|Customers buy gold for the God of Wealth Day, which falls today. Jewellery companies are set to double supplies and have released products in various designs. — VNS Photo Doan Tung
HCM CITY (VNS) — 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 today.
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 Viet Nam News, a Sai Gon 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, Ha Noi-based giant gold seller Bao Tin Minh Chau said it had 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 were made in 20-30 different designs.
The Phu Quy Gold Investment Company said its supply this year was 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 37.5g from the opening price and VND150,000 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 ($1,508) at the Sai Gon Jewellery Company. — VNS