Every year the price of gold gets higher and higher. There are many factors for this; inflation, the economy, civil unrest in major gold producing areas, natural disasters and Indian Wedding Season. Yes, it's a fact, Indian jewelers buy up as much gold as they think they will need for the upcoming wedding season which in turn makes gold prices spike globally. The upcoming season goes from November to December. Because of the time it takes to manufacture the intricate wedding jewelry, statues and garments traditionally worn in Indian weddings we are seeing the spike now.
Actually, it's quite incredible how much gold India buys each year. It is well known that over 20% of all gold purchased annually is purchased by India. Even more impressive, it is thought that 12% of all Gold refined in the history of the world is in the households of India. Over the past decade, gold has risen by an average of 10.1 percent from September through to December.
To understand why India has such a love affair with gold, one would have to delve deep into India's illustrious history and pick apart religious beliefs and texts.
No-matter the reason their love of jewelry, their insatiable need for gold is both a bless and a burden on the worlds jewelry culture. The beautiful things they create are some of the many wonders of the world and have been inspiration for many of our jewelry designs. On the other hand, the effect they have on gold prices touches every single person who goes to buy jewelry.
Here is what the Bombay Times has to say about the matter:
"In India, it always was and still is, much more than just a precious metal. It is part of the fabric of our culture and an inseparable part of our belief system. It is the essence from which the universe was created. In a dark and lifeless universe, the Creator deposited a seed in the waters he had made from his own body. The seed became a golden egg, bright and radiant as the sun. From this cosmic egg of gold was born the incarnation of the Creator Himself - Brahma. From the root word Hri meaning imperishable, comes Hiranya, the ancient name for gold. Brahma is referred to as Hiranyagarbha - the one born of gold" -Bombay Times
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