Vietnam & World Gold Market News

Vietnam Gold Market News

Gold bar prices skyrocketing, jewellery gold prices stable 2009-05-29 - VietNamNet/VNE

While the price of gold is skyrocketing, the price of jewellery gold remains stable. There are a lot of buyers, especially men, which has prompted producers to make specific products for these “new” clients.

The jewellery gold market seems to be independent of the bar gold market these days, with prices remaining constant. Explaining this, gold traders say that gold jewellery items are less pure than gold bars, which people purchase to keep as assets.

Hoang Minh, the business director of a liquor company, purchased a 0.3 tael 18k ring from a gold shop at Ben Thanh Market in HCM City. There is a big ruby on the face of ring surrounded by many tiny diamonds. Binh paid 14.3 million for the ring.

Minh said that he was satisfied by the purchase, which he called “practising thrift” in the current period.

“Previously, I spent a lot of money on buying new laptops, buying new motorbikes and mobile phones. I also spent several million on a pair of shoes, a shirt or a famous brand tie,” Minh said.

“The ring I have purchased is a kind of asset which has high liquidity. If I need money, I can easily sell it for money,” he added.

Many other men are thinking similarly nowadays, which explains why gold necklaces, gold watches and gold rings have become the choice of many men.

Perceiving the high demand, jewellery producers have been trying to develop specific new series of products, especially ones specifically designed for men.

According to Nguyen Ngoc Que Chi, General Director of Sacombank Jewellery Company (SBJ), the company is now paying special attention to developing its line of products for men, launching no less than 70 models of rings for men every month.

SBJ’s showrooms are now displaying a lot of rings for men of 0.3 taels of gold and precious stones. The price of every item is above ten million dong.

At gold shops in the Ben Thanh and An Dong Market areas, the numbers of jewellery items for men have increased significantly. Minh Tuyet, the owner of a gold shop on An Duong Vuong road in district 5, related that it is costly to invest in making products for men, because every product is 5-10 million dong on average, but this is the new market segment that many jewellery producers are targeting.

General Director of Vi Na JSC Bui Hong Tam said that the demand for jewellery gold always increases towards the year’s end. Tam said that sales of jewellery items for men have increased by 20 percent over the same period of last year.

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