Currently, the volume of purchase transactions has shown signs of decreasing after Phu Nhuan Jewelry Joint Stock Company (PNJ) adjusted the process and applied new exchange plans. Notably, despite bearing a significant deduction, many consumers still bring diamond jewelry to sell or exchange for gold with the psychology of seeking a safer haven...
Payment according to schedule and time limit
According to the latest announcement from PNJ, the exchange process has had significant adjustments to ensure that the receipt and processing of transactions are transparent and continuous. The enterprise currently applies two main options: switching to new products or receiving cash according to the payment schedule.
For customers who choose to receive cash, PNJ applies a payment schedule lasting 120 days divided into 5 installments: the first installment is 10% (immediately after the transaction day), the subsequent installments are 20%, 25%, 25% and 20% respectively. These transactions are only carried out in the time frame from 3:00 PM to 5:00 PM daily at certain specialized stores.
Sharing about this experience, Ms. P.N. T. (who used to buy diamonds at PNJ) said: "I see a policy of acquiring 80%, meaning I suffer a loss of 20%. At my place (Lam Dong), they pay in one installment, but I heard that in other places, due to the large number of sellers, PNJ does not pay all in one installment but has to divide it into 4-5 installments.
Accepting a loss of 20-25% to exchange for gold rings
The reason why many customers accept high price losses to resell jewelry mainly stems from concerns about market fluctuations and want to shift assets to 24K gold. Usually, the deduction when reselling diamonds ranges from about 20%, and for gemstones it is 25% compared to the invoice value.
On July 29, in an exchange with reporters, Ms. B.T. Q. (resident of Ho Chi Minh City), a customer who just exchanged nearly 300 million VND of jewelry for gold, said: "When I sell diamonds, they collect 80%, when selling gemstones, they collect 75%. If I exchange from diamonds to gold, they prioritize collecting 90%. It turns out I lose about 30 million VND, but I still exchange it to get gold for peace of mind and ease of sleep. Who knows, later when gold prices rise, I will break even.
Ms. B.T. Q. also added that the inspection process at the store takes about 2 hours and she is satisfied because the business still supports a 30% wage reduction when exchanging for 24K gold.
Agreeing with this view, Ms. M.H. (resident of Ho Chi Minh City) believes that switching from diamonds to gold is a safer option at the present time.
Now everyone who has diamonds goes to sell or exchange them for gold because it is safe. I sold diamond jewelry at a loss of 20%, then bought back gold rings. Although PNJ's gold jewelry making labor costs are a bit expensive, about 3 million VND per item, I take it right away because at this time gold is still safer than diamonds" - Ms. M.H. said.
Although the exchange process is somewhat stricter in terms of time and payment method, according to records from customers, the service attitude of employees is still enthusiastic and the valuation is still in accordance with the commitments on previous purchase invoices.
