Diwali is one of the most culturally significant days of the year and a widely observed festival within South Asian communities all around the world. In Hindu mythology, it represents the triumph of good over evil and the return of exiled Lord Rama after defeating the King of demons, Raavana.
“It also marks the beginning of a new year for Hindus, as well as the arrival of Lakshmi, the goddess of wealth and prosperity,” said Ajoy Chawla, CEO of Titan Company’s jewellery division, which is under Tata Group, India’s largest conglomerate.
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For those who celebrate this 2,500-year-old festival, which usually last five to six days, Diwali begins with a jewellery investment, symbolising opening the door to a bright and prosperous year ahead. While other metals can stand in place of gold, gold is preferred because “the goddess Lakshmi is associated with purity, prosperity and abundance—properties that are synonymous with gold”, Chawla explained. Also, gold is associated with the sun, which “gives life, light, and a new beginning—everything that the festival stands for.”
For those who cannot afford substantial quantities of gold, but do not want to buy other metals—whether that is a watch or even a piece of utensil, even though that is still considered acceptable and auspicious—many brands, including those under Chawla, offer digital gold for their more tech-savvy customers. This allows them to invest in as little as 0.1g of gold at a time, and much like keeping money at a bank, digital gold can accumulate like savings. This is not only a convenient investment option, but it also enables consumers from all economic backgrounds to make small but meaningful investments that can be exchanged for tangible gold at a time that suits them.
Meanwhile, consumers who can afford gold and jewellery cause what can be best described as organised chaos behind the scenes at jewellery stores across India during the festive season.
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