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South Korean infants hit by gold price surge
Source: Agencies |
April 22, 2011, Friday
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Online Edition
Online Edition
SURGING gold prices have forced South Koreans to cut down on traditional rings given to mark the first birthday of the children of friends and relatives, making jewelers to come up with a lighter and cheaper alternative to boost sales.
A gold ring is a traditional present to wish a baby good luck and fortune, but a rise in gold prices to a record US$1,508 an ounce on Thursday has priced even the most devoted out. The rings are sized to the baby's finger and its name may be engraved inside.
"On average, monthly sales of dol (first birthday) rings is only one-tenth compared to last year," said Yoo Dong-soo, chairman of the Korea Precious Metals Association.
A new one-gram ring, much lighter than the customary baby gift weighing an eighth of an ounce or 3.75 grams, would help lift sales and preserve the long-standing tradition, he added.
The first birthday is a huge ceremonial occasion in Korean tradition that includes a birthday party. During the party, a baby, sometimes wearing gold rings, selects an item from among things such as thread, a pencil or money to predict their future, while families and guests watch.
"The one-gram ring sounds just doable for both party hosts and guests, we don't have to feel it's a burden," said Park Su-yeon, a 34-year-old mother who's planning her baby's first birthday party in May.
But sentiment only goes so far. Some parents have actually sold the rings engraved with their infant's name to take advantage of rising gold prices.
A gold ring is a traditional present to wish a baby good luck and fortune, but a rise in gold prices to a record US$1,508 an ounce on Thursday has priced even the most devoted out. The rings are sized to the baby's finger and its name may be engraved inside.
"On average, monthly sales of dol (first birthday) rings is only one-tenth compared to last year," said Yoo Dong-soo, chairman of the Korea Precious Metals Association.
A new one-gram ring, much lighter than the customary baby gift weighing an eighth of an ounce or 3.75 grams, would help lift sales and preserve the long-standing tradition, he added.
The first birthday is a huge ceremonial occasion in Korean tradition that includes a birthday party. During the party, a baby, sometimes wearing gold rings, selects an item from among things such as thread, a pencil or money to predict their future, while families and guests watch.
"The one-gram ring sounds just doable for both party hosts and guests, we don't have to feel it's a burden," said Park Su-yeon, a 34-year-old mother who's planning her baby's first birthday party in May.
But sentiment only goes so far. Some parents have actually sold the rings engraved with their infant's name to take advantage of rising gold prices.
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