Yellow is a dear colour of Indians. More so for women. It denotes many things in different parts of the country: devotion, sacrifice, purity, meditation, abstinence, beauty, etc.
But it is the colour of the dearest of all, GOLD. It is well known that Indians are the biggest consumers/buyers of gold in the world. Almost half of the world's gold sold every year is in India. All of 800 tonnes plus. In consumer spend terms it is INR 1 trillion or US$ 25 billions. Hey, that's hell of money and most of it is private. What is still hidden is the fact that there is another 100 tonnes that is recycled and consumer still spends another Rs 25 billion or US$ 625 millions. Hang on, on top of it the next layer of precious and semi precious stones that accompany the gold in making jewellery. It all adds up to more than US$ 30 Billions.
India is home to world's 70%+ gold in raw/jewellery form and most of it is with individuals/families. That is one hell of assets.
It all starts in a small manner - gram by gram; ring by ring; chain by chain, necklace by necklace etc. On an average a middle class would use anywhere between 50 - 1000 grams of gold on a marriage. This would typically mean 4-5 years earnings and all accumulated over a long period of time.
It is festival season and all are looking to buy many things - never to forget Gold, Oh dear GOLD.
Happy buying.
But it is the colour of the dearest of all, GOLD. It is well known that Indians are the biggest consumers/buyers of gold in the world. Almost half of the world's gold sold every year is in India. All of 800 tonnes plus. In consumer spend terms it is INR 1 trillion or US$ 25 billions. Hey, that's hell of money and most of it is private. What is still hidden is the fact that there is another 100 tonnes that is recycled and consumer still spends another Rs 25 billion or US$ 625 millions. Hang on, on top of it the next layer of precious and semi precious stones that accompany the gold in making jewellery. It all adds up to more than US$ 30 Billions.
India is home to world's 70%+ gold in raw/jewellery form and most of it is with individuals/families. That is one hell of assets.
It all starts in a small manner - gram by gram; ring by ring; chain by chain, necklace by necklace etc. On an average a middle class would use anywhere between 50 - 1000 grams of gold on a marriage. This would typically mean 4-5 years earnings and all accumulated over a long period of time.
It is festival season and all are looking to buy many things - never to forget Gold, Oh dear GOLD.
Happy buying.
Comments
Post a Comment