A customer buys gold at Bao TIn Minh Chau Gold Firm in Ha Noi. — VNA/VNS Photo Danh Lam

The export turnover of gold jewellery reached about US$20-30 million per year to Asian and European markets, reported the Saigon Jewelry Association (SJA).

Summarising incomplete data from many sources, SJA said that the whole country imported an estimated 1,000 tonnes of raw gold, kilogramme gold bars and gold beads in the 21 years from 1991 to 2012.

HCM City consumed about 80 per cent of the amount of gold imported into the country, estimated at 800 tonnes, to serve the production and business of enterprises.

For fine art gold jewellery, production and consumption is growing every year. The whole country produces and consumes an estimated 50 tonnes of fine gold jewelry each year from 1991 to 2021.

HCM City alone consumes more than 80 per cent, or around 40 tonnes of gold jewelry.

The production capacity of enterprises in HCM City is about 11 million products per year, accounting for nearly 40 tonnes of gold per year.

Goods that meet export standards to the European market are about 2.4 million products per year, concentrating on units with investment in technological equipment, skilled workforce, and financial capacity.

However, SJA said that after Decree 24 of the Government and Circular No 16 of the State Bank of Viet Nam on the management of gold business took effect, the import of raw gold by gold jewelry manufacturing enterprises has not been allowed and partly caused difficulties for businesses up to now.

In particular, the domestic gold and silver market prices hardly kept pace with the world market, out of the predictions of investors, gold production and trading enterprises.

After two years of being affected by the COVID-19 pandemic, many production facilities and jewelers faced difficulties, and market demand dropped, directly affecting businesses.

Many gold businesses and jewelers closed their businesses and switched to other professions.

Some enterprises with large capital and market experience have boldly equipped with investments in modern machinery and equipment, mass production of new products can survive in the market. — VNS