New regulations proposed for gold management

New regulations proposed for gold management

According to the draft circular, imported gold bars and imported raw gold must have a gold content of 99.5 per cent or higher.

Gold jewellery will be classified according to its purity or gold content. — VNA/VNS Photo

The Ministry of Science and Technology is seeking feedback on a draft circular regulating the inspection and management of measurement and quality of gold jewellery, gold bars and raw gold.

According to the draft circular, gold jewellery will be classified according to its purity or gold content.

If classified by Karat (K), the product will be placed in the next lower grade relative to its actual value. For example, 21.5K gold will be classified as 21K gold.

If declared by gold content, the actual value must be stated correctly, for example, 78 per cent or 780.

For products with multiple main parts having different gold content, classification will be based on the part with the lowest content, and the composition of the soldering material or auxiliary parts, if any, must be clearly stated.

According to the draft, imported gold bars and imported raw gold must have a gold content of 99.5 per cent or higher. When these products are manufactured, imported, and circulated in the market, their actual gold content must not be lower than the standard or the declared level.

Besides, gold jewellery, gold bars, and raw gold circulating in the market must have their applicable standards self-declared by the organisations or individuals producing, processing or importing them. This declaration can be made through packaging, product labels (including electronic labels), and product documents accompanied and posted at business locations, or published on websites and other digital platforms, ensuring that consumers can easily access the information.

In addition, the scale used in gold trading must be inspected by a designated organisation, and the certificate must still be valid. 

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