Demand for gold jewelry on the domestic market has not significantly changed despite the fact that the cost of gold has climbed to its highest ever level, according to industry experts.
"In recent days, we have had a large number of customers across the country," said General Director of Bao Tin Minh Chau Joint Stock Co Vu Minh Chau.
Chau added that as the wedding season approached, his company had seen no change in customer volume.
Sai Gon Jewelry Holdings Co (SJC) reported business had remained unchanged.
"The number of people buying wedding jewelry still remains high. However, the number of customers shopping for everyday jewelry is down 20 percent," said Tran Thi Ngoc Suong, head of SJC's Jewelry Department.
To maintain customer volume, gold companies have designed a variety of new products comprising less gold.
"Our company has introduced many new products. We cut down the gold weight so that more customers can afford them," said Chau.
He added that with only about VND1 million (US$52), customers could buy a wedding ring.
"We use modern technology, which helps us produce light weight gold jewelry," he added.
The company has also organized a number of discount promotional programs.
These new methods seem to be working for the gold companies, attracting large numbers of mid-income earners.
"It is a clever choice to buy cheaper wedding jewelry with good design when the gold price is so high," said Van Anh, a customer.
The price of gold on the domestic market has significantly increased. It climbed to VND31.64 million ($1.600) per tael (1.2 troy ounces) on Monday.
Get daily updated gold prices, the price fluctuation of gold is represented through intra day charts, 30 days, 60 days, 1 year and 5 year gold charts.Prices are available in rupees.For more information please visit on http://www.indiangoldrates.com/indian-gold-rates-in-rupees
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