Why does this craze for buying jewels not come down?According to some recent estimates, the number of people who buy jewellery every day is increasing at an enormous rate. It should be noted that this is rather unhealthy, as the saturation point has already been reached in terms of prices.
One is told that the craze is huge in the Southern States. And for some strange reason, even up to one hundred sovereigns of gold are not kept in lockers in the bank, but at home. The thief comes calling and everything is gone.
It should be noted that in States like Maharashtra, the women do not show any pronounced craze for buying jewellery. They seem to be very happy with the ordinary items sold in the market. In fact, women can be seen to wear the traditional green color glass bangles, even in offices.
Why not emulate such practices? The craze is totally out of order. Even investment in good mutual funds is a good alternative. It is not taxed at all if held over one year. We can always sell the accumulated units at some stage when our profits are less than some Rs.80,000 and then reinvest after one month or so.
Who is to bell the cat here?