SJC, SBJ and PNJ continue to apply for gold import

Leader of Saigon Jewelry Co (SJC) said that in August, his firm imported over two tonnes of gold. But it was just enough for brisk trading days like in previous week. Last week, the daily trading volume of SJC reached about 10,000 taels (375 kilograms).
Therefore, SJC continued to apply for more gold import to increase the supply and pull down the local gold price in accordance with the global gold price. However, SJC will choose suitable time for the gold import.

Deputy general director of Phu Nhuan Jewelry Co (PNJ), Nguyen Thi Cuc, also said that her firm sent application for gold import and is waiting for the State Bank of Vietnam (SBV)’s approval.

According to Cuc, currently, the applying for gold import is no longer as difficult as before after the central bank allowed enterprises to import gold as much as they can to create the balance between the local and global gold markets.

Last week, PNJ sold over 3,000 taels of gold each day, two fold increase against the previous week.

Nguyen Ngoc Que Chi, general director of Sacombank Jewelry Co-SBJ said Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank), the holding company of SBJ, has recently applied to the central bank for more gold import and received a quota for import of one tones of gold.

Totally, the entire Sacombank system last week sold about 20,000 taels of gold each day. The selling volume on August 29 reached 6,000 taels.

Tags: vietnam gold, Vietnam gold imports, Vietnam gold market

Posted by VBN on Aug 31 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry