Gold price drops dramatically, PNJ Company has no more gold bars or gold rings to sell

On the evening of April 19, some customers reported to Nguoi Lao Dong Newspaper that they contacted Phu Nhuan Jewelry Company (PNJ) to buy SJC gold bars and plain gold rings but were informed that they were out of stock.

"Currently, SJC gold bars, PNJ plain rings, and PNJ Tai Loc gold are out of stock at all PNJ stores and there is no exact information about when they will be back in stock" - SJC company staff replied to customers on the company's official Fanpage.

On the website of PNJ Company, at the end of April 19, the price of SJC gold bars was listed at 112 million VND/tael for buying and 114 million VND/tael for selling. The price of PNJ plain gold rings was listed at 113.5 million VND/tael for selling and 109.5 million VND/tael for buying. These prices decreased by about 4-6 million VND/tael compared to yesterday. The price of SJC gold bars and gold rings plummeted in the past day, from the peak of 120 - 121 million VND/tael.

Giá vàng giảm sốc, Công ty PNJ không còn vàng miếng, vàng nhẫn để bán- Ảnh 2. — PNJ Company announced that there are no more SJC gold bars, plain gold rings and PNJ Tai Loc gold bars.

According to PNJ's announcement, not only SJC gold bars but also plain gold rings and PNJ Tai Loc gold are out of stock. In the recently released 2024 annual report, PNJ leaders also mentioned the scarcity of raw materials many times and predicted that in 2025, it will continue to be difficult to buy raw gold.

However, PNJ's net revenue for the whole year of 2024 increased by 14.1% compared to the previous year, reaching VND 37,823 billion. Profit after tax continued to increase by 7.2% compared to the previous year, reaching VND 2,113 billion, despite challenges from the market and fluctuations in input gold prices.

At the discussion with the theme "Solutions to promote private economic development" organized by Nguoi Lao Dong Newspaper recently, PNJ leaders also proposed that there should be a clear separation between jewelry gold and gold bars - although both are raw gold, their properties and purposes of use are different. If jewelry gold is considered a common consumer product, gold trading enterprises should be allowed to import raw gold to produce jewelry gold.