Gold products are traded at a social media channel. The price of gold rings is offered at VNĐ84-85 million per tael on online forums and groups, VNĐ1-2 million per tael higher than that of licensed gold companies. — Photo laodong.vn

A scarcity of SJC gold bars and gold rings in official trading channels is causing the demand for the asset on the unofficial online market to increase sharply, but industry insiders warn that purchases could result in high risks.

On the unofficial market, the price of SJC gold bars traded by some unlicensed gold shops is up to VNĐ84.4 million per tael for buying and VNĐ85.4 million per tael for selling, VNĐ1.5 million per tael higher than that of licensed gold trading companies and commercial banks.

Similarly, the price of gold rings is also offered at VNĐ84-85 million per tael on social media channels, VNĐ1-2 million per tael higher than that of licensed gold companies.

Despite the higher prices, many people are posting on social media channels to look for sources to buy gold rings and gold bars as it is so difficult to buy the assets at official channels including licensed gold companies and commercial banks. Many members of a social media channel said due to the scarcity of the asset, some gold shops said they will make a written appointment and require buyers to make a deposit and only deliver gold when available.

Transactions of gold online have become busy in recent days because buyers are limited in the quantity and number of times they can buy SJC gold bars from commercial banks. Accordingly, each person can only buy 1-2 taels every time within a few weeks or a month.

Due to the restriction, Trần Thị Thúy Linh, a resident in HCM City, has recently reported to the Government Portal about the difficulty of registering to buy gold online at four major banks including Vietcombank, Agribank, BIDV and VietinBank. Linh requested the authorities to have a solution for the issue.

According to Lê Chánh, owner of Kim Phát No 1 gold shop, gold is currently scarce because Việt Nam does not allow gold imports. However, Chánh warns the purchase of gold online through social media channels as the products may have unknown origin and poor quality. Buyers will suffer when gold shops refuse to buy these products.

Sharing the same view, Trần Hữu Đang, General Director of ASEAN Gold and Gemstone Joint Stock Company (AJC), said people trading gold on the unofficial market are at high risk because in addition to being scammed into buying fake gold, they may not receive a certificate of ownership and may encounter trouble when selling this gold.

According to Nguyễn Văn Dưng, chairman of the HCM City Jewelry Association (SJA), transactions of gold through online forums and groups will create risks for both buyers and sellers as no one takes responsibility for quality control of the product. — VNS