“A Dol Ring Received at 200,000 Won Is Now Worth 800,000 Won... Should I Give the Same in Return?”

The Burden of Dolbanji Gifts Grows as Gold Price Quadruples

“Original Amount” vs “Same Quantity” — Sharp Division of Opinions

As the price of gold rises sharply, the math surrounding dolbanji (gold rings typically given as gifts for a child's first birthday) is becoming increasingly complicated. Whereas the price of one don of pure gold hovered around 200,000 won ten years ago, it now easily exceeds 800,000 won. This has sparked debate over whether one should give the same amount of gold as was received in the past, or match the monetary value paid back then.

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Dolbanji Once in the 200,000-Won Range, Now Over 800,000 Won

The catalyst for this debate was a subscriber's story featured on “Secret Guarantee,” a segment on the VIVO TV YouTube channel hosted by Song Eun-i and Kim Sook. Ms. A explained that she received gold rings worth about 200,000 won each from friends at her child’s first birthday party a decade ago. Now, as it is her turn to attend the first birthday parties of her friends’ children, she has found herself conflicted.

Ms. A said, “I received dolbanji, so it would be straightforward if I gave dolbanji in return. But I keep thinking, ‘I only received rings worth around 200,000 won.’” She wondered whether she should give a one-don gold ring at today’s gold price, or keep the gift around the 200,000-300,000 won level she herself received in the past.

The magnitude of the increase in gold prices justifies such concerns. In August 2016, one don of gold was around 194,000 won, but as of July 29, the Korea Gold Exchange listed the purchase price of one don of pure gold at 869,000 won. That’s a 4.48-fold increase in about ten years.

Is It About the Amount of Gold, or the Value at the Time?

Opinions differ on what standard to use for such gifts. Those who support compensation based on physical gold argue, “The basic principle of mutual aid is to return the same amount of the item received.” They point out, “If someone sells the dolbanji they received at current prices, they alone benefit from the appreciation, so it is right to reciprocate with the same amount of gold to observe fair practice.”

On the other hand, supporters of returning the value in monetary terms counter, “The rise in gold prices is a unique situation that dramatically exceeds the rate of currency depreciation or overall inflation.” They argue, “Turning an act of goodwill worth 200,000 won a decade ago into a burden exceeding 800,000 won undermines the sincere intent behind family celebrations and needlessly increases the financial pressure on individuals.”

Meanwhile, the international spot price of gold rose 8.9% in just two weeks, going from $4,046.21 per ounce at the end of July to $4,408.08 as of August 12. While this is still short of the all-time high of $5,598.29 set on January 29, the upward trend remains strong. Experts cite the potential for the Federal Reserve to hold interest rates steady—amid slowing U.S. July employment data and a decelerating Consumer Price Index (CPI)—as the main reasons.

This content was produced with the assistance of AI translation services.