With many investors fixated on the forever-fluctuating price of gold Indian brides and grooms are quite the opposite, purchasing gold at a rapid rate at present. Coinciding with wedding season preparations the gold market follows a very similar pattern each year, with the month of August being hot for purchasing.
Goldseek.com explains how investment in the metal during the first half of the year broke records, with both coin and bar demands through the roof. However, these impressive figures will experience another spike as wedding season encroaches.
‘Gold demand will get another boost in India as wedding season starts to heat up, particularly with the metal currently trading at a $40-$50 discount in the country, reports Bloomberg. Bullion traders noted persistent buying by jewellers at domestic markets to meet festive season demand.’
Indian weddings and the need for gold
With the majority of Indian weddings centred around the theme of panache gold inevitably heightens that wealthy tone to a celebration, marking the event for its speciality. With the amount of gold you have representing your wealth, prosperity and the stature of the day the more gold at your wedding day the better, setting a precedence for the rest of the celebration.
Gold is also a culture signifier, with India being the second largest purchaser of gold in the world. Buying anywhere between 800 and 1,000 tons of the luminous metal every year it is safe to say that wearing gold is not simply a sign of class or wealth but a wedding tradition that dates back centuries.
According to recent figures 60% of India’s gold bought for jewellery is bridal, clearly showing just how important this once-common metal is to Indian families..
Indian wedding planning
If you are in the process of planning your big wedding celebration then we at Maharaja would be more than happy to discuss our suite of Indian catering services with you. Visit our ‘Contact Us’ page today and learn more about the vast possibilities at hand.