Why are Indians One of the Top Buyers of Gold?
Indians are smitten with gold. So much that Indians are one of the top buyers of gold in the world after Chinese. India’s adulation with the yellow metal dates back to history when gold coins were issued in 250 AD, in the Gupta dynasty. India was formerly known as Sone ki Chirya– Golden Temple was built in gold, and Venkateshwara Temple was beautified with this precious metal.
Gold in India is a symbol of status, prosperity, religious significance, love and good luck.
In Indian culture, it is considered auspicious to gift gold in weddings. Womenfolk treasure their gold jewelry as their most prized asset and as a symbol of family heirloom.
With delicate and trendy designs gaining as much popularity as the traditional ones, gold has become a symbol of both heritage and style.
Gold also has a deep religious significance among Indians and many important festivals are commemorated with buying gold.
Let’s delve deeper into some facts that throw light on Indians love affair with gold-
- Investment- Since the time immemorial, gold is considered your best friend during dire straits. Having gold corresponds to having liquid cash. The fact that it can provide you with instant payment during an emergency makes gold your safest bet and most secure investment against a financial crisis. History has proved that the value of gold consistently goes up even though the currency suffers a downfall. Indians consider it safer to invest in gold rather than stockpiling cash in their banks. Many corporate houses also give gold coins in small denominations to their employees as a reward for their hard work.
- Social Status- Gold is a measure of your social status, a symbol of your wealth and affluence. Women are gifted gold jewellery in their weddings as an indication of opulence and good fortune for their future. The amount of gold you hold is a mark of your stature in society. Not only the rich, even the poor have an affinity with this precious metal. It is an accomplishment if they are able to buy gold with their meagre earnings.
- Family Tradition- “Gold is Forever”, this adage holds perfectly true for this metal, especially in Indian households where jewellery pieces make an integral part of the family heirloom. Traditional jewelry is passed from one generation to another as a part of family heritage. Indians are emotional by nature. Gifting gold bolsters closeness in their relationships. Most of the time newly married couples gift each other with a gold ornament on their wedding night. This is to lay a strong foundation for a blissful togetherness ahead.
- Religious Sentiments- Gold is the symbol of Hindu Goddess of prosperity, Lakshmi. It is considered auspicious to offer gold to Hindu deities, like in Tirupati Temple in Andhra Pradesh, and Shirdi in Maharashtra. Religious occasions of Onam, Durga Puja and Pongal are commemorated with buying gold. Dhanteras and Akshay Tritiya, the Hindu festivals are also considered propitious to buy gold. Such is the obsession for gold among Indians that they believe that buying gold on these two occasions will bring wealth that will never mitigate.
- Culture- Buying gold is a jubilation in Indian households, Every happy occasion such as birth, weddings, anniversaries and even festivals is celebrated with buying/gifting gold items. Gold symbolizes joy, love and good luck in Indian culture. A bride who enters her matrimonial home bedecked with pure gold ornaments is believed to bestow good luck and prosperity upon her new abode.
One thing is aptly clear that Indians have continued to love gold for centuries. For them, it is regarded both as a family treasure and a financial buffer.