Ministry of SMEs and Startups: "Onnuri Gift Certificate Special Sale Event Has Minimal Impact on Gold Price Surge"

Redemption Amount Reaches Only 6.2 Billion KRW During Event Period
Figure Includes Both Jewelry and Watches
"Sales Performance to Be Continuously Monitored"

The Ministry of SMEs and Startups stated that it is difficult to consider gold purchases using Onnuri gift certificates as a factor influencing the surge in gold prices.

On the 18th, the Ministry announced that an analysis of the redemption amount during the 2025 Lunar New Year special sales period (January 10 to February 10) at 1,426 Onnuri gift certificate affiliated stores engaged in watch and precious metals retail showed a total of approximately 6.2 billion KRW.

Gold bars displayed at the Seoul Korea Gold Exchange Jongno Main Branch. Photo by Yonhap News

This amount accounts for only 1.3% of the gold trading value (about 467.8 billion KRW) on the Korea Exchange (KRX) gold market in January this year, which the Ministry of SMEs and Startups judges is not a scale sufficient to drive the rise in gold prices. Furthermore, since these affiliated stores sell not only gold but also jewelry and watches, it is difficult to assume that the entire redemption amount of Onnuri gift certificates was used solely for gold purchases.

The Ministry plans to continuously monitor sales performance at precious metals affiliated stores with a high proportion of Onnuri gift certificate sales and, if necessary, consider measures in cooperation with related agencies. However, it stated that a full survey or administrative guidance for watch and precious metals retail affiliated stores is not currently under consideration.