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The fall of Gold!
Why Asians are no longer enthralled
with the Precious metal
About one hundred years ago, John Ruskin told the story of a man who boarded a ship carrying his entire wealth in a large, bag of gold coins. A terrible storm came up a few days into the voyage and the alarm went off to abandon ship. Strapping the bag around his waist, the man went up on deck, jumped overboard, and promptly sank to the bottom of the sea.
Asks Ruskin: "Now, as he was sinking, had he the gold? Or had the gold him?"'
Human fascination with Gold, the precious yellow not necessarily pretty metal (well, at least not to many) is not something new. Countless legends have been woven around attaining it; tales have been told and retold on how people have gone to various measures, even that of inhumanity, to own it. It is used by females to adorn themselves during weddings, as offerings to Gods and as secure investments. Among the South Asian community, this ‘gold’ rush is an even more interesting phenomenon. Even something to be proud of, since this phenomenon is primarily driven by females and their undying love for it. Across Asia, gold holds a vital element of fascination. In countries such as India, Pakistan, Bangladesh, Nepal with China dominating the market, gold is very much in demand by women who love to wear it by the kilos. However, it is safe to say that it is India which has driven the gold global demand like no other country. Indian brides are known to wear a lot of gold ornaments on their wedding days. While the rest of the world may have moved on from gold, Asians still seem spellbound by it. Or so it seemed until now. Going by recent trends, things seem to be changing. For second and third generation of South Asians settled outside their country of origin, the appeal of this shiny yellow metal seems to be receding. Cross-cultural marriages and assimilation into international cultures has brought about a shift in people’s attitude towards acquiring Gold. And towards more sophisticated choices like diamonds and pearls. Even artificial jewellery or fashion jewellery as it is often called is making inroads into fashion choices. Analysts suggest that the high price of gold may have driven customers towards other choices like diamonds.
But the vital question still remains: Can we say goodbye to those times when Gold held the centre stage in Asian lives?
As the price of Gold steadily falls, with experts considering this fall to be the largest decline in gold prices in the last 30 years, Asians seems to be looking for other options. Second generation Asians settled abroad prefer elegant designs, even if they are in gold. Diamonds, rubies and other precious stones encrusted in white gold and platinum have become increasingly popular with brides. Bridal wear is now complemented with interesting fashion choices be it jewellery, sequined clutch bags or tiaras.
For many centuries, the hoarding of gold was seen as a sign of financial security for females. The girls’s parents started to buy and keep gold ready for when they would be married. "The gold will show off the prosperity and the stand of the family in the society," says Indian wedding planner Divya Chauhan.
It was said that the amount of gold that a woman brings to a marriage gave her financial control and power in her new life. It was a symbol that she deserves to be taken seriously; that she has her own assets aside from her husband's. But with Asian females now empowered and independent with careers and financial freedom, this notion no longer holds true.
There are many investment options in the modern world the stock market and real estate to name a few. As for the females, there are umpteen choices for South Asian ladies looking towards Diamonds and Pearls for bigger occasions and choosing fashion jewellery for everyday wear.
What do we need gold for?
By Sabah Hadi Sabah Hadi is a writer, editor and online entrepreneur. She is the editor of an anthology ‘FTPBTP’ and Director of Sama Collections. Be a part of The AsiansUK Magazine and Social Network!
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