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People scurry to buy rings on possible bullion ban
With the government considering a ban on trading of gold bars, ornaments, especially rings, are now the safe haven of choice.
Around 30 people are packed into a second-floor room of a major jewelry shop in Hanoi trying to buy 999 gold gold rings. The harried employees are unable to cope with the clamor. In the staircase, dozens more are trying to get into 20-meter room.
Tien, one of the customers that Monday afternoon at the shop on Tran Nhan Tong Street, said people were buying gold rings because of a possible ban on bullion trading.
Vu Minh Chau, Director of the Hanoi-based Bao Tin Minh Chau Jewelry Company, said sales of gold ornaments, especially plain rings, have shot up by 200-250 percent while gold bullion trading has fallen by 30-40 percent.
The most in demand are rings weighing 3.75-18.75 grams, he said, and his company is unable to meet demand, especially for ones of 3.75 grams, despite increasing the number of designers and importing more machinery.
Do Minh Phu, Chairman of Doji Gold & Gems Group, said sales of plain gold rings are rising.
A spokesperson for a gold bullion production and trading company said his company is preparing to stop transactions once the ban comes, and will shift to producing and trading ornaments.
But he said people possessing gold bars do not need to worry since the government will protect their benefits.
The State Bank of Vietnam has recommended to the government to ban trading of bullion under a two-step roadmap.
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