Thursday, August 24, 2017 - 17:43:48

Doji Group gets licence to assess gold jewellery

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Doji Gold and Gems Group has become the first Vietnamese enterprise to receive a licence from the Government to measure gold content in jewellery traded in the domestic market.

The Directorate for Standards, Metrology and Quality under the Ministry of Science and Technology (MoST) granted the licence to Doji Group last week. The move came after the MoST issued Circular 22, regulating the management and measurement policies in the gold trading business.

The circular, which took effect last June, aims to cope with the long-term lack of control in gold content management in the domestic market. It requires that the standards of quality and measurement of gold jewellery traded in the local market be written as the product code, with accurate gold content.

As a result, the Directorate for Standards, Metrology and Quality has begun granting licences to qualified gold and jewellery trading units. Last July, the Asia Commercial Bank received a similar licence from the Directorate, for the testing of the title and content of gold to ensure proper market management.

The price of gold in the domestic market on August 26 fell by 160,000VND or 8 USD per tael from last week's rate while the price of gold in the world market regained somewhat from its weakest level in two months.

In the capital city, each tael of SJC gold was listed at 36.42 million VND (1,734.2 USD) per tael, the lowest price in two months, at the Doji Gold and Gems Group.

On Kitco.com, the online global gold trading floor, the price of the precious metal gained 5.4 USD per ounce and was listed at 1,281 USD per ounce or 1,543 USD per tael.

One tael is equivalent to 1.2 ounces.

According to Reuters.com, gold regained some of its strength on bargain hunting but still held near its weakest level in two months as a firmer US dollar and rallies in equities undermined the metal's appeal as an alternative investment.

Thus, each tael of gold in Vietnam was priced 191 USD higher than that of the world market on August 26.-VNA
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