Monday, September 25 2017

VietNamNews

Jewellers ask Gov't to help boost gold exports

Update: April, 09/2013 - 10:10

HCM CITY (VNS)— Gold jewelry makers have asked the Government to help the local market increase its exports by adjusting current policies on gold.

According to the Viet Nam Gold Traders Association, other countries are more competitive than Viet Nam because the production of gold jewelry here is small-scale.

With the Government's tigher control over the imports of raw gold, local gold jewelry producers have found it more difficult to make jewelry because raw materials are limited.

Nguyen Thi Cuc, deputy director of Phu Nhuan Jewelry Company, suggested that the Government ease import-export procedures or procedures for temporary import of raw material gold for re-export of semi-finished products and jewelry.

"Since 2011, the Ministry of Finance has applied a 10-per-cent export tax to jewelry that has 80 per cent to under 99.9 per cent gold content. That made exports of Vietnamese gold jewelry come to a standstill," the association said in a statement.

Delegates also raised concerns about the quality of gold jewelry.

Nguyen Van Dung, chairman of the HCM City Association of Fine Arts, Gold Jewelry and Gemstone, said: "Low-quality gold jewelry is increasing in the domestic market, badly affecting the prestige of the domestic gold jewelry industry."

Other countries were applying strict controls over the quality of gold jewelry, especially imported products, the association said in a statement.

As of today, the country does not have any appropriate appraisal agency to manage the quality of gold jewelry in the market. As a result, more low-quality gold jewelry is flooding the market.

Conference attendees said the Government should eliminate the export tax imposed on jewelry. This would help domestic gold traders and jewellers become more competitive on the international market.

To help producers have sufficient raw gold, the State Bank of Viet Nam should grant import quotas to eligible gold jewelry producers each quarter or year instead of deciding the amount case-by-case, as is done now, they suggested.

The Government should set up a quality standard system for gold jewelry, and jewelry producers must disclose the quality and quantity of their products.

Convention delegates also asked local producers to focus more on improving their product design to add more value. — VNS


Send Us Your Comments:

See also: