“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 gold prices soar, the calculus surrounding the gift of gold rings at a child's first birthday party, known as "dolbanji," has become increasingly complicated. While a decade ago, the price of a pure gold don (3.75g) was around 200,000 won, it now easily exceeds 800,000 won. This has sparked debate over whether one should give the same quantity of gold as previously received or match the monetary amount originally paid.

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A Dol Ring Once Worth 200,000 Won, Now Over 800,000 Won

The debate was triggered by a subscriber's story featured on the YouTube channel "VIVO TV," run by Song Eunyi and Kim Sook. According to the story, Mr. A received a gold ring valued around 200,000 won from friends at his child's first birthday party ten years ago. Now, as he prepares to attend his friends' children's birthdays, he is facing a dilemma.

Mr. A said, "Since I received a dolbanji, it feels straightforward to give a dolbanji in return, but I keep thinking, 'I received one worth 200,000 won.' Should I gift a current gold ring equivalent to one don based on today’s gold price, or should I match it to the 200,000–300,000 won range I received before?"

In fact, the steep rise in gold prices makes this concern understandable. In August 2016, the price of a gold don stood at around 194,000 won, but as of July 29, the Korean Gold Exchange listed the purchase price of a single don of pure gold at 869,000 won. This is a 4.48-fold increase in approximately ten years.

“Amount of Gold” or “Equivalent Value at the Time”?

Opinions remain divided over the basis for such gifts. Those who advocate for physical reciprocity argue that "the foundation of mutual help is to return the same quantity received," adding, "When selling a gold ring received in the past at today’s price, one enjoys the increased asset value. Therefore, repaying with one don of gold is in keeping with social etiquette."

On the other hand, supporters of monetary-value reciprocity counter, "Gold's price has far outpaced the general decline in currency value or the rate of inflation—this is an exceptional situation. To reciprocate a gesture worth 200,000 won ten years ago with a gift now valued over 800,000 won undermines the spirit of such life events and places an excessive financial burden on individuals."

Meanwhile, the international spot price of gold has also risen sharply, climbing 8.9% in just two weeks from $4,046.21 per ounce at the end of July to $4,408.08 per ounce as of August 12. Although this remains below the all-time high of $5,598.29 per ounce set on January 29, the market is still strong. Experts cite the U.S. Federal Reserve's possible rate freeze, triggered by softer July employment figures and lower Consumer Price Index (CPI), as a major factor behind this strength.

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