Renting gold wedding jewelry gains popularity as prices surge

Initially she and her husband-to-be had planned to use some gold bars they had to make necklaces and bracelets to present to the bride as is tradition. But she realized the making costs were high. Besides, they intended to sell the gold after the wedding to help fund their new life, and converting the gold into jewelry would depreciate its value.

So the couple approached a jewelry store with the idea of renting instead of buying. Phuong selected a necklace weighing three maces (one mace equals 3.75 grams), a bracelet of two maces and a bangle of three maces. They rented the jewelry for three days for VND650,000. "I feel this was the right decision and am very pleased with the money saved," she says.

Ha Phuong and her husband on their wedding day in their hometown of Nam Dinh City, northern Vietnam. Photo provided by Ha Phuong

In mid-October Phuong Ngoc, 25, and her boyfriend visited a jewelry shop in Tan Phu District, HCMC, to rent wedding jewels. The factory workers plan to hold their wedding at the end of the year, but with gold rings surging to VND88 million per tael, they grew anxious since they could no longer afford to buy jewels. They decided to rent a ring, necklace, and earrings instead. The shop required a deposit equal to the value of the jewelry and a rent of VND2 million.

A VnExpress survey of several jewelry shops in Hanoi and HCMC found that renting of wedding gold first started five years ago but really took off at the end of 2023, when prices of the precious metal soared.

The owner of a jewelry store in HCMC said that, as of Oct. 23, the price of plain gold rings rose for 10 consecutive days, with a tael (one tael equals 37.5 grams or 1.2 ounces) increasing by over VND4.5 million. Since the beginning of 2024 the price was up by nearly VND25 million.

Now both HCMC and Hanoi have scores of stores renting out wedding gold. The topic of renting has gained popularity on social media, attracting millions of views and hundreds of thousands of comments. Pham Duy Hieu, director of Anh Phuong Jewelry Trading Company in HCMC, says the demand for renting has increased by 80% since the end of 2023, with an average of 50-60 customers inquiring each month. "This caters to those who cannot afford to buy wedding gold or want to save money," he says.

Some people rent jewelry just for wedding photo shoots. Customers can rent jewelry by leaving their ID card and depositing VND8-10 million, depending on the jewelry’s value.

A customer at a gold shop in District 3, HCMC. Photo courtesy of the customer

HCMC wedding planners Marie Bridal says the trend of renting wedding gold has become increasingly popular since young couples hesitate to invest in gold and see renting it instead as a cost-effective solution. "Gen Z is more focused on experiences and memories than owning large amounts of gold." As a result, rental services cater to a wide range of jewelry preferences, offering designs to match different wedding outfits rather than just traditional jewels.

Nguyen Van Tam, a lecturer in economics at Van Lang University in HCMC, says with the rising costs and adverse economic situation, many young couples have difficulty maintaining the traditional wedding gold ceremony. Some resort to borrowing money to buy gold and sell it afterward to repay the debt, and take a financial hit, he says.

"The symbolic meaning of wedding gold lies in its blessing and accumulation, rather than its material value," he says. Saying rental services present a practical alternative, he predicts this trend will become even more widespread in the coming years as gold prices continue to soar.

Nguyen Hung Vy, a cultural researcher and lecturer at the Hanoi VNU University of Social Sciences and Humanities, concurs, saying that 40 years ago many wedding couples even borrowed shoes, clothes or ties from others. Over time the wedding organizing industry expanded to include catering rentals, groomsmen rentals and even MCs and singers. "So, if gold is seen as jewelry, renting it does not diminish the significance of the wedding day."

But this decision requires consent by both sides and couples should discuss the matter thoroughly to avoid misunderstandings or social judgment, he adds.