VietNamNet Bridge – Vietnamese consumers are concerned after fake gold from China was recently detected in Quang Ninh province.

Information about fake gold first appeared in Vietnam and affected public opinion at the end of 2010, when the gold price rocketed from VND23 million ($1,100) per tael to VND29 million per tael.

At that time, SJC Jewelry Company, one of the leading gold brands in the country, announced the shocking information "SJC gold was faked". 

It was also reported that in Hong Kong, most of jewelry and gold shops were victims of faked gold, which was faked in such a sophisticated way that even gold experts could not distinguish between real and fake gold.

In the subsequent years, information about fake gold sometimes appeared. Most recently, a local newspaper reported that on November 10, Quang Ninh police detected a fake gold trading ring, which covered some northern provinces of Vietnam.

According to Quang Ninh police, a gold shop in Ha Long City reported to the police about a man who offered for sale three taels of gold at the price of only VND115 million, much cheaper than the current price. The police investigated and found the fake gold trading ring.

Two Vietnamese men named Thanh and Luyen, from Ha Nam province, declared that they took the fake gold from a Chinese man named A Xeng, who they knew when they worked at an industrial zone in Duy Tien District, Ha Nam Province.

Luyen said A Xeng asked him to sell gold to take a lot of money. On October 15, Luyen and A Xeng went to Mong Cai, Quang Ninh, which borders China, to see a Chinese man named A Cua. A Cua gave Luyen a piece of gold to sell to a gold shop in Mong Cai. Luyen received VND240,000 ($12) from A Cua for this affair.

On October 20, A Cua gave Luyen three pieces of gold, which were sold to gold shops in Hai Phong City for VND460 million. Luyen was paid VND7 million ($350).

Five days later, Luyen and his friend – Thanh – returned to Mong Cai to receive two pieces of gold from A Cua to sell in Ha Long City for VND310 million. After that they sold a piece of gold in Hanoi for VND200 million.

Quang Ninh police said that fake gold mainly came into Vietnam from China or Hong Kong through the land border.

According to experts, the most common way to produce fake gold is mixing tungsten powder with melted gold as the proportion of gold and tungsten is similar (19.6 and 18.3). Melted gold will surround tungsten to form a layer of gold outside the tungsten core. This kind of fake gold has 20-30 percent of the gold content.

This mixture can pass the strict inspection of gauges, which can detect 17 - 18 different metallic elements, not tungsten.

For each tael of this kind of fake gold, the seller can earn profit of VND6-7 million. In Vietnam, the price for a kilo of tungsten is approximately VND100,000 (less than $5).

Vietnamese customers are advised to buy gold with clear origin.

Linh Nhat