SBV and Vietnam police investigate fake gold

The State Bank of Vietnam has worked with the Ministry of Public Security and police in provinces to trace origins of fake SJC gold to protect the interests for gold buyers.

Do Cong Chinh, general director Saigon Jewelry Company (SJC), said that 463 taels of copycats has been detected recently, much higher than the amount of some 300 taels detected early this month. Many of the imitated products have a lower gold purity compared to the authentic SJC products.

According to Chinh, the firm has produced special plastic covers for its gold bar products to help consumer tell authentic gold bars from imitated ones. However, the cover may also be counterfeited as criminals have now used sophisticated counterfeiting techniques.

Gold buyers are recommended to buy SJC gold at reputable shops and ask sellers about the invoice and serial number.

According to a representative of SBV, SJC has processed over 110,000 taels of gold with the amount of deformed gold accounting for over 80,000 taels. A tael equals 1.2 troy ounces.

SBV has also allowed SJC to process deformed gold for SJC and other firms until December 31.

Regarding the imposition of the special consumption tax on gold, SBV will consider this issue before presenting it to the Ministry of Finance, and it will take a long time for the tax to be imposed. However, this is a way to discourage people from keeping gold to shift to keeping cash.

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