In China, gold is often gifted to younger members of the family for special occasions, and there is a tradition of giving gold to new born babies in the form of tiny necklaces or bracelets.
Gold also has a special place in the Chinese New Year when ornate pieces of jewellery in 24 carat, often featuring zodiac symbols are purchased for their investment value as well as their beauty.
India is one of the largest markets for gold, and growing affluence is driving growth in demand.
Gold has a central role in the country’s culture, considered a store of value, a symbol of wealth and status and a fundamental part of many rituals. Among the country’s rural population, a deep affinity for gold goes hand in hand with practical considerations of the portability and security of jewellery as an investment.
Weddings are a major driver of gold jewellery demand in the US. While wedding rings have been a part of Western European culture for centuries, the modern American tradition of the gold wedding band took off during the Second World War, when soldiers fighting overseas wore rings to remind them of their loved ones back home.