Recycling Gold Jewelry In India
India is known for his rich cultural heritage and traditions surrounding betrothals and weddings. Among these traditions are very specific gift giving guidelines concerning wedding gifts and wedding jewelry. Gifts of jewelry are not just appreciated but practically expected as part of proper Indian etiquette. The type of gift of jewelry is dependent on your relation to the bride or the part that you will be taking in the wedding. These jewelry traditions have been observed for centuries among Indian families and brides and grooms to be. However, recent hikes in gold premiums have really put a damper on purchasing plans for many families that are planning upcoming weddings. Even families that in the past had no difficulty investing in the costly items that go along with a traditional Indian wedding, are having to reconsider some of their past habits and come up with new, creative ways to fulfill their cultural obligations to the new bride without going broke themselves.
One of the current trends being utilized by Indian families to curtail the rising cost of gold in India is to recycle older pieces of jewelry in order to have them made into more modern gifts for upcoming weddings. This way the customers are not required to pay for the actual gold, they only must pay for the labor required to melt down and redesign the gold into a new piece of jewelry. This is proving to be a cost effective way save some money and also save face with relatives.
Many people speculate that the gold shortages and price increases are due to a government clamp down on imports. Others think it may not be a bad thing because traditionally Indian families tend to hold on to great amounts of gold family heirlooms. This new trend of recycling some of those treasures helps to get some of that gold back into the Indian economy.
Indian jewelry shop owners have mixed feelings about the import clampdown and the new recycling trend. They are appreciative of the influx of recycled gold because even in tough times it is keeping them in business. However, with limitations on gold imports business is not exactly booming. It is estimated that the restrictions may stay in place for at least the next six to twelve months. In the meantime, many shops are sporting signs that read, “We buy old gold jewelry.”
The majority of pieces being offered for recycling include bulky, golden, bangle bracelets and necklaces that have gone out of style. The new trend is actually making it possible for some people who would not have been able to buy more modern pieces, to have those pieces designed exactly the way they like using their own, old recycled gold.
It is a classic example of making the best of a bad situation. It’s a good thing too, as the upcoming wedding season is estimated to be one the busiest in years. The traditional Indian wedding season runs roughly from November through May. Currently about one million couples are planning to wed in the upcoming season. Hopefully through old fashioned thrift and ingenuity, these new brides will have some beautiful new heirlooms for their own future families.
