The trend in recent weeks in Hanoi seems to be shifting to buying jewelery instead of gold taels, which may come under Government restrictions.
Recently, the State Bank of Vietnam (SBV) Governor, Nguyen Van Giau said the bank will submit a regulation for Government approval in April. The new regulation would tighten the unofficial trade of gold bars and aim for a complete ban eventually.
Mr. Long, from a gold shop on Tran Nhan Tong Street, Hanoi, said transactions in the form of gold bars have sharply decreased since the SBV announced its plan to ban trade of this type in the unofficial market.
He noted that previously, almost all investors were keen on SJC-brand gold tael and only those who had little money decided to buy from jewelleries.
The situation has changed in recent weeks. Investors have switched to high-quality gold jewelery, he added.
Ms. Tuyet, who works for a gold shop in Hanoi, also said more and more people prefer gold in the form of jewelery. The same trend has been observed in many other gold shops.
Do Minh Phu, Chairman of DOJI Gold and Gems Group, affirms that high-quality jewelery sales have sharply increased.
The price of jewelery is usually calculated based on the weight of gold, with added costs for the work of goldsmiths, said Phu. The added cost starts at around VND10,000 (USD0.47) per one-tenth of a tael (the system of measurement).
Mr. Huu from Kham Thiem Street, experienced in gold trading in the unofficial market, commented that investors should be very careful when buying jewelery from shops to avoid low-quality or even fake products.
