Will 1st birthday gold ring make a comeback?

By Kim Tae-gyu

Koreans used to bring 24-karat gold rings to first birthday parties to wish the infants good fortune and good health. But the time-honored tradition has been dwindling over the past several years amid soaring gold prices, as guests resorted to alternative presents such as typically cash.

The Ministry of Knowledge Economy (MKE) thinks that the customary presentation of the rings will come back as it is pushing the use of grams as the standard weight for gold instead of Korea’s traditional don, or 3.75 grams, which was the weight of the birthday rings.

``Compared to 2005, gold prices have skyrocketed by four-fold. Hence, people opt not to give an expensive gold ring weighing 1 don as a gift for first birthdays. They cost more than 200,000 won each nowadays,’’ MKE Director Kim Dong-ho said.

``The tradition may revive soon as affordable 1-gram rings were introduced in May, whose price tag is be in the vicinity of 60,000 won. This will help in conserving our traditions, while establishing grams as a measurement for gold.’’

More than 2,600 jewelry shops and department stores across the country began selling the 1-gram gold rings last month. Kim expected that the measure will also boost the jewelry business here.

The government tried to phase out the don as a unit for gold in the early 1960s and even set a rule in 2006 of levying fines on those who stuck to the conventional unit. But many Koreans still use it.

Another die-hard unit is the pyeong which is the equivalent of 3.3 square meters. The government has attempted to replace it with square meters for measuring land space starting 1983 but pyeong is still widely used to report apartment sizes.