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 jewellers 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 $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.
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