A Millennial’s Guide to Gifting Gold
This is the perfect time of the year to start brainstorming (as well as budgeting) for gift ideas. We are embarking on a season of festivities: From Diwali (Hindu festival of lights), and Christmas where gift giving is the core of these celebrations.
Speaking for most Millennials, I believe we have reached the point in our lives where we are continuously achieving new milestones. With our loved ones, we have celebrated graduations, weddings, the arrival of a new-born, anniversaries, retirements and more.
Moreover, we are already at the age where we can afford to spend some of our earnings to buy something special for the people we love. Therefore, understanding the value of a useful, yet thoughtful gift is essential.
When I think back to some of the gifts I have received, little gold sentiments come to mind, especially on auspicious occasions, festivals or major life milestones.
So, Why select a gift in gold? What makes gifting gold a thoughtful gesture?
The tradition of gifting gold has been in play since the spark of humanity. It is the gesture of bestowing family wealth to ensure that the heirloom is transcended through generations. Back when I was younger and received gold jewelry, I was fairly ignorant of the prospects and relevance of such a gift. Needless to say, I’ve certainly grown to be a lot more appreciative of these sentiments. Not only does thought go into the purchase and design, you are purchasing an item one can appreciate the beauty and value of.
“Money begs to be spent, but gold is an investment that allows to be saved”.
What are the different ways of gifting gold?
They can vary from bars, to coins and obviously, in the form of jewelry. The most budget friendly and customizable is definitely jewelry. It holds more sentimental value. It can be displayed and worn on a daily basis. Regardless of whether you are looking to purchase a statement set or a dainty little pendant, gifting gold always has great value and even greater appreciation.
Think outside the (jewelry) box!
Say you have a long-distance-loved one and you are struggling to find a store that carries their preferred karat, purchasing a gift voucher for gold allows the receiving end to pick out their preferences of colour, design, karat, etc.
What should you consider when purchasing gold jewelry as a gift?
First, you need to consider who you are purchasing for. Who is the primary wearer of the jewelry? Are you buying a piece for a close friend who is getting married or expecting a new born baby? Is it for your mother on her birthday, a graduation present for your sibling or a retirement present for an elder relative? Perhaps you are looking to gift your partner a sentiment for your anniversary or Valentine’s Day.
They hold a special place in your heart, and you are looking to express how you feel through this loving and thoughtful gesture.
Typically, for a new born baby: Gold is a skin-friendly metal and doesn’t harm the baby’s skin. It is the gesture of contributing to the little one’s initial savings. Opt for simple, delicate pieces like a gold chain, studs, a name engraved on a bangle or a pendant with the initial of their name.
Engraving or calligraphy adds a personal touch to a simple piece - whether it is a graduation or anniversary gift. This feature can be added to a chain, bracelet or engraved in a ring.
When gifting for a wedding, recent gifting trends lean towards pitching in as a group to get more of a grandeur piece. You could match or add to a pre-existing set. For example, if the bride has a pair of earings that were purchased, but doesn’t have the matching necklace, a bunch of your friends or family can pool in to purchase a matching necklace or bracelet.
Pooling-in to purchase a larger, more valuable present has become an effective gifting strategy when purchasing presents. It’s not only easier on the gifter’s pocket, but it also provides the giftee with something far suitable and valuable. Additionally, though quite an important investment opportunity, women don’t usually purchase large pieces of jewelry for themselves.
For your mother, aunt or elder relative, look into picking a piece of jewelry that can be used on a daily basis – to work, casual dinners, daytime events, etc. – a pair of gold hoops, stud earrings with gemstones or pearls, or a matching pendant to a pair of preexisting earrings.
