You may be surprised to know that the largest global market for gold jewelry is India, and not any other country. Statistics show that a staggering amount of 746 tones of the precious metal was exchanged in the Indian gold market in 2010, when the world was still deep into one of the worst financial recessions in global economic history.
In India, gold is intertwined deeply with cultural traditions and there are actually specific festivals that require purchase of gold pieces. The Dhanteras before Diwali and the occasion of Akshay Tritiya in May are the two festival milestones that require purchase of gold. People also often indulge in gold purchase as a solid form of heirloom investment.
Most women who can afford gold are often in search for new designs from jewelers. Besides, there is the famous Indian wedding season when buying gold pieces is a must for the family of the bride. The family of the groom buys gold too, there are no cultural restrictions on that. Not only the immediate families of the bride and the groom, but the relatives and friends often buys gold jewelry pieces to gift to the newlywed and to adorn themselves to attend the wedding.
If You Are Considering Gold Investment In India
In case you are considering gold investment in India, you should keep close track on the developments of Indian gold market. It is fairly easy to keep track of the developments of the market as there are multiple websites devoted to keep track of the ups and downs of the gold market. The Indian market is also dependent on global scenarios like tensions in the Middle East or the political development in the US.
However, it should be kept in mind that the internal gold market of India. The internal market stays quite immune to global scenarios as investing in 24-carat gold is still a highly preferred form of investment in rich rural India. Rural India is still pretty much untouched by global scenarios.
The Artistic Value Of Indian Gold
Another important aspect of the Indian gold market is the artistic value of the gold. Indian goldsmiths are among the most skilled in the world as they bear the tradition of hundreds of years in gold craftsmanship.
This gold artistry gives a unique artistic value to Indian gold that cannot be found anywhere else. In fact, different regions of India have different types of gold artistry. The Kundan gold artistry tradition in Rajasthan is an example in this regard.