Women鈥檚 group seeks limit on wedding gold
Print Edition
The women’s commission of India’s Kerala state is seeking to limit the amount of gold given at weddings to no more than 80 grams to reduce the burden on families and help ease India’s trade deficit.
Most Indians see gifts of gold, mostly jewellery, from the bride’s family to the groom as auspicious for a marriage, helping to ensure financial security.
But grooms have been seeking increasing amounts of gold as rising duties and restrictions on imports have led to a shortage in India.
“The tendency among parents has become to sell residential property to buy gold for marriages and go for rented houses,” said K.C. Rosakutty, chairperson of the Kerala Women’s Commission. “This is creating a lot of trouble for families.”
Kerala now uses up to 400 grams of gold per wedding, or 80 tons per year — about a tenth of India’s total demand in 2012.
The commission has sought a meeting with Kerala Chief Minister Oommen Chandy to press for a limit on gold gifts at 80 grams, which would cost about 224,800 rupees (US$3,600). The proposal is unlikely to find any takers in political circles ahead of elections due by May, experts said.
“Gold is more of a culturally deep-rooted thing, and this would find resistance among women themselves,” said Rammohan Kamath, secretary of the Calicut Bullion Dealers Association in Kerala.
“This will all remain on paper. Even for political parties, the gold jewellery business is a big money spinner for elections,” Kamath said, adding that implementing the cap would be difficult anyway.
If the proposal were to be accepted, it would be good news for Finance Minister Palaniappan Chidambaram. Apart from raising gold import duties to a record 10 percent last year, he has also been vocal about the need to end Indians’ fascination with gold.
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