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The Hindi term ‘Dhanteras’ consists of two words “Dhan” which means “wealth” and “Teras” which means “the 13th day”. As per the Hindu calendar, this festival falls on the 13th lunar day of Krishna Paksha in the Ashwin month.

dhanteras gold

image: source

If you follow the Gregorian calendar, Dhanteras is on 25 October this year. But, let us skip what the festival means. Instead, let’s focus on India’s obsession with gold and we all know how evident it is in festivals, weddings and also in sweets. We like gold everywhere.

Remember, in 2013, a businessman called Datta Phuge got a shirt made of gold that was worth Rs.12.7 million at a shop in Pune. More surprising is that his shirt was made up of 22-carat gold and was completed in 16 days by 15 craftsmen. Well, the shirt weighed 3.32 kg and moreover, it also earned him a Guinness World Record for the world’s costliest shirt.

Datta Phuge Gold Shirt

Datta Phuge

Even though this is enough to surprise you, we have added more reasons why Indians go crazy when it comes to gold.

  • In this country, gold is believed to be auspicious as it has been used in numerous temples and to craft idols of several gods and goddesses. As per an EconomicTimes report, the world’s richest Hindu temple at Tirupati in Andhra Pradesh is sitting on pure gold reserves of over 9,000 kg.
Tirupati Temple Gold

Tirupati Temple

  • This metal is seen as an asset or security in times of inflation or crisis
  • India is known for its big fat weddings. In this country, it is mandatory for brides to wear jewelry made of gold during the marriage, and the tradition is continuing until now.
  • It is strange that a metal like gold is associated with class and status in India, the more asset you have, the more respect society has for you.
  • Some people may not like gold, but in pujas and weddings, when they see others wearing gold jewelry, they also feel that it is necessary to follow the trend.
  • True or not we don’t know, but pure gold is said to have numerous health benefits and therefore, in India, people wear it on a daily basis.
  • Dhanteras is one such festival in this country that is associated with gold. Also, ‘dhan’ or money or ‘wealth’ is seen as “Lakshmi” (Goddess of Wealth) and therefore, this metal holds a great significance for Indians.
  • While tax is applicable on land and fixed deposits, storing gold is tax-free and therefore, the lower middle class or middle-class families invest more in gold.
  • Also, purchasing gold doesn’t require any documents in India and it is cashable all the time.
  • Rich people donate gold in temples because they feel it is auspicious to do so.

Even though TV ads might trick you into believing that Gold and (also count diamonds) are a woman’s best friends, please be rational, when it comes to purchasing gold.

Happy Dhanteras to you all!