creating an open market, but policies need to be calculated according to a roadmap, ensuring transparency and not disrupting the market.

Should be considered as a regular business item

The Vietnam Gold Business Association has just sent a dispatch to the National Assembly Chairman requesting consideration of removing the production, processing and trading of gold jewelry and fine art; and the export and import of raw gold for the production of gold jewelry and fine art from the list of conditional business lines.

Thus, the conditional business lines for the gold industry in Appendix 4 of the draft Investment Law (amended) only include "production and trading of gold bars, gold derivative products and gold trading floors".

According to the Vietnam Gold Business Association, in the world , the production, processing and trading of gold jewelry is a normal commodity production and trading industry, and no country has stipulated it as a conditional business industry.

Sharing with VietNamNet reporter , Dr. Nguyen Tri Hieu, a finance and banking expert, said that the production, processing and trading of gold jewelry should be considered a normal business item, similar to products serving people's beauty and storage needs, instead of belonging to the group of conditional business items.

According to him, gold bars and raw gold can impact the macro economy because they are not commonly used products; if invested and speculated too much, it can affect foreign exchange reserves, inflation and national reserves. Therefore, gold bars need to be a conditional business and must be licensed to operate.

Experts believe that policies on gold jewelry need to be calculated according to a roadmap, ensuring transparency and not causing disruption to the gold market. Photo: NK

On the contrary, gold jewelry is not a business product that affects the macro-economy, so it can be removed from the list of conditional businesses.

“In many countries, like the US, businesses that produce and trade gold jewelry only need a regular business license, not a special license like the banking sector,” Mr. Hieu emphasized.

He believes that removing gold jewelry from the list of conditional business lines will contribute to creating an open market that develops according to the law of supply and demand.

Need to calculate carefully

Mr. Nguyen Quang Huy, CEO of the Faculty of Finance and Banking (Nguyen Trai University), said that gold jewelry has long been considered a field that combines cultural values, handicrafts and market factors. Unlike gold bars, this segment is more commercial and creative, less directly related to monetary management goals.

From a neutral, comprehensive and constructive perspective, this proposal aims to facilitate production and trade, but also requires careful calculation to maintain market stability and ensure the harmony of interests of businesses, consumers and management agencies.

Mr. Huy assessed that the proposal had reasonable points, considering three aspects.

Firstly , product characteristics: Gold jewelry is a product that has undergone a manufacturing process, changed shape and value no longer depends entirely on the gold material. Therefore, many countries classify it as a normal commercial product, not applying the same business conditions as gold bars.

Second , room for growth: If conditions are relaxed, businesses can access raw materials more easily, invest in machinery, upgrade designs and increase industrial standards. This creates the premise for expanding exports, especially to markets that require sophistication but also appreciate emerging brands.

Third , social and economic benefits: The gold jewelry industry employs a lot of highly skilled workers. When administrative barriers are reduced, production will increase, creating more jobs and encouraging the development of supporting industries. These benefits spread positively, in line with the orientation of developing creative industries and increasing domestic added value.

However, the expert noted that opening up is necessary, but it must also be accompanied by building a harmonious management mechanism to ensure stable market operation. Not requiring a business license does not mean loosening standards. To protect the reputation of Vietnamese products and ensure consumer rights, it is still necessary to maintain a transparent content inspection mechanism, jewelry standards and product labels.

Although gold jewelry does not directly impact monetary policy, gold raw materials are still a unique commodity with high value. A clear traceability system helps to make the flow transparent, limit trade distortions and create trust for international importers.

Therefore, Mr. Huy proposed that large-scale enterprises should be integrated into the large transaction reporting mechanism at a reasonable threshold to ensure transparency and market safety. This regulation both supports risk management and does not put administrative pressure on small enterprises.

“The gold market is sensitive, so policy changes should be implemented step by step to avoid sudden changes. The roadmap from pilot - evaluation - expansion is a safe and harmonious solution,” said Mr. Huy.

Mr. Huy said that, to make the proposal most effective, it is possible to consider applying a set of simple, clear technical standards instead of conditional business licenses, to ensure transparency but not create barriers for businesses. At the same time, it is necessary to build a digital traceability system through coding shipments and connecting data between businesses, customs and management agencies, thereby simplifying management and effectively controlling the flow of raw materials.

The Ministry of Finance talks about the tax threshold when buying and selling gold bars. Regarding the proposal to consider imposing tax on gold bar transfers, especially on the tax rate and appropriate application method, the Ministry of Finance has just given a specific explanation.

Source: https://vietnamnet.vn/vang-trang-suc-dung-truoc-thay-doi-lon-ve-chinh-sach-quan-ly-2470382.html