Jewelers in Vietnam Report Weak Christmas Sales

"During the last shopping season, many customers ordered jewellery with large diamonds. However, not many customers now wanted jewellery with gemstones," said the Hanoi branch director.
 

Doji Gems and Trade JSC, which imports products from Italy, Japan, South Korea and Hong Kong, also said their luxury jewellery business came to a halt in 2008. "The company's turnover in November and December did not increase. We ran a number of promotion programs, but the results fell below expectations," said Doji official Thuy Huong.  Most customers were spending money on gemstones under $625 he said.
 

To meet the demand of consumers with limited financial resources, jewellers are creating a line of inexpensive products. Recently, the PNJ has created a line of rings and necklaces using artificial gemstones at price points in the $300-range.  Other customers were opting for semi-precious stones like topaz and amethyst during Christmas, said Tran Ngoc Son from the Thanh Dat Gold and Silver Store.

The Bao Tin Minh Chau Company is targeting customers by marketing jewellery using small gemstones. The company  increased turnover of these products by 50 percent, said Nguyen Le Thu, a company business official.
 

Although the turnover for luxury jewellery fell, the PNJ Hanoi said that 2008 total turnover was still the same as the previous year due to rising demands for cheaper jewellery and high gold prices.