Is selling gold bars or gold rings directly to others against the law?
I have gold bars and gold rings in storage and now want to sell them directly to others without going through a store. Would this violate the law, and what specific regulations apply? (A question from Ms. Nguyen Thu Ha in Thai Hoa Ward, Nghe An Province)
ReplyThis issue is regulated by Decree 24/2012/ND-CP on the management of gold trading activities.
For gold bars:
According to Clause 2, Article 3 of Decree 24/2012/ND-CP, gold bars are gold that is stamped into pieces, marked with symbols, and whose quality is determined.
Notably, Article 10 of this Decree stipulates that the buying and selling of gold bars may only be conducted at credit institutions and enterprises licensed by the State Bank of Vietnam.
Therefore, individuals buying and selling gold bars directly with each other (without going through a licensed entity) is a violation of the law.
For gold rings (gold jewelry, handicrafts):
According to Article 8 of Decree 24/2012/ND-CP, the business of buying and selling gold jewelry and handicrafts is a conditional business activity applicable to enterprises.
However, the law does not prohibit individuals from transferring their property. Therefore, if you only resell gold rings to others infrequently and not for business purposes, you will not be penalized.
Conversely, if the buying and selling is conducted repeatedly and has a business nature without meeting the prescribed conditions, it may be subject to penalties for violations as stipulated in Article 19 of this Decree.
Please note: gold bars cannot be freely bought and sold, while gold rings can be traded privately but must not be used for illegal business activities.
