Gold traders fined over trademarks
Gold traders fined over trademarks
Over the past five months, 47 gold jewellery traders here have been fined VND1 billion (more than US$44,000) for violating gold trademarks and selling jewellery with gold content inaccurately labeled.
The penalty follows an investigation by the provincial Department of Science and Technology, which aims to reorganise the gold trading business in the area.
According to the department, many traders in the province announced they were selling 24-karat gold products, with 98 per cent pure gold. However, after some samples were tested, the gold content of these products was found to vary from 65 per cent to 93.5 per cent.
Some others had committed to selling 18-karat gold jewellery, with 75 per cent pure gold, but their jewellery contained only 65-73 per cent pure gold.
Several traders explained that their gold products were sourced from production facilities in HCM City, which should bear the responsibility for indicating the correct gold content.
The department's current pure gold tests use X-ray fluorescence spectrometers instead of waterworks, as was done previously, which may explain the difference in gold purity findings, they said.
Department director Pham Van Sang, however, argued against these explanations, saying the traders should take responsibility for their products given that fluorescence spectrometers are popular testing machines across the world.
Sang's departmental inspection was not intended to penalise gold traders but to guide them towards lawful business practices and to create a healthy business environment while safeguarding the rights of consumers, Sang said, adding that 100 traders had sent their samples to the department for testing within the first 20 days of this month.
Several gold jewellery producers in HCM City have also contacted the department, proposing co-operation in efforts to revoke the sale of sub-standard products.
The province is home to 270 gold traders, and in the next two months, the department will join relevant authorities in comprehensive inspections of these dealers.
