Page 17 - Bullion World Volume 02 Issue 12 December 2022

Bullion World | Volume 2 | Issue 12 | December 2022

enterprises have not been able to
import gold, resulting in a limited
supply of raw materials and hence,
difficulties in scaling domestic
jewellery production. He urged
SBV to introduce policies that 1)
enable eligible enterprises to import
gold raw materials and 2) support
the development of gold jewellery
production and trading.

The first-panel session, moderated
by VGTA vice chairman Huynh Trung
Khanh, focused on the development
potential of Vietnam’s gold industry.
Nguyen Thi Huong, deputy CEO of
DOJI Jewelry Group, talked about stage as a moderator, leading the gold bar and gold jewellery market
the use of industry 4.0 technologies second panel on the experience of size amounting to 19.8 tonnes and
to develop the gold jewellery industry, the development of ASEAN gold 54 tonnes, respectively, in 2021.
quoting how DOJI used AI, AR and markets. Ng Yih Ping, TOMEI Group Prida Tiasuwan, chairman of Pranda
VR to provide customers with a CEO, shared how Malaysia's gradual Group, urged the regulators to
unique shopping experience and tax exemption on imported raw focus on the potential opportunities
adopted 3D crafting technology to materials and its zero tax policy on of allowing the import and tax
produce 24K gold jewellery. Le Tri exports have over the years helped exemption of gold in raw material
Thong, CEO of Phu Nhuan Jewelry, transform Malaysia into an export- form, like in the case of Thailand.
explained the rationale for allowing oriented jewellery industry, with the He believed that in doing so, the
the import of international gold Islamic state exporting more gold number of jewellery exporters in
materials, including increasing the jewellery than consumed locally. Vietnam would eventually increase
country’s revenues and minimising from a handful to around 400-
"foreign currency bleeding" due to Jonathan Prayoga, CEO of SKK 500. At the end, Chirag Sheth, the
gold smuggling. Jewels, introduced Indonesia's principal consultant of Metals Focus,
SBMA CEO Cheng returned to the jewellery industry and highlighted the explained that despite the war,
geopolitical tensions and inflations
around the world, gold prices have
gone down, instead of up ideally,
due to the ruthless strength of the
dollar caused by the Fed's increase
of interest rates. There is a possibility
that gold prices are still headed lower
from US$1,600 to US$1,550, unless
the recession worries heighten,
which in turn cause the Fed to pivot.

Director general Dao Xuan Tuan
remarked that the forum was a
success, and called on VGTA to
provide a roadmap to all relevant
government agencies to approve and
adopt to support the gold jewellery
industry.

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