Not so glittery gold: The precious metal is losing its sheen among the young

Every year, Akshaya Tritiya, a spring time festival for Hindus and Jains, is marked by men and women in the households making a round religiously to the stores to buy gold — either in its pure form, or turned into jewellery. The day is considered to be particularly auspicious for people to hold their weddings, start their new businesses as well as put their money in large investments like property and gold. Stores across the state are prepping and eagerly awaiting this annual gold shopping event, to be observed on May 7. However, this love for possession of gold, is ostensibly missing among the millennials, who tell us that they would rather invest in their careers and travel, than buy this expensive metal.

Actress Priya Anand says, though she owns a lot of jewellery, she does not wear a lot of it. “I usually prefer to be simple in my jewellery. It is only the daily jewellery, which includes my earrings and rings, that is usually made of gold. I don’t look at gold as a form of investment because the value of the metal does not remain the same as it is when bought. I would rather invest in other avenues such as stock markets,” Priya tells DT Next. “However, I own a lot of jewellery, of which I don’t wear a lot,” the 32-year-old actress adds.

One can safely say that it is only during weddings and festivals that young women don’t mind adorning the lustrous gold jewellery. Even that is restricted to one statement piece like a pair of gold ear rings or a neck piece, says fitness entrepreneur from the city, Deepti Akki.

“People see it as an embarrassment to wear too much gold jewellery and are instead opting for minimalism. Over the past 10 years, I think the young generation has been taking a huge leap, when it comes to shedding obsessions over the possession of a commodity like gold. They would rather talk about their experiences and learnings than about the gold they own,” says Deepti.

Even though her parents earlier insisted that she bought gold on Akshaya Tritiya, Deepti says she has stayed away from buying any gold for the past five years. “The gold bought in the form of jewellery always loses its worth during sale, owing to different charges by the stores. I find it is better to invest in my own business or travel so I can have better experiences in my life,” she asserts.

City-based designer Madhulika Kapilavayi says gold has been a form of tradition that has been passed on from one generation to another. “Many people, however, don’t prefer to wear a lot of jewellery, unless, it is an auspicious occasion. Most often, I stick to wearing old-fashioned thin bangles and very basic gold jewellery. It is also like a gamble to invest in gold because one cannot be aware ofthe kind of returns they can expect from it,” she says.