On August 3, General Director of Saigon Jewelry Company (SJC) Le Thuy Hang had official information about the company's recent suspension of buying 1-letter gold bars and dented gold.

According to Ms. Hang, SJC gold bars are produced according to ISO 9001/2015 standards and SJC is always responsible to customers for product quality. For 1-character gold bars produced before 1996, the company has set aside a period of time for customers to switch to 2-character gold bars without any cost.

Currently, the company still buys 1-character SJC gold bars at the same price as 2-character SJC gold bars. The purchased gold will be reprocessed by the company into 2-character SJC gold bars to sell on the market.

"SJC 1-character and 2-character gold that is dented, warped, or does not meet circulation standards must be reprocessed. To reprocess, the company needs to allocate resources and obtain permission from the State Bank.

In recent days, the company has temporarily stopped purchasing dented gold due to objective reasons. Currently, we have arranged resources for processing and will continue to purchase dented SJC gold," said Ms. Hang.

It is expected that from the beginning of next week, August 5, SJC company will resume purchasing 1-character SJC gold bars and dented gold.

It is known that the 1-character SJC gold bar has the same quality and weight as the 2-character SJC gold bar but was produced before 1996. After this time, the company switched to producing 2-character gold bars and consumers preferred to use 2-character SJC gold.

As reported by Nguoi Lao Dong Newspaper , for the past few weeks, many customers who wanted to sell 1-character SJC gold bars or dented gold bars at SJC Company were refused to buy, because the State Bank has not yet granted a license to open a workshop to re-stamp these types of gold.