Gold is an important part of society and culture today. The desire for gold, especially gold jewelry, is apparent in many parts of the world, such as India. For example, in India, there is this overwhelming fascination with gold jewelry and this is a part of their cultural heritage. How gold is viewed in a religious connotation is important to examine because religion acts a vital social institution in today’s society. Gold has always been considered a sacred item in life and is a must in every religious function- reason being that Gold is pure having passed through fire in its process of evolution (Arekar&Godbole). Religion serves the purpose of uniting people together to abide by a set of rules and commandments. Gold in religions such as Hinduism, Sikhism, Jainism, and Christianity serve many functions. In the bible, gold was seen to denote exuberance in the form of gold ornaments and gifts.
As aforementioned, there is a high desire for gold in India. In India, gold is not just another precious metal, but it is a part of the culture. Gold has always been considered a sacred item in Indian life and is a must in every religious function. Gold has become an inseparable part of almost every household in Indian society. Also, it is a symbol of prosperity and good fortune. Despite the rising price of gold, the demand for gold is still increasing in India. Furthermore, gender, age, education, income, and lifestyle have a huge influence on gold buying behavior. Factors such as income tax, time value of money, future prospects and profitability influence the retail investor’s decision making process. Also, because of its high liquidity, conventional value and cultural value features, gold is the most sought-after asset (Arekar&Godbole).
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Since it’s almost Christmas, and gold is usually purchased as a gift, I was interested in how gold performs its role of being a gift or present, and why people buy it for a present. Gold and gold jewelry seem to share many aspects of a gift including communication, social exchange, economic exchange, and socialization (Ertimur&Sandikci). Gold jewelry is a proper traditional gift item, and is a communicative product that carries social cues. It serves as a symbol of continuance and merit, and signifies attainment of high standards (Clark 1986). Just like in India, gold is integral to the Turkish civilization. Receiving gold plays an important role in the empowerment of Turkish women. The gold items that a bride receives in a wedding are supposed to protect her against misfortunate events. One cool fact that I found is that in Western markets, gold is usually low karat and is bought primarily as items of adornment, but in Asia and the Middle East, most of the gold jewelry is high karat (Ertimur&Sandikci). This surprises me because I have always assumed that for weddings, the groom wants his bride to feel like a princess, so he buys expensive and high karat gold.