BCR buys 70 kg of gold in 10-mo

Publish date: 15-11-2007
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Banca Comerciala Romana (BCR), the biggest lender on the Romanian market, bought some 70 kg of gold in this year's first ten months from individuals and companies, raising the total acquired to 260 kg, according to company officials.
So far, BCR is the only bank providing this service, which was launched in December 2004. Romanians choosing to sell gold to BCR receive its value on the spot, based on the gold's quotation increases year-on-year.

Gold can take the form of gold coins issued in Romania or other countries, or fragments of these coins, medals specified in catalogues, gold bars, jewels, and gold objects of no less than 14K, including gold teeth bridge.

BCR now posts the buying rate for 24K gold every day, in addition to the foreign currency exchange rate. Once purchased from the population, the gold is melted down and sold either to the National Bank of Romania (BNR), on international markets, or to local jewelers.

"To prevent thieves selling stolen jewels through our service, at the time of the transaction, each seller must provide documents with identification data, which are registered by BCR operators," said company officials.

Romanians buy and sell some 15 tons of gold jewelry every year, according to the National Association of Precious and Semi-precious Metals and Gems, although only 30 percent is traded on official markets.


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