Unlike most years, demand for jewelry this Tet seems to be down due to the troubled economy.

Sales at Phu Nhuan Jewelry Joint Stock Co. (PNJ) this month are down more than 25% compared to last month but up 1% over last Tet, according to Nguyen Thi Cuc, deputy general director of PNJ.

Saigon Jewelry Company and some private companies said that their sales are down compared to last year. According to an SJC sales manager, jewelry this year is selling slowly, while the company’s sales agents said the amount of jewelry sold this year was 50% compared to last year.

Jewelry stores near Pham Van Hai Market in HCMC’s Tan Binh District, Tan Dinh Market in HCMC’s District 1, An Dong Market in District 5 and Ben Thanh Market in District 1 look quiet. “People mainly buy and sell foreign currency,” said a jewelry store owner on Le Thanh Ton Street in District 1.

Most stores lament when even the wedding season and the coming Lunar Year has not helped.

Hoa, a store owner on Hai Ba Trung Street, worries about next year as she is afraid that the current situation will lead to bankruptcy and the unemployment of many goldsmiths.