On August 26, 2025, Decree 232 was issued, ending the state monopoly on gold bar production. PNJ has the chance to return to this market, allowing it to issue and distribute its own gold bars. However, this segment is unlikely to be a strategic focus due to low profit margins, as retail jewelry remains more profitable.
Another significant change is allowing qualifying businesses to import raw gold. PNJ is expected to receive import licenses starting in 2026, improving gold supply and reducing domestic market dependency while also enabling export expansion. This deregulation is anticipated to boost PNJ’s revenue growth and strengthen its position in the bullion industry, even though gold bars may not become the core focus.
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