On July 23, Saigon Jewelry Company (SJC) said it continues to apply its existing gold buyback policy at its store at 418-420 Nguyen Thi Minh Khai Street, Ban Co Ward, Ho Chi Minh City.
Under the policy, for gold bars, gold rings and jewelry priced based on workmanship, SJC transfers payment to customers on the same day after completing the purchase procedures. Transactions conducted after 3 p.m. or valued at more than VND500 million (US$19,100) are paid on the following business day.
For jewelry priced by individual item and diamonds, which require more complex inspection and appraisal procedures, processing takes about one to two days.
An SJC representative said customer traffic remains heavy, especially on weekends, meaning processing times may be longer on Saturdays and Sundays.
On July 23, the company saw a large number of customers selling gold and diamonds. At the same time, the sharp decline in gold prices also attracted many buyers. SJC said it has not imposed any daily limit on sales of SJC gold bars.
At around 11:30 a.m., gold prices continued to fall sharply. SJC cut its buying price by an additional VND3 million (US$115) per tael and its selling price by VND2 million (US$76) per tael compared with the opening levels that morning.
Compared with late afternoon on July 22, SJC gold bar prices fell a total of VND7 million (US$267) per tael on the buying side and VND6 million (US$229) per tael on the selling side, to VND135 million (US$5,159) per tael for buying and VND140 million (US$5,350) per tael for selling.
SJC's 9999 gold ring prices also declined by the same amounts to VND134 million (US$5,121) per tael for buying and VND139 million (US$5,312) per tael for selling. The spread between buying and selling prices remained at VND5 million (US$191) per tael.
