1 thought on “Which five major jewelry companies in China can import and export gold”

  1. In the early days and periods of the founding of the People's Republic of my country, China has been strictly implemented in golden "unified collection" system and banned any form of market transactions. The "Gold and Silver Management Regulations" promulgated in June 1983 is the legal document of the gold policy of "unified purchase". The "Gold and Silver Management Regulations" clearly stipulate that the People's Bank of China will uniformly handle the acquisition and distribution of gold, formulate gold acquisition and distribution prices, uniformly manage gold import and export, and be responsible for approval of gold production, processing, wholesale, retail and gold processing business. In other words, under the institutional arrangement of "unified collection", all gold and silver acquisitions are handled by the People's Bank of China; all the use of gold and silver must be approved and supplied by the People's Bank of China. In other words, individuals and institutions are strictly forbidden to buy and sell gold, let alone export gold. Only the People's Bank of China traded gold on behalf of the state, and gold implemented strict unified purchase and uniform sales.
    In the past, the central bank of my country had stated clearly that individuals only allowed to bring 50 grams of gold with individual outbound. Entry -exit gold management is strict, and non -made products above 50 grams of gold are considered smuggling. Gold jewelry carried by individuals is generally not included. However, the number is too large. So except for the rational portable jewelry, gold cannot be carried out of the country.
    The jewelery market in the 1980s is gradually liberalized. Gold jewelry can be planted and sold outside.
    Prior to 2003, only the People's Bank of my country was qualified for gold import. That is, overseas gold enters the Chinese market and can only pass the channel of the People's Bank of China. Therefore, this is a semi -closed, semi -market -oriented channel.
    In March 2003, one year after the opening of my country's gold market, with the approval of the Central Bank and the Ministry of Foreign Trade and Trade, the four major state -owned commercial banks of the Bank of China, ICBC, CCB, and Agricultural Bank of China obtained gold import and export rights. However, according to the "Notice of the State Administration of Foreign Exchange on the issuance of gold import and export receipts and nuclear sales related issues" (Huifa [2003] No. 93), its import and export right must still be represented by the central bank.
    The four major state -owned commercial banks are all first -level members of the Shanghai Gold Exchange and have various qualifications such as agent gold trading. Therefore, after they carry out the gold import and export business, the overseas gold they bought can be passed through the Shanghai Gold Exchange. Enter the domestic market. Since the opening of the Shanghai Gold Stock Exchange on October 31, 2002, the domestic price of gold has risen all the way. At the highest time, it is much higher than the international market price per gram. After the four banks have launched the import and export business, they can not only introduce foreign gold resources. At the same time, it also helps domestic gold prices in line with the international market price as soon as possible.
    Sub -enterprise, including China Jewelry Jewelry Import and Export Corporation, was approved by the central bank and became the first enterprise to import gold and gold inlaid jewelry. However, the central bank has strict regulations on the specific import methods and products.
    On December 20, 2005, the People's Bank of China (hereinafter referred to as the "Central Bank") website released the "Administrative Measures for Import and Export and Export of Gold Products" (hereinafter referred to as the "Draft of Opinions").
    since December 20, 2005, the "Administrative Measures for the Import and Export of Gold Products" still has no following. Gold products import and export management policy is in a state of turbidity.

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