One nation’s love for gold

EzyCash Gold Buyers buys scrap gold, broken gold and unwanted gold for a top cash price.  Bring your gold into EzyCash Gold Buyers in Panmure, Auckland for an expert valuation on your gold.

EzyCash Gold Buyers specialise in buying 22 carat gold.  22 carat gold has special significance in India– the world’s biggest consumer of gold.

The carat weight of a piece of gold refers to how much pure gold is present in the gold.  A piece of gold that is 99.9% pure gold is referred to as 24 carat gold.

In India, 22 carat gold is seen as the most pure form of gold available.   This was first acknowledged in the late 1980s and refers to the fact that pure gold loses some of its purity after melting, leaving it at 91.67% pure gold, or 22 carats.

India has a long standing relationship with gold.  In Western countries it’s often a dream to own your own home, but in Indian culture it’s a dream to own gold.

What gold means

Gold is especially important for weddings.  Gold signifies purity and shows the wealth and wellbeing of the couple-to-be.  An Indian bride that is bedecked in gold is showing the honour and standing of her family.

Half of the gold bought in India is contained in gold jewellery bought for weddings.  Not only is India the number one consumer of gold jewellery in the world but is also home to the most gold bars and gold coins in the world.

What is interesting is that almost all of this gold is imported – Indian gold mines produce less than one percent of the world’s gold.

The demand for gold

Demand for gold in India has risen in recent years.  With a booming economy, the number of rich and middle-class Indian families has rapidly increased.  This, combined with the fact that Indian families routinely save 30 percent of their wages, means they have even more ability to buy gold.

It is well documented that the price of gold has increased exponentially in recent times.  Could this be due to India’s demand for gold?  Some say it is and that any large fluctuations in the gold price, both up or down, can be attributed to India’s appetite for gold.

As one analyst has said: ‘when India sneezes, the gold industry catches a cold’.

Bring your 22 carat gold into EzyCash Gold Buyers in Panmure, Aucklandwho specialise in 22 carat gold and will give you a top cash price for your 22 carat gold jewellery, 22 carat scrap gold, 22 carat gold bars and more.