India, the world's biggest buyer of bullion, consumes about 900 tonnes of the yellow metal annually.
Gold has great significance in India for it's status and folklore that it brings to an Indian wedding. For instance, a bride wearing gold on their wedding is believed to bring luck and happiness throughout the married life. They consider no possession more valuable.
Most Indian households start saving for a marriage years in advance. As India's population gets richer, global gold demand and consumption will increase.
Indians prefer to get married in winter to avoid the monsoon rains and summer heat. Ruffly 70% of gold jewelry is sold in India during the wedding and festival season.
Traditional weddings occur on the months of late September to January (some say to December). September is considered the strongest buying month.
In addition to weddings, Indian jewelers buy gold for the 5-day Hindu festival of Diwali (the “festival of lights”) which occurs between mid-October and mid-November.
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Neal Vanderstelt
Self-Proclaimed Economist
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