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Gold in India
By Shobhaa Dé
My mother gave me four solid 23 karat gold bangles on my 18th birthday. I wore them on the wrist of my left hand and never took them off! So many years later, they are still there, along with another bangle given by my husband as a symbol of marriage. These five remain the most precious and sentimental possessions in my life. Today, my collection of gold ornaments has gone up to include some really extraordinary and rare antique pieces. But those bangles occupy a unique place in my heart. Not surprisingly, I too, like my mother, have gifted my own daughters with their own set of gold bangles. It is an ancient Indian tradition, and one that I respect since it is based on sound fundamentals. India has perhaps the largest private reserves of gold in the world and leads the global race for the precious metal, ahead of China and America. It would not be an exaggeration to say that India gobbles up gold with an insatiable appetite that keeps growing every year – meltdown or no meltdown! At last count, India boasted of 18,000 tonnes of this metal. And to think, the Indian obsession with it is delinked with its current astronomical prices. Compare what my mother paid per 10 grams way back then – it was no more than 800-1,000 rupees in 1966. Today, gold prices have gone through the roof and are hovering at 15, 650 rupees for the same weight. On 1st January 2008, 10 grams of gold was priced at rupees 10,200. By March 2009, it had crossed 15,000 rupees. Analysts are predicting it will soon hit 16,000 rupees. Who knows where it may go after that? That is a hefty appreciation. But people are still buying gold .That is because, throughout India’s history, gold has occupied a very special position in our lives. Gold is owned by nearly everybody – even a few grams of it. Gold cuts across class, caste and other ethnic differences. Indians across the spectrum of society are obsessed by this alluring metal. It is our security blanket, a hedge against inflation. Our conservative instincts towards gold have paid rich dividends in the current scenario vis-à-vis the global meltdown, during which we have managed to protect ourselves to the extent possible, thanks to the gold most families possess. Even the poorest of the poor, borrow money to buy gold during the wedding of their daughter. Why? It is to provide her with some personal security in her new life. That old evil of ‘Dowry’ (legally banned by the government in 1961) once stipulated the quantity of gold the bride had to bring with her to her husband’s home. Nowadays, even though ‘dowry’ has been officially eradicated, giving gold jewellery to the bride remains one of the main obligations for a father to fulfill, regardless of his status – a middle- class dad may give one hundred grams as a gift, while a wealthier one, five kilos! Such is the power and lure of gold in our society.
I know a lady who used to sensibly purchase a gold sovereign (coin) to mark her daughter’s every birthday. Today, the girl is 25 years old, and, as you can imagine, she has accumulated a lot of gold! The young lady is a fashion merchandiser in a top end boutique and claims she has no real use for it, and would prefer diamonds, or a Spa Vacation in Switzerland over those carefully hoarded gold coins from the British era. Her mother nods her head sagely and says, “ One day you will bless me.” I agree with the mother. My own children cannot fathom my interest in gold either. Especially, my daughter Avantikka, who got married recently. When her fiancé told her his mother was planning to gift her gold anklets and a gold belt ( considered old fashioned by today’s hip and cool generation), she turned up her nose and said she would prefer a Birkin bag!! Or two. “ Are you crazy ?” I hissed. “ Just take it. A used Birkin in perfect condition can be resold for 30% of its original value. But gold, my dear, only appreciates!” Avantikka did not listen to me. Today’s young Indian has a different notion of fashion and security. They prefer gold bonds as investment options to owning the metal itself. For my generation, it was important to see , touch and wear gold. Not acquire paper that represents it. Gold is associated with prosperity, purity and auspicious times. Our temple deities are lavishly adorned with precious and elaborate jewellery, crafted from gold. We are raised to trust gold . And to give it due respect – like our grand mothers always did. Gold has religious and medical sanction, since its multiple benefits have been chronicled in our ancient texts, going back 5,000 years. It is also India’s best kept beauty secret… and the favoured aphrodisiac of maharajas, who preferred their after- dinner betel nut ‘paan’ covered in gold leaf since they believed it enhanced their sexual prowess. Their wives were treated to gold leaf facials and massages for the same reason. Even today, certain sweetmeats have a fine layer of gold leaf (warq) over them and are relished by gourmets for whom price is clearly not the issue.
Our mythology places a high premium on gold, as our Gods are always represented in a royal light. Lakshmi, the Goddess of Wealth, showers gold coins on the faithful, and stands atop a pink lotus, while a white elephant sprays her with perfume. It is a beautiful and inspiring image, since Lakshmi is traditionally worshipped during Diwali, India’s festival of lights. We we were told as children to never show disrespect towards Lakshmi for fear of insulting her. Our elders thundered, “If Lakshmi frowns, you stand to lose all your gold!” Which young girl would risk such a fate? Devotees donating gold to our countless temple trusts have ensured the immense wealth of these bodies. Trustees are obliged to display and even auction these donations annually. It always astonishes me to see that display which frequently includes a roomful of 24 karat gold ‘objets’ that have been given to God for granting a boon – a child to the childless, good health to the sick, a husband\wife to an unmarried person, property to the homeless.The amount collected in twelve months is staggering and rivals Fort Knox.
To put it plainly, we Indians love gold. And we never think we have enough of it. I live close to a fishing village which has been there for centuries. The Kolis are Mumbai’s original settlers. It is fascinating to watch their womenfolk when the boats come in with a haul. These ladies are covered in gold from top to toe! They pull in the fishing nets, sort out the catch and take it to the market, leaving the men to rest after days at sea. All this with a couple of kilos of gold adorning their bodies – from nose rings down to toe rings. I once asked them why they wear so much jewellery. They laughed, “ This is our entire wealth. We don’t trust banks. Unlike you, we don’t keep our jewellery in vaults. Whatever we possess is on our person. Supposing there is a disaster – an earthquake , fire or floods – we can afford to leave everything behind and run. Can you do that?” How smart are these women? They could teach me a thing or two.
Despite knowing all this, my own feelings about gold are mixed ( I prefer silver, which I consider a more compatible metal). I also love wood and other materials. This preference used to drive my late mother-in-law crazy! Each time she saw me wearing this sort of an unorthodox accessory, she would give me a dressing down and say, “ You look like an impoverished, wild gypsy. What will people think – that your in-laws have deprived you of precious jewellery. Or worse, that we are facing hard financial times! Please go and put on some gold.” After a point, she gave up. But whenever I went with her to a family function, I made sure to wear enough gold so as not to bring dishonour to my in-laws. I see the same rebellious trait in my own daughter, who has married into a conservative family. Recently, she was counting the cash she’d received as gifts from relatives at the wedding. It added up to quite a hefty sum. “Buy gold,” I suggested. She turned up her nose and headed straight to Burberry’s.Urban Young Indians have changed their outlook towards this glittering metal – that’s for sure. But to what extent? Urban India is having a love affair with International brands at present. But how long is that going to last? My own guess is that once the enchantment wears off, and brands themselves become more commonplace, these same people will go back to their roots and opt for gold once more. There is a mystique about the metal that is hard to define. Man has always placed a high value on it with good reason. In India with its predominantly rural economy, gold has always been viewed as a saviour – a safe bet to fall back on during famines and epidemics. In a more modern context, gold is expected to recapture the imagination of one billion Indians, even if it has lost a little of its original sheen for India’s youth. Is it surprising then to know that the best craftsmen for gold in the world are Indian?
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