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  • Category: General

    Kerala : Gold's own country..!

    Kerala – Gold's own country!
    In Europe and other western countries there is a saying that If you want to see the Gold's most beautiful form , go to the tiny state called Kerala in India and attend any marriage where you can see the brides covered with gold ornaments from neck to knee which resembles the temple elephants adorned with decorations.
    India consumes 30% of global gold supply. Out of that 20% is Kerala's consumption. The huge demand is attributed to the ever increasing remittances form Gulf countries and the US. Another reason is that there are no other investment avenues in Kerala.
    As the investment in the Gold is non-productive Govt is trying hard to reduce the demand. Increased the import tariff. Now we are seeing an explosion of smuggling which authorities are fighting.Finanace Minister Mr P Chidambaram is saying "If I have one wish which the people can fulfill, it is don't buy gold,
    Convincing the public won't be easy. Gold is completely ingrained in the Malayalee society.
  • #7009
    It is a fact that gold has an attraction than anything else among Malayali people, especially the women here. When it comes to a marriage women are concerned with gold ornaments. In survey conducted in Kerala during 2009 it was seen that in Kerala marriages out of the total expenditure about 60% are spent for gold.
    People deposit their money in gold than in anything else. Land is the other one, but the value of land is not steady and also other issues are involved in it.
    From time immemorial the yellow metal have been considered as a symbol of sanctity and richness in Kerala and in India as a whole.

    Gold Member, SPK

  • #7012
    Gold is a special resource that is very valued today and actually have great value in our world. It is very good method of safe guarding your monies.
    Adesola Adeyeye

  • #7013
    It is true that large amount of gold is used by malayalees. It is mainly used for wearing during marriages. Women are very much addicted to gold ornaments. I don't understand why women are running behind such expensive ornaments. It is good if enough number of gold ornaments are wore. But to keep your savings safe, purchasing gold is a great idea. But do not showoff them. This will also increase the tendency of stealing it in public by strangers. So always use these expensive gold ornament very carefully.

  • #7014
    As mentioned in the title, the name given to Kerala, 'God's own country', need a change as 'Gold's own country'. Ten percent of the gold market of the country is in the hands of people of Kerala, which is only three percent of India's population. Here people go for gold from the time of birth to the marriage time of an individual.

    Also gold is used as a fixed deposit especially for black money. There are about 5000 jewelries in this small State and several banks also deal with this regularly. A very crude estimate makes a total of all these dealings to a tune of 30,000 crore rupees. In fact the actual business turn over of none of the stores are available. About 90% of the jewelry dealings are not recorded.

    The jewelry production units are still considered as small scale units. Hence Central excise rules are not applicable to them. Different States follow their own policies as far as the tax levy is concerned.

    Gold Member, SPK

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