Diwali, the festival of lights and everything bright is here. And when we talk about bright things, the shiny yellow metal known as gold, definitely makes an appearance. Buying gold during Diwali has always been a part of our tradition, but are there any other reasons that we should be buying and/or gifting gold this Diwali? Let’s take a look.
Table of Contents
1. Age Old Tradition!
As Indians we love to follow our traditions and culture. The craze about gold shopping never ends. So, when festivals tie tradition and gold together, we jump at the opportunity of buying new gold or remaking old ones. Buying gold during festivals and certain special occasions is part of our tradition and culture and is considered to be auspicious. Goddess Laxmi, the goddess of wealth, is revered and worshipped during Diwali and so buying gold should definitely be on your Diwali shopping list.
2. Gift Your Loved Ones The Charm Of Gold!
Gifting gold is considered to bring good luck, prosperity and abundance. And we would want all of that for our loved ones. It could be a gift from a husband to his wife on their first Diwali together or even their 20th. It could be a gift from your first pay check for your parents or sibling. It could be a gift for your newly born grandchild. Whatever be the reason, gifting gold this Diwali for your loved ones is going to stay with them forever!
3. Buy Back Option
When buying a gold jewellery, almost all leading jewellers offer you the option of buy back. So, in case after a couple of years, if you wish to change the design of your jewellery following the trend, then all you need to do is go back to your jeweller and get your gold weighed and exchange it for a latest design. You will get the cost of gold as on that day and all you need to pay is the difference in cost related to weight or making charges.
You cannot say the same thing about a car. The moment you take the car out of the showroom, the cost of your car depreciates and will not fetch the same value you bought it for.
4. Encourages The Habit Of Saving Money
Buying gold during festivals and occasions is an excellent way to inculcate the habit of saving. You can buy gold with very little money or with huge sums of money. There’s gold for every budget. Festivals are a good time to teach your children the art of saving. Inspire your children, once they start to earn, to buy gold as a form of saving.
5. Low Maintenance
Unlike any other asset, gold is completely low maintenance. If you buy gold coins and gold bars, you simply need to store them and forget about them as they do not require any maintenance and will still shine bright when you take them out after a long period of time. Gold jewellery too need very little maintenance. Depending on the usage and design, all you may need to do is just polish them and they are good to go.
6. Gold Does Not Deteriorate With Time
Gold will always retain its sheen and its value. It does not deteriorate with time and will not lose its price due to age. Your grandmother’s ornament will fetch you the value of gold in today’s gold rate and not at the rate at which it was purchased. Gold price is considered to be very stable and does not go down by huge margins unlike stocks and shares.
7. Can Be Passed On To The Next Generation
Have you heard your mother say that the necklace she wore on her wedding day belonged to her grandmother or that the small bangles gifted to you when you were born was gifted to her when she was born? Yes, gold is immortal, it is ageless and grows more beautiful with time. Buying gold now can be a great gift tomorrow.
8. Easy To Get Loan Against Gold
Times are very unpredictable, and you need to be financially prepared for every kind of situation. You may need immediate cash for any unforeseen situation, like medical emergency, house repairs, child education or wedding. During times like these, your investment in gold comes handy. You can easily sell off gold coins and gold bars at the market value on any given day. Hence gold is called liquid asset.
In case you do not wish to sell off your gold jewellery due to sentiments and emotional attachments, then they can be used to take loan in banks at attractive interest rates. Gold is not only a good investment but also is a good security.
