Fake branded gold emerges in Vietnam

Forged bullion of the reputational gold brands, including the Saigon Jewelry Company Limited (SJC) recently appeared in the domestic market, the local state-run online newspaper Tuoi Tre (“Youth”) reported on Nov 17.

It is hard to distinguish fake bullion from a genuine one due to subtle differences in weight, size and density, the newspaper said, yet emphasizing that there exist differences when comparing the fake gold with the standard mould used to produce bullion.

The SJC initially thought that they were fake gold produced in 2010, said an unnamed representative of the company, adding that after investigation, the company guessed that gold traders were likely to seek for ways to convert smuggled gold into SJC-branded bullion.

The functional agencies presumed that speculators were trying to swage reputational branded bullions in Cambodia and illegally transport them into Vietnam, the newspaper said, adding that smuggled gold would be legalized as soon as it crossed the border.

Previously, when the price gap between material gold and the SJC’s bullion was as big as VND3-4 million/tael, speculators were reported to buy and swage material gold into bullion for profits.

Source Sophie/ StoxPlus

Tags: vietnam gold, Vietnam gold market, Vietnam gold prices

Posted by VBN on Nov 18 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