Diwali Special: What is your reason for buying gold this season?

Some buy it as part of the tradition, and some to add to their collection. Indians have an affinity for gold and Dhanteras is a perfect occasion to buy more to invoke blessings for prosperity and wealth.

The days in the run up to Diwali, the most auspicious festival of the Hindus in the subcontinent, are cherished and awaited ones. Starting with Dhanteras, the first day of the five-day Diwali festival, which falls on November 9 this year, preparations go in full swing. For most families, Dhanteras means conducting special prayers, and purchasing gold or metal items. While customs might differ from region to region in India, the essence remains the same - to bring wealth and prosperity to the household.
Young and connected
For Geetika Arora in Delhi, this is the day to shop. "In India, families usually gift gold to daughters on their weddings. Since we are two daughters in the family, my mum and granny started shopping for our wedding long before we even started walking (laughs). But times have changed. I used most of my share of jewellery to fund my professional studies. Now that I am financially independent, I buy gold on my own as per my taste and preference. Dhanteras has a notional significance. As per mum, it is auspicious and brings in good luck and prosperity. I have nothing to complain; I enjoy this ritual every year, even when prices around this time shoot up."
Cultural influence
For Satinder Kaur, a retired schoolteacher in India, Dhanteras is a sweet excuse to shop. "Buying gold around Diwali is more of a cultural influence rather than a religious one. I am a Sikh; we do not have such customs in our religion. But during my teaching days, most of my colleagues used to buy gold around this time, and I developed a fetish for it too. Over the years, it has become a ritual of sorts for me. Gold plays a lot of value in the Indian culture. It is a great social leveller for middle-income families, and a haven of safety and security in the hour of need. Even though we had a big family and many mouths to feed, I ensured that I saved every month and bought gold around this time of the year."
Pragmatic approach
Mansi Datta, a senior executive with Dnata, too partakes in Dhanteras celebrations every year, but not by buying gold. "It is not customary to buy gold only, you can buy any metal, and I prefer buying household items on Dhanteras. Gold prices shoot up around this time, so practically it doesn't make much sense. I prefer buying gold when its prices are down. This year on Dhanteras I'll buy a brass ganesha, or a lamp for my rangoli decorations."
New-age means
For Rajit A. gold is all about exchange traded funds. "My parents have built up their life's savings in gold and real estate. They started buying together straight after their marriage in 1970s when the price of gold was around $40 per ounce. Today, it is trading above $1,100. I am thoroughly influenced and invest in gold too, but not through traditional means. I buy gold ETFs (exchange-traded funds) every month and around Dhanteras I buy double the usual amount."
Rituals and customs such as these add colour to life, giving events such as Dhanteras and Diwali more momentum. Whether you believe in the legend, and significance behind these age-old practices or not, go with the flow and dabble in celebrations to make memories for life.
suneeti@khaleejtimes.com