Most of the famous jeweleries in India are from the southern province, Kerala. The Yellow addiction in Kerala is not a new thing to be discussed. The Jewelers in Kerala can call them as ‘Worlds most favorite jewelers’ – or they want to be.
On the other hand, Kerala is the state of Gold pawn broking too. Both the jewelers and pawn brokers exist in the same street in the Yellow fever infected – ‘Gods own country’.
The foreigners came into India via Kerala. Vascoda Gama set foot in the Indian soil at Kerala. Kerala is the great generator of Forex for India.Keralites have found Gold as a potential way to invest. Most of the Arabian Gulf Money which is flowing into Kerala gets converted into Gold. Few Jewelers of Kerala have branches in Arabian Gulf.
Kerala suffers by the new rule called nitakad in Arabia. There are around 75000 Indian nationals living in Arabian countries whom Arabia calls as illegal workers are in verge of coming to India. Kerala has a lions share in this number. The Indian External affairs ministry is doing its best to get the issue resolved. But looks it is helpless and hopeless.
The Finance minister of India – Palaniappan Chidamabaram, a Harward Alumini has urged people not to invest in Gold.
The price of gold is fluctuating with intermittent fall in price.The Union government is trying to bring the Gold price back to exponential increase. The Gold ETFs and Gold Commodity marketing which was considered to be a best option in the recent past is going down in the list of investment options.
The Indian Union government has raised the import tax for gold. The recent price fall was attributed to gold sold by the recession hit European Union member Cyprus. But still the gold price is not back to its form. The Yellow fever hit Kerala feels bad as their investment option is not going to work.
The Indian government has asked the banks and shops to stop selling gold coins. 20th of July 2013 would be the last day, banks would sell gold coins to commoners in the Indian Union.The Measure, the finance ministry of the union thinks will boost up the price of Gold after the failure of increase in import tax for the yellow metal.
The Yellow madness which was attributed largely to keralites has become too much spread in the union in recent past. The Investment consultants were preaching to invest in gold. This was a major reason for increase in price before the bubble busted.
Now, the bubble of Gold is bust – Not only the people of Kerala but everyone who had invested in gold is looking for other options.
Gold’s own country which call herself as ‘Gods own country’ has to own something other than Gold.