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Demand for bling rises 50%   2009-10-28 - Viet Nam News

Demand for wedding rings and jewelry on the domestic market has sharply increased by 30-50 per cent in recent times despite climbing gold prices.

Customers this year preferred simple wedding rings.

Domestic jewelry companies have sometimes faced gold shortages, affecting their ability to produce wedding products, despite stockpiling high volumes of gold for the wedding season. However, their revenues from wedding rings have significantly increased.

Nhat Nam, an official from Bao Tin Minh Chau Joint Stock Company, said that the company's revenue had recently increased by 30 per cent over the corresponding period last year.

On some days, he added, the company sold 800-900 products including 60-100 pairs of wedding rings.

A representative of Phu Nhuan Jewelry JSC (PNJ) agreed that demand for wedding rings and jewellery had been increasing.

Pham Thuy Dung, director of PNJ's Ha Noi Branch said her company's revenue from wedding rings had increased by 40-50 per cent.

This year, couples prefer simply designed wedding rings costing from VND2 million (US$110) to VND5 million ($270). Customers no longer like buying a pack of wedding jewelry including necklace, rings and bracelet.

They prefer lighter packs weighing about half a tael instead of the more common one tael like in the past. Based on the new trend, domestic companies such as Phu Nhuan Jewelry Joint Stock Co, Sai Gon Jewelry Holding Company (SJC) and Bao Tin Minh Chau have recently introduced a range of simple designs.

Customers this year preferred simple wedding rings, said an SJC store seller in Ha Noi.

White-golden rings which were attached with a small diamond became a favourite among many young couples this year. They cost VND4 million ($220) per pair, she said.

Since September, gold prices have increased to nearly VND24 million ($1,340) a tael, a 20 per cent on last year.

In recent days, while gold prices on the world market have declined or slightly increased, prices of gold on the domestic market have kept increasing due to increasing demand on wedding jewelry.

Yesterday afternoon, gold prices at SJC increased to VND23,870,000 ($1,326) per tael.



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