Gold shops await God of Wealth Day windfall

Tuesday, Feb 16, 2016 17:44

Bao Tin Minh Chau shop in Ha Noi is a familiar address for customers to buy lucky gold. — VNS Photo Doan Tung
HCM CITY (Biz Hub) — Gold shops around the country are scrambling to stockpile bullion and jewellery to take advantage of the massive demand that is expected on the 10th day of the lunar year, Than Tai (God of Wealth) Day, which falls on Wednesday.

According to traditional belief, a wealthy life is guaranteed if gold is bought on that day, and so demand skyrockets on the 10th day every year.

Local customers look for a suitable item.— VNS Photo Doan Tung

Jewellery companies are set to double supply and have released products in various designs.

Speaking to Viet Nam News, a Sai Gon Jewelry Company Limited (SJC) spokesperson said this year's supply to its retail stores around the country is almost equal to both retail and wholesale supply last year.

Last year demand turned out to be so high that her company had to limit each customer to two items, but with the increased supply this year the entire demand would be met, she assured.

Without disclosing numbers, Ha Noi-based giant gold seller Bao Tin Minh Chau said it has doubled supply this year.

Ancarat Viet Nam said it too would double supply and one of its sellers told Viet Nam News that products this year are made in 20-30 different designs.

A kind of lucky gold made by Bao Tin Minh Chau this year. — VNS Photo Doan Tung

The Phu Quy Gold Investment Company said its supply this year is 20 per cent higher than last, with the designs again focusing on the animals of the Chinese zodiac and the God of Health. It would also sell bars besides many kinds of rings and bracelets and necklaces.

Meanwhile, gold prices have fallen in recent days. Yesterday morning SJC prices fell in Ha Noi, losing 13,000 per tael of 37.5gm from the opening price and VNÐ150,000 from the previous day.

By the end of the day the buy/sell prices of each tael of SJC gold bar were listed at VND33.45 million ($1,492) and VND33.8 million ($1508) at the Sai Gon Jewellery Company. — VNS

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