By Namrata Kohli
Columnist- WomanWise
Did you know that the sheer volume of gold owned by the Indian woman surpasses the combined reserves of the top five gold-holding countries: USA, Germany, Italy, France, and Russia, as per the latest report by World Gold Council. We hold a staggering 24,000 tons of gold, which is far more than any country's gold holdings individually. What’s more, the quantity is growing with each passing year despite the fact that the gold rate has been increasing.
Even the latest Deloitte report "Sparkling Success: Renaissance in India's Gems and Jewellery Sector" states that “Gold remains the dominant choice for jewellery, with a 97% preference.”
Have you ever wondered why this gold fixation even though the jewellery and big fat Indian wedding circuit is largely dominated by Kundan, Polki and diamonds. These may be admired for their aesthetic appeal, but gold has outdone any other jewellery simply because gold is beyond jewellery. For generations, Indian women have seen gold as a form of liquid savings that can be leveraged during times of need, providing a sense of economic independence.
Let me elaborate on this point. During the devastating 2004 Indian Ocean tsunami, entire communities were displaced, and many lost access to their homes, belongings, livelihoods. But for these fisherwomen wearing gold on their bodies, this gold became their lifeline – they sold their jewelry to buy essential supplies, rebuild homes. And that is why even though gold prices have been galloping Indians continue to invest in this metal. Today if the price of gold is, for example, ₹6,000 per gram (as of recent market trends), 10 grams of gold would be worth ₹60,000. This amount could cover a month's rent in many Indian cities (tier-2 or tier-3 cities) or buy you a high-quality smartphone or sponsor a domestic vacation.
The best part is that it’s a “secret resource” of women that can be controlled by her independently, be used to meet unforeseen needs without dependence on others and hence a source of empowerment.
Heard of Stridhan, where stri means woman and dhan means property – it mostly included jewelry made of gold given by the girl’s parents, husband or in-laws during and throughout her married life, on which she has absolute ownership. It also carries sentimental value— as gold is gifted during milestone occasions and carries love, memories, and blessings. It’s a symbol of heritage as gold is often passed down through generations, becoming a tangible connection to ancestors and family legacy and a continuity of traditions.
“If you see any statues, sculptures of ancient India, you may still find figures without clothes but never without jewelry,” this fact was narrated by Rajiv Arora, founder of Amrapali Jewels. He told me that in India, devi-devta are always wearing ornaments. If we go far back in time, jewelry was not just an adornment, but it had therapeutic and medicinal value. There was an ornament for every part of one’s body – mathapatti for the head, nath for the nose, earring, choker for the neck, bajubandh for the arms, belt, hathphool for the hand, kade or bangles for the wrist and feet, bichua for feet’s toe, and so on. There were acupuncture points on the nose and ears and people always believed that it’s good for health. If you wear a kamarbandh (jewelry for the waist) or a hasli (collar-like necklace) and you walk, your waist or neck will never bend and your spine will be erect due to the weight of stiff silver, copper, gold and brass ornaments.
Then how come “no engagement is complete without a diamond ring” theory has gained ground. This was a bunch of lies peddled by De Beers years back. They created this powerful ‘Engagement Ring Story’ that still rules the minds of many – no engagement is complete without a diamond ring. It was marketed as a symbol of love and commitment; but financially, it isn’t actually an asset at all. If you know the truth, diamonds are intrinsically worthless – this was an open confession from former De Beers Chairman and billionaire Nicky Oppenheimer. The fact is that diamonds actually decay, faster than most rocks and, therefore, diamonds are not forever. De Beers knew their product was not intrinsically valuable like gold or silver, so they hired the ad agency N.W. Ayer in the early 1900s, who successfully turned a failing market into a psychological necessity. This big branding exercise by De Beers actually manipulated the demand for diamonds, positioning it as a symbol of wealth, power and romance, changing the social attitudes and convincing people that every marriage needs a diamond ring.
But in the search of the diamond, let’s not lose our gold. Because gold is beyond jewellery – it is the unspoken guardian and the trusted ally of Indian women in a patriarchal society.
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