"Irrespective of rural or urban areas, few buy gold with the intention of selling it," says the head of a financial firm which sells gold across the country.
No wonder, India's holdings are the highest globally.
According to World Gold Council figures, India held 18000 tonnes of gold in 2011.
The figures, according to experts, could be much higher if you take into account the dormant gold in temples and private lockers.
What makes the yellow metal so attractive to Indians?
For one, it has a huge ornamental value. For most people, it is the family heirloom passed on over the generations.
Whether it's marriage or any social event, a gift of gold - even if in small quantity - is preferred.
On the other hand, selling or mortgaging of gold is considered a shame - sona girvi rakh kar padhaya (mortgaged gold to educate).
So, gold continues to thrive despite the physical gold market being marred with problems.
Text: Business Standard
AP, AFP and Reuters Images