On the day of Thanh Tai in 2024, PNJ Jewelry Company introduced “mini gold” products that are crafted into the shapes of money bags, four-leaf clovers, ancient coins, beans, and gold diamonds…with a weight of 0.3 tael and a price slightly over 2 million Vietnamese dong. An employee of this jewelry store said, “Mini gold is made from 24K gold. Thanks to its affordable price and convenient size, it is very popular and has been purchased by many customers.”
Mini gold weighing from 0.3 to 0.5 tael. Photo: Duy Anh.
At Xuan Quy Jewelry Store (Binh Hung Hoa A Ward, Binh Tan District), employees introduce various types of mini gold in the shape of rice grains with the words “Tai” (wealth), “Loc” (fortune), “Phat” (prosperity)…at prices ranging from 500,000 to 1 million Vietnamese dong per grain. According to the seller, the rice grain gold is made from 24K gold, but due to its small size, it is sold at a lower price.
There are many gold shops along Nhiêu Tam, Nghia Thuc, and Bui Huu Nghia streets (District 5). Here, customers can easily find and purchase mini gold products at prices ranging from 500,000 to 3 million Vietnamese dong per item. Some gold businesses stated that many young customers buy these products due to their affordable prices, which are suitable for new employees or students. Parents also buy them to teach their children about saving and investing in gold.
“Breaking down gold into smaller pieces can serve a wider range of customers. Instead of spending 7-8 million dong, now consumers only need a few hundred thousand to 1 million dong to buy gold. Small accumulations lead to big fortunes, and the investment chain has never been a loss,” shared Ms. Kim Thanh, owner of Kim Thanh Jewelry shop (Tan Binh District).
Loss and high risks
Ms. Nguyen Thi Huong Giang (Hoc Mon District) bought many mini gold items and intended to sell them, but she had difficulty finding a buyer. When someone agreed to buy, she was pressured to lower the price. According to her, because she had little money, when the jewelry store introduced mini gold at a soft price and guaranteed buy-back at market price, Ms. Giang decided to buy. Every few months, she purchases a few taels of mini gold and has now accumulated about 5 taels. When she went to sell, she was pressured to lower the price, and almost no store wanted to buy or only bought at a low price. “When I bought, the store guaranteed 24K gold, but when selling, it was only evaluated as 18K gold. The gold price has increased, but I didn’t make a profit and even suffered a loss. I couldn’t transfer them to acquaintances because no one has demand, and they also do not know the gold quality well,” said Ms. Giang.
Recently, Ms. Hoa ( residing in Binh Tan District) brought shiny mini gold items that were purchased for about 500,000 to 700,000 Vietnamese dong per bar to a goldsmith for inspection and evaluation. It was revealed that most of the mini gold was broken gold and not of high age.
Mr. Nguyen Van Dung – Chairman of the Ho Chi Minh City Gem and Jewelry Association – said that many sellers of mini gold do not know what kind of gold it is, how old it is… So buyers have to carefully check when choosing to buy.
Mr. Huynh Trung Khanh – Vice Chairman of the Vietnam Gold Business Association – stated that mini gold is not of high age and has more impurities, so the lower the purchase price.
Mini gold made from 24K gold will be bought by stores at the right price. However, mini gold products have a small size and are engraved with letters and patterns, so the design and craftsmanship costs are included in the selling price, ranging from 70,000 to 150,000 Vietnamese dong per item, depending on weight and patterns.
“When selling, the owner of mini gold will lose these design and craftsmanship costs. If you buy 10 mini gold items with a total weight of 1 tael, when selling, customers will be deducted 700,000 to 1.5 million Vietnamese dong for these costs. If you buy 1 tael of gold ring that is pressed into a mold, when selling, customers will not lose these costs,” said Mr. Khanh.
