Gold has long held a significant place in various cultures worldwide, serving as a symbol of wealth, tradition, and emotional connection. In Australia, Vince, a man of Turkish descent, shares this sentiment, emphasizing the importance of gold as a gift in Turkish culture, especially during weddings and births. Whether through materialism, magic, or mysticism, this cultural connection to gold highlights the timelessness of gold’s enduring appeal, something that has long been understood since antiquity.
Gold’s historical significance transcends geographical boundaries.Cultures like the Mesopotamians, ancient Greeks, Egyptians, and Romans highly valued gold for use in jewelry and as indicators of massive wealth.Egyptians, for instance, started crafting gold sourced from the Nile River into decorative ornaments as early as 5,000 BC.Today, gold continues to be regarded as a reliable store of value, with countries like India maintaining strong expectations for gold gifts during weddings.
In contemporary Australia, Akshaj Sharma, who manages Akshara Jewellery alongside his father in Harris Park, Sydney—an area affectionately known as Little India—witnesses the cultural significance of gold firsthand. According to the 2021 Census, approximately 45% of Harris Park’s population was born in India, highlighting the area’s vibrant Indian community. Sharma notes that 90% of Akshara Jewellery’s customers are from South Asian nations. In these areas, 24k gold is preferred.
In our culture if I gift him something golden, I already don’t have to make other decisions. It’s like a prestigious issue. It’s just, it’s a property value too, like an investment,” Vince says. He recounts purchasing a gold locket for a loved one that features the name of Punjab—his home state—written in Punjabi.
Cultural connections to gold tend to include emotional value as well as economic value. “It’s funny, right? So it’s obviously cultural and traditional how we have attached value to gold, not just in terms of the actual value of the asset, but in terms of emotional value where it’s considered from everything from good luck to a symbolism of wishing the best to your close family and friends on occasion,” another community member states.
The increasing value of gold has led to many discussions about the consumer market. Over the past year, geopolitical factors, global unrest, and inflation fears have contributed to a substantial increase in gold prices. According to Danny Georgakopoulos from a local jewellery business, gold prices have surged about 40% in the last 12 months and 20% between January and June 2025.
“It’s gone up about 40 percent in the last 12 months,” Georgakopoulos reports. “So it’s quite a big jump.”
As prices rise, consumers are adapting their purchasing habits. Many are opting to recycle old jewellery instead of buying new pieces. “Instead of buying a new piece outright, they’re bringing in their heirloom jewellery,” Georgakopoulos explains. This trend allows individuals to incorporate sentimental pieces into new designs while maintaining the emotional connection associated with family heirlooms.
Further reinforcing these cultural practices is Professor Nitika Garg, who notes that consumer behavior and culture are often intertwined. She highlights the pressure faced by middle-class families in India regarding gold gifting during weddings. “I have obviously family and friends in India; there is still the expectation if it’s a marriage of your daughter or your son, you are expected to make jewellery for them or give jewellery to the other party,” she explains. Garg observes that rising gold prices have made it increasingly challenging for families to meet these traditional expectations.
Despite the pressures associated with gold gifting, Sharma describes the types of jewellery commonly exchanged during weddings. “Generally it’s necklace sets and bangles, pretty heavy stuff,” he says. He elaborates on the customs surrounding these gifts: “The bride’s side will gift the groom; the groom’s side will gift the bride.”
Amidst these cultural expectations, Vince reflects on his own experiences with gold and its impact on his life. “Emotionally I did have to think about it a couple of days on and off over a short period of time, but I wasn’t wearing it; it was sitting in the drawer,” he recalls about selling some of his jewellery. “I needed the money so I ended up getting rid of it.” The financial pressures faced by many lead individuals to make sacrifices regarding their cherished possessions.
Vince as well recognizes the impact of fiscal responsibilities on social activity. “At one stage you weren’t buying that. Now it’s getting popular again,” he adds about changing trends in jewellery preference among younger generations. He adds that many of his friends have chosen not to go to weddings because of the financial burden they feel under the obligation to give.
The emotional weight carried by gold remains significant within these cultural frameworks. Peter McGuire highlights this idea further: “It’s a ritual for us to be honest on festivals and occasions,” he states. He indicates that purchasing gold is customary during celebrations like Diwali.
