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add to their pension portfolios. “ The UK’s Self-Invested Personal Pension (SIPP) has been around since the early 1990s. The scheme allows individuals to make their own investment decisions from the full range of investments approved by HM Revenue and Customs (HMRC). Gold is one option that is often considered for those wanting to add to their pension pots. “Britannia gold coins and Sovereigns are also exempt from capital gains tax which can also be attractive to investors,” says Temple.
Will Gold Still Shine?
As India develops further will gold still shine? Will it still be as relevant as it always has been? The answer lies in the next generation. For many families in India gold is still very personal. Often the precious metal is saved for as soon as there is a birth of a girl as part of ‘Stridhan’ - to give financial security in life - as per Hindu Law. Gold jewellery – like the country itself – mixes both contemporary and traditional designs. Young affluent consumers in India now want pieces that are not only modern but also reflect their culture and heritage. This desire is reflected by top Indian jewellery designers such as Amrita Singh. Her inspired traditional designs have been liked by Hollywood celebrities such as Jessica Simpson, Blake Lively and Jennifer Lopez. India’s Suhani Pittie is one of the top 10 jewellery designers in the country as enlisted by the World Gold Council.
Weddings in the country – the driver for many gold purchases – remains popular. Every year the country hosts 10 million marriage ceremonies. It is a growing sector - worth over $25 billion to India’s economy. There is no sign that the popularity for weddings will diminish. In fact the industry has been growing annually by around 30% for a number of years. There are likely to be 15 million weddings per year in India over the next 10 years. India is changing and so too is how gold is seen by the country. India is one of the largest markets for gold jewellery and while designs may evolve, there is still a sense of – like the country itself – wanting to merge new and traditional cultures together. The country’s appetite for gold, therefore, remains unlikely to be diminished. Indeed, The Federation of Indian Chambers of Commerce and Industry (FICCI) is looking into ways of helping India’s households monetise their gold assets. This includes the possibility of establishing an Indian Gold Exchange, a Gold Board, and developing accredited refineries. Gold, therefore, promises to offer even greater investment opportunities for India, and in a more transparent way. Perhaps, however, the precious metal’s main appeal for consumers in the country is that gold simply links past traditions with their spiritual heritage. Whilst designers, such as Amrita Singh and Suhani Pittie are providing gold with a contemporary twist - together with the FICCI’s plans - this precious metal will continue to appeal to all generations in India for many years to come. How many other commodities could do the same?
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