SBV extends tight grip to jewelry Gold trade
The State Bank of Vietnam said it would put jewelry gold trade under the strict control and as a first step all jewelry gold shops in the country must make re-registration to continue their operation.
Extending it's strict policies to jewelry gold trade, Vietnam central bank said it will introduce more regulations to guide jewelry gold trade management.
The State Bank of Vietnam said it would put jewelry gold trade under the strict control and as a first step all jewelry gold shops in the country must make re-registration to continue their operation.
SBV sources said it will make sure that apart from quality, sellers would prove the origin of the jewelries to be sold to customers and all the jewelry gold transactions must be carried out with invoices which must be shown to the competent agencies if necessary.
From May and June, the State Bank of Vietnam will begin implementing the provisions stipulated in the Decree No. 24 and Circular No. 16 on the gold market management.
The legal documents said business households are not allowed to trade gold jewelries. Gold shops must make re-registration if they want to continue their trading.
A report by the State Bank showed that there are some 6000 bullion gold shops, while there are many more jewelry gold shops, which makes it more difficult for the State Bank to manage the shops.
Analysts said if the SBV successfully controls the gold trade activities, it would be able to collect tax from the transactions, while customers can be sure about the quality of the products they buy, because only registered gold shops can trade gold.
Vietnam had already imposed strict regulations on bullion gold trade. From January 10, 2012, only 14 enterprises and 17 credit institutions with 2400 branches would be re-licensed to continue bullion gold trading.
Meanwhile, the other 70 percent of gold shops would be able to co
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