The Gold Exchange

As the price of gold continues lo rise, Bazaar India takes a closer look at its evolution.

- RADITKA SOMATA

From the moment you were old enough to appreciate your mother’s jewellery box, you probably heard her say, “Invest in gold”. Turns out, she was right on the money—literally.

Gold has been on a constant rise, and the world wants a piece of the coin. But for India, investing in gold is more than just a financial strategy—it’s intrinsic to our culture. Indian households hold over 25,000 tonnes of gold, according to an estimate by the World Gold Council. Whether it’s an heirloom piece passed down at a wedding, or a festive jewellery for Diwali, gold is the heartbeat of every generation.

Traditionally, buying gold was a way to ensure wealth, good fortune, and financial protection. Indian women have been taught that gold will be their safeguard in times of crisis. But other than being a smart investment, it’s also been a buffer during inflation, a security net during economic downturns, and a solid foundation for preserving wealth in turbulent times.

From Bullions to Bling

India's affair with gold started thousands of years ago with bars and bullions. Milan Choksi, CEO of Moksh Jewellery, comes from a family that has a 80-year-old legacy of dealing with precious stones and gold. He reminisces, "My family started the bullion business at a time when India was undergoing immense change. The economy was recovering from colonisation, and the safest investment-in the absence of too nationalised manybanks—was gold.” His family business, Choksi Kirtilal Jeshinglal, was one of the first government authorised bullion traders in the country, and over time their reputation allowed them to sell their own minted gold coins, with the elephant as their iconic logo.