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 February 17.
|According to traditional belief, a wealthy life is guaranteed if gold is bought on that day (Source:VNA)|
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.
Jewellery companies are set to double supply and have released products in various designs.
Speaking to Vietnam News, a Saigon Jewelry Company Limited (SJC) spokesperson said this year's supply to its retail stores around the country was 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, Hanoi-based giant gold seller Bao Tin Minh Chau said it had doubled supply this year.
Ancarat Vietnam said it too would double supply and one of its sellers told Vietnam News that products this year were made in 20-30 different designs.
The Phu Quy Gold Investment Company said its supply this year was 20 percent 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. By the end of the day the buy/sell prices of each tael (37.5g) of SJC gold bar were listed at 33.45 million VND (1,492 USD) and 33.8 million VND (1,508 USD) at the Saigon Jewellery Company.-VNA