Jewellers make new products to meet surging Tet demand

Saturday, Feb 14, 2015 11:43

People choose jewellery products at a gold store in HCM City. Gold shops in HCM City expect to make big profits over the holiday. — VNA/VNS Photo Hoang Hai

HCM CITY (Biz Hub) — Gold shops in HCM City are stocking many kinds of original products and hope to make big profits on them during Tet.

On February 9 the Sai Gon Jewellery Company (SJC) unveiled a series of products like a statue of the God of Wealth, 12 animals of the zodiac and goat head-shaped rings, each weighing from a 10th of a tael to a tael.

They all have designated 3D viewing angles that make them look very sophisticated.

Earlier, Bao Tin Minh Chau Jewellery Company had introduced a collection of gold coins associated with the shapes of the 12 animals of the zodiac. The coins weigh only a 20th of a tael, a 10th or a fifth and so are easy to be displayed or given as "lucky money."

To meet the demand for original gold products for gifting during the Lunar New Year, the company has also produced gift items including sacred objects like the "Lucky Gold Goat" created from various materials and costing VND5-150 million.

Nguyen Cong Tuong, deputy chairman of the company's wholesale office, said though the demand for bullion has not increased, the demand for gold products created specially for Tet is very high.

Gold traders expect the demand for gold products to be particularly high on the 10th day of the new year, which is the birthday of the God of Wealth.

Last year, many gold shops were hit by a shortage of stock after people flocked to buy gold on that day, according to market observers.

Bao Tin Minh Chau's turnover on the day last year increased by 300 per cent while SJC also had much higher sales than expected.

To meet demand, gold traders have focused their efforts on producing unique gold items this time.

Tuong of SJC said most people want to buy SJC bars of half, one or two taels, but there is a shortage now since the central bank did not produce enough last year.

So major gold companies like SJC, Bao Tin Minh Chau, DOJI have switched to various kinds of gold products to replace the gold bars, including packaged gold rings and gold sheets with the 12 animals of the zodiac. — VNS

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