Photo by VnExpress/Nhu QuynhVietnam consumes nearly 50 tons of gold jewelry each year, with 80% absorbed by HCMC, according to the Saigon Jewelry Association (SJA). Businesses have not been allowed to import raw gold since May 2012, but consumption of the precious metal has still increased stealthily every year, said SJA. In recent years, the export turnovers of Vietnamese gold jewelry have stood at $20-30 million per year. Vietnam gold companies churn out more than 11 million gold products weighing over 40 tons, thanks to an industry that employ over 38,000 jewelers, according to SJA. However, the ban on importing raw gold has caused difficulties for gold companies because there are differences between gold prices in international and local markets.

Source: Viet Nam News December 30, 2022 07:30 UTC