Gold rental service is booming
It is the peak wedding season, due to the high price of gold, many families cannot afford to buy gold as wedding gifts for their children. Therefore, the service of renting gold or wedding jewelry is attracting a large number of customers.
Ms. L.M.T (55 years old, Hanoi) said: "My son's wedding is coming up in November. According to tradition, parents often give gold, but the price of gold is too high and I don't have enough money. With a set of necklaces, bracelets, 2 earrings and 1 ring for my daughter-in-law, I calculated that I would have to spend nearly 80 million VND. Wanting my children to be on par with their peers, I went online and found a wedding gold rental shop on Truong Dinh Street."
The rental price of My Ky Gold ranges from only 600,000 to 2 million VND for a set of wedding jewelry. The rental price for the entire set is 2 million VND/day and an additional fee will be charged after 12 noon the following day. According to the contract, the renter must pay the full cost of the jewelry set, which is 8 million VND. After returning, the store will refund the deposit minus the gold rental fee.
Real 9999 gold is more expensive, a bracelet costs 800,000 VND/piece and multiplied by the number of pieces to be rented. A bracelet or pair of earrings costs 600,000 VND or more depending on the sophistication of the product. But with a deposit equal to the actual value, a wedding jewelry set including a bracelet, earrings and ring can cost up to 80 million VND, equal to the purchase cost.
To meet customer demand, a jewelry rental store on Truong Dinh Street (Hanoi) has used gold-plated silver with the exact same appearance as 9999 gold, which is a product chosen by many families.
Ms. N.T.L - owner of a wedding gold rental shop on Truong Dinh Street - said that the shop has hundreds of diverse designs from necklaces, necklaces, bracelets... for customers to choose from. The material is also 9999 gold or gold-plated silver, the deposit cost is much cheaper, so many people who come to rent choose this product.
In fact, wedding gold rental services have been around since last year, but have only recently become more popular due to the rapid increase in gold prices. Many people have invested in buying gold to store, making gold even more scarce.
Diamond jewelry rental "hot"
Not only renting wedding gold, many stores also invest in renting diamond jewelry as wedding gifts, to meet the needs of more well-off families.
A diamond jewelry store on Thai Ha Street (Hanoi) said that the store rents out more than 200 types of jewelry and accessories with diamonds for the wedding season. At this time, the price of gold is high, so the number of customers coming to rent is very large.
The rental price is calculated at 10% of the actual value of the jewelry set, with prices ranging from 2 million to 8 million VND depending on the design. When renting a product, customers must deposit the full value of the item they want to rent, then the two parties sign a contract. Customers who rent diamonds as wedding gifts mainly want to show their "class" in front of relatives and guests.
The shop owner also enthusiastically shared that in case the tenant scratches the product, she will ignore it, except in cases of breakage or serious damage, which will incur additional repair costs.
Mr. Giang and his wife (Cau Giay, Hanoi) initially only intended to buy a pair of plain 1-tael rings as wedding rings for about 8 million VND, but after learning about a diamond rental service, the couple "bit the bullet" and rented a set including a necklace, ring, and pair of earrings for the bride to make the groom's family proud.
Gold price today is still on the rise
As of 12:00 on October 31, the price of 9999 Hung Thinh Vuong round gold rings at DOJI was listed at 88.6-89.6 million VND/tael (buy - sell); an increase of 600,000 VND/tael in both directions.
Bao Tin Minh Chau listed the price of gold rings at 88.58-89.58 million VND/tael (buy - sell); increased by 600,000 VND/tael in both directions.
With the current skyrocketing price of gold, gold rental services or wedding jewelry will increasingly flourish due to the sudden increase in customer demand.
