Diwali, the Hindu festival of lights, falls on 30th October this year and is celebrated by the giving of gifts. Gold is traditionally given, amongst other carefully considered gifts, to show thoughtfulness and creativity. Have a look at our special Diwali infographic, which will hopefully ‘shed some light’ on the dilemma of what to give the person who has everything.
The Indian gold market has suffered some challenging times over the past few years, but yet every year during the final quarter, as wedding season gets under way, there’s a renewed interest as Indian families flock to buy the yellow metal.
Diwali, the Hindu festival of lights, falls in October and is celebrated by the giving of gifts. Gold is traditionally given, amongst other carefully considered gifts, to show thoughtfulness and creativity. Have a look at our special Diwali infographic below, which will hopefully ‘shed some light’ on the dilemma of what to give the person who has everything.
Give Gold this Diwali!
Diwali (or Deepavali) the Hindu festival of lights, is celebrated by the giving of gifts. Lakshmi, (one of the goddesses to whom Diwali is dedicated), is, in fact, the goddess of wealth, fortune and prosperity and the festival is a vibrant, joyous occasion – full of colour and light.
Gold is traditionally given, amongst other carefully considered gifts, to show thoughtfulness and creativity. So what are some of the usual presents exchanged? Well, we’ve done a quick round-up of some of the gifts you might expect and some that are a little more… unusual!
Hopefully, if you’re scratching your head for gift ideas, you’ll be inspired after reading this.
Sweets
The traditional brightly coloured delicacies of gulab, juman, soan papdi, rasgulla and barfi make the perfect treat for anyone with a sweet tooth.
Dried Fruits
Are always well received as can be stored for long periods of time
Gift Hampers
There are some amazingly luxurious hampers available, combining flowers, fruit, sweets and even maybe a statue of Lord Ganesh
Now on to …
Gold – the gift that lasts
Any Diwali celebration is incomplete without gold based gift items.
Jewellery
Gold jewellery is always a firm favourite. For the lady in your life, how about a beautiful gold chain studded with jewels, or a stunning pendant, gold earrings, an ornate ring, bracelet or ankle chain …the list is endless! For kids, there are studded pendants of everything from penguins to elephants or even rocking chickens and glittering guitars!
And if you’re buying for a gentleman, how about some impressive gold cufflinks or a stunning watch?
A sleek, gold pen for recording all those momentous occasions in life? Or how about a smart gold business card holder or a gold paperweight to sit on their desk for all to see?
As Diwali is a time of celebrating family and creating memories, what better idea than a gold photo frame?
We also came across a gold telescope, and an antique record player complete with gold horn. But if you think a more modern gift might be more appreciated, how about a gold iPad or iPhone case?
Gold coins – you could also make a gift of gold coins, depicting the goddess Lakshmi, which is thought to bestow luck and prosperity on the recipient. Coins are something to treasure for a long time and make great heirlooms.
Silver
It’s not just all about gold. Silver is also a traditional gift for the occasion of Diwali. There are Lakshmi and Ganesh silver coins available, as as well as ornate silverware pieces.
Decorative pieces
For the home are always a good idea as it’s a great opportunity to give something they wouldn’t necessarily buy themselves. Diwali is all about new beginnings, so wall hangings, metal lanterns, gold vases & silver teaspoons are all well received. We even found a decorative gold canon! You might even opt for a gold statue of Lord Ganesh engraved on a leaf.
At Physical Gold, we offer various options for purchasing tax-free gold from rare coins – which are collector’s items – to gold bullion. By investing in certain gold coins, such as UK Sovereigns and Britannias, there’s no Capital Gains Tax as they are actually legal tender in the UK.
We also offer a range of options for investing in silver too and a monthly savers account. Maybe not quite as romantic as a necklace, but still just as attractive if you’ve made a generous first deposit!
Physical Coins and Bars
The joy of owning physical gold coins and bars lies with the enjoyment of holding it in your own hands. The sheer weight of the gold, coupled with its unparalleled beauty, reinforces the knowledge and comfort of owning something of real value. With so many ‘paper assets’ becoming worthless overnight, the tangible nature of physical gold remains one of its most compelling selling points.
However, the one danger of keeping such a valuable asset in your possession is the threat of theft. So if you’re considering investing in gold, read on.
It seems that a particularly well-organised crime ring in the Greater Manchester area is well aware of this vulnerability. They also know that gold is synonymous with the Asian market where it has been bought and kept by Indians especially for many years. This tradition has clearly flowed over to British citizens of Asian origin, as this particular crime gang realised. They’ve been targeting Asian families in Manchester and Salford for their gold coins and bars.
Show me your gold
The gangs of men have been known to smash through patio doors with a brick to enter premises, fully clad in balaclavas and wielding machetes.
As well as demanding car keys, the thieves have asked: “Where’s the gold?” Some have even asked this question in Punjabi, suggesting that their knowledge of the gold’s existence stems from some of them being Asian themselves.
The spate of attacks has been particularly frequent in the Spring and Summer months, renowned as the Indian Wedding season when many Asian families purchase gold as wedding presents.
Clearly, the thefts have left many families feeling vulnerable and considering alternative places to store their gold.
Secure stores for gold
The whole point of owning physical gold is to have peace of mind that you possess something of real value. Therefore if you’re losing sleep over a safe place to store it, then it makes sense to pay for somewhere secure. And you don’t have to resort to storing the gold in your stomach as one man did in our recent blog.
If you’re lucky then you may already have a safe deposit box with your bank. Fees are low at around £30-40/year, but space is tight and access has to be arranged during banking hours. This will certainly remove the worry from your home although if robbers targeted the bank you wouldn’t be covered for loss unless you had your own insurance. Realistically these days, such facilities are difficult to find as high street banks have experienced a rise in demand for boxes, leaving little space for new safe deposit customers.
A similar alternative is to hire a 3rd party safe deposit box. A tiny box will set you back around £130/year but you will most likely have 24-hour access to the box. Unfortunately, these facilities aren’t on every street corner so you may have to travel to gain access to your gold.
Peace of mind
The safest option is to utilise specialist precious metals facilities as offered by gold dealers such as ourselves. It will cost you slightly more, but it includes insurance, handling and peace of mind that the gold is being stored by experts so your coins and bars will not tarnish. Be sure to check that your gold is being stored on an allocated, segregated basis. This basically means that you have real gold allocated up to the value of your purchase, rather than electronically, and that it’s ring-fenced from the storage company, gold dealer, and other investors.
If you do wish to take custody of your gold at home, ensure that you’re insurance company is aware of its value and that you’re covered for loss. We always use Royal Mail to deliver gold so it’s discrete for our customers. So if you want to buy gold bullion, ensure a large van doesn’t turn up to your house with Gold Bullion written on the side, otherwise, you can’t blame the thieves for targeting you!