Govt Places Strict Controls On Gold

[george]

Govt places strict controls on gold

BANGKOK: -- The government is launching strict controls on the purity of gold, in a bid to make Thailand a global centre of the gold and gemstones trade.

The new measures were announced today by Mr. Kittirat Limsakun, the Vice Minister for the Prime Minister's Office, who this morning visited gold shops in Bangkok's famous Yaowarat district, known as the country's China town area, to conduct random tests on the purity of the gold being sold.

Announcing the government's ambition to transform Thailand into a regional centre for the gold and gemstones trade, Mr. Kittirat said that the Office of the Consumer Protection Board was conducting tests on the entire gold production process, from smelting to sales, to ensure that Thai gold met the required quality standards.

The new standards, which will be enforced nationwide in October, will be particularly beneficial to tourists wishing to purchase high quality gold products.

Chinese tourists tend to visit gold shops in the Yaowarat district of Bangkok each time they visit Thailand.

Under the regulations, gold shops will have to ensure that the gold they sell has a purity level of 96.5 percent.

This compares to only 91.5 percent in countries such as China, Laos and Vietnam.

Gold shops have been warned that if their products do not meet the required standards, their certification will be revoked.

Producers will face fines of up to Bt100,000, while sellers could be fined up to Bt50,000.

Officials will also conduct more regular checks on both shops and production facilities.

-- TNA 2004-09-08

[ovenman]

BANGKOK: -- The government is launching strict controls on the purity of gold, in a bid to make Thailand a global centre of the gold and gemstones trade.

Global centre...? Sounds suspiciously like a hub to me.

I wonder if this latest scheme means the powers-that-be are going to make another half-hearted attempt to crackdown on the ol' gem store scams?

[sriracha john]

LOL@yet another hub...

[Doi Thong]

Cant believe it...feel so Central now..

[astral]

Has the sale of Gold every really been a problem?

How about taking action over the jewellery shops who routinely rip off tourists?

That should be a much higher priority.