PNJ extends payment schedule for gold and silver customers

At about 10 a.m. today, Mr. Khanh (Tan Thuan ward) stopped by the PNJ Next store on Hai Ba Trung street to sell 1 gold tael of this brand’s plain ring. Upon arrival, the staff informed that the store had run out of purchasing quota assigned for the day, so it could not accept transactions. He was advised to move to other stores.

The staff here added that if he sold 1 tael of gold to get money, Mr. Khanh would not be able to receive it all in one day and the payment schedule would be divided into 5 installments. In particular, upon delivery of gold, PNJ will pay 10% in advance and wait until 120 days later to make full payment.

Accordingly, not only diamonds, other products at PNJ including gold bars, fortune gold, plain rings, diamonds, jewelry, collectible gifts… all apply the payment delay policy. Currently, the payment schedule specifically applied by PNJ is as follows:

Staff at the Hai Ba Trung branch said this is a large store so the number of customers coming to transact is much larger. This store opened at 9:00 a.m., but by about 9:30 a.m., the entire purchase limit of products including diamonds, gold, jewelry… had been used up. Customers who come here are advised on how to change to another product. If you exchange diamond jewelry for 24K gold (rings, pieces), customers will receive a discount of 120,000 VND per tael, corresponding to the processing fee.

Noted by VnExpress shows that the PNJ store on An Duong Vuong Street is one of the few branches that still has a diamond purchasing limit as of this afternoon. Store staff said the number of customers coming in for transactions was much higher than before.

“This morning, many people chose to exchange diamonds for gold jewelry to continue to preserve assets but still ensure future liquidity. With this option, customers receive a 6% discount,” an employee here said.

Yesterday, PNJ announced a change in payment method when collecting products. If you take money, the company will pay in installments and last up to 120 days. If changing to another product, the process is done immediately and there is an additional discount. Loose diamonds cannot be exchanged for jewelry and gold bars according to Decree 232. In addition, customers can combine both methods above.

Mr. Nguyen Quang Son, Director of Private Asset Management (North Star), FIDT Asset Management and Investment Consulting Company, said that with the resale plan and receiving money according to the roadmap, customers can convert assets into cash as committed. However, only receiving 10% at the time of transaction, with the remainder being paid in 4 installments, forces the seller to accept “loss of liquidity for the unpaid amount” and at the same time bear risks related to the progress of the business’s obligations.

With the option to change to another product, the transaction is performed immediately and customers can receive additional incentives. However, this is just a conversion from one product to another, not actually converting assets into money.

The combined plan will be suitable for people who both need some cash and want to keep or exchange for another product. This method helps customers be more proactive in allocation, but still needs to carefully consider the value of the exchanged product, the unpaid amount and the waiting time for payment.

In general, according to experts, the appropriate choice depends on each person’s goals. If liquidity is a priority, it is necessary to clearly define the amount to be received immediately and the remaining payment schedule. If using or keeping the jewelry is a priority, a trade-in option may be more appropriate. If choosing to combine, customers need to avoid exchanging products just to shorten the waiting time to receive money.

“Owners should not sell all at once just because of crowd psychology when there is no need to use the money. Before deciding, customers need to clearly determine the type of product they are holding, the purpose of ownership, liquidity needs and the amount of money actually received after deducting deductions,” Mr. Son noted.

For diamonds, the owner needs to check the invoice, certificate, inspection code, laser code on the stone and request written confirmation of the purchasing policy applicable to the specific product. If you don’t need money yet and the product profile is incomplete, customers can continue to monitor instead of selling quickly during a period of unstable market sentiment. If you need money in the short term, you should carefully consider only receiving part of the initial money and waiting up to 120 days to receive the full amount.

With gold jewelry, design, manufacturing and branding costs are often not fully recovered. People who buy gold jewelry for personal use do not necessarily have to sell it just because of a change in their current payment method.

In the case of plain gold rings, 24K or products with high gold content, according to Mr. Son, the core value lies in the gold content and the trading possibilities are often broader than with diamonds or crafted jewelry. People who want to sell should refer to the purchase price at many licensed business units, ask clearly about the inspection method and deduction level. It should not be assumed that the product can only be resold to PNJ, although selling at other units may incur additional inspection costs or be purchased at the price of raw gold.

As for silver, most of PNJ’s products are jewelry or gifts, with prices including manufacturing, design and branding – difficult to fully recover this value. The actual amount received depends on the content and weight of silver after testing and the purchasing unit’s policy. Because the value of each silver transaction is usually not too large, people who own silver jewelry for personal use do not need to rush to sell it just because of psychological concerns.

“If there is a need to liquidate, customers should clearly ask about the purchase price, deduction rate, payment term and compare with other units before deciding,” he recommended.

In summary, according to Mr. Son, PNJ product holders should answer 4 questions before taking action: Do I really need money in the next 120 days? Is the product being held a diamond, hoarded gold, gold jewelry or silver? What is the actual amount of money received after inspection and deductions? Do I accept the payment schedule and risk for unclaimed funds?

“If you don’t need money yet, the product has complete records and still meets the intended use, customers should calmly monitor further. If you need liquidity, you should prioritize the option of generating real cash, compare the purchase price at many units and request clear written confirmation of the transaction value, payment rate as well as time limit for receiving full money,” the analyst analyzed.