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Have you found alternative to Gold or Diamond Jewelry?

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JewelleryThough the international prices of Gold and Diamond have eased since November,2011 and the present rates of gold per 10 gram in India is much or less at the same rates which prevailed in last quarter of the year 2011. Had the Government of India not imposed stiffer import duty coupled with Value Added Tax the Gold Prices might have been around INR 25000 to INR 26000 for 10 grams of 24 Carat Pure Gold. In the international market the price of gold is quoted in US $ per ounce and when converted in Indian units per Tola or 10 grams then the prices  of 24 Carat Pure Gold are about 20% less than the international prices. India can not afford to utilize its foreign exchange reserves for importing Gold as India is the biggest consumer of Gold in the world and it used to be termed as Golden Sparrow in ancient times attracting foreign invaders to loot the golden wealth of India. Now a days our country is being looted from the back door entry in the name of Foreign Direct Investment whose effect will be seen after another 25-30 years in case we do not increase our GDP and GNP. Creating liquidity by selling our premium assets can be termed as good in the short term but its long term effects will make us poorer and poorer in terms of per capita wealth.

Anyhow,  the subject topic or title under discussion was neither macro economics nor micro economics but to know if there was any alternative or substitute to centuries old ornaments made of pure gold adorning the Indian women folk. While Gold jewelry used to be the weakness of Indian women from times immemorial and gold jewelry studded with gem stones used to be in the wish list of affluent families. Now when the prices of  gold have soared and diamonds jewelry is beyond the reach of even upper middle class the imitation or look alike jewelry is  being gifted as Best Valentine Day Gift and it is very difficult to judge even by best jewelers if the women in the marriage parties are wearing original diamond studded gold jewelry of imitation jewelry.  Only a few days ago one of my goldsmith jeweler told his tale as to how he got cheated despite being in jewelry business from the last four generations. He told that one of his old known NRI couple came to him to borrow money for shorter duration of 2-3 months and by offering the imitation jewelry, worn by the young wife, as original pure diamond studded gold jewelry. Without hesitation or any iota of doubt the goldsmith jeweler parted with good amount of money and kept the pledged jewelry in safe locker in his own showroom to find after a few months, when the NRI couple never returned, that he got cheated as jewelry turned out to be imitation jewelry. I think I have made the point and told you the secret of finding alternative or substitute to artificial imitation jewelry which looks alike original. But, beware the roadside snatchers, pickpockets or thieves in the crown are no better than my goldsmith jeweler friend.

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