'Big fat Indian wedding' tradition of giving bride heirlooms keeping gold trade alive in Queensland Keshmi Dovecer, from Cleveland, in a traditional Indian wedding outfit. Ms Dovecer said in the lead up to her 'big fat Indian wedding', family members followed tradition and gave her pieces of gold jewellery. "BIG fat Indian weddings" are driving the State's gold trade. The jewellery gifting tradition of the growing Indian population is boosting gold buying and selling outlets, despite a 10 per cent drop in the value of the precious metal over the last 12 months. Michael Salib, owner of Cash for Gold Australia which is based at Clayfield in Brisbane, said Indian customers were good for business. There was a 68 per cent jump in the number of permanent resident visas granted in Queensland to those from India from 2011/12 to 2012/13, bolstering the gold rush. It is not unusual for us to buy $40,000 worth of gold jewellery from an Indian person in one hit. From my experience, they keep jewellery for many years, for generations, as an investment and when they need a lump sum, say for a deposit for a house, they will come and see us," Mr Salib said. Indians are very savvy and are experts in the trading of gold. In Indian culture, family members gift the bride with gold jewellery heirlooms, which act as insurance against hard times. "The custom comes from the idea that gold is eternal and traditionally older people from India would prefer to gather gold than deal with banks or financial institutions," said Keshmi Dovecer, who is of Indian descent and lives in Cleveland, Queensland. In the lead up to my 'big fat Indian wedding', close members of my family gave me pieces of jewellery that were family heirlooms. Wedding guests from Indian culture would seek out good deals in jewellery from local buy and sell stores," Ms Dovecer said. Indian residents are also regular customers at Cash Converters. "Gold jewellery is going well and Indian traditions of dealing in gold as they prepare for all kinds of special occasions helps business," said Cash Converters Indooroopilly's Mohini Mudadacr. Gold buying and selling is no longer reserved for the backstreet pawn shop, consumers can trade in gold at the local shopping centre. Gold Buyers have many outlets throughout the state and they offer on-the-spot quotes for jewellery based on fluctuating gold prices. Ms Dovecer's family is from Northern India and while she was born in Queensland, her family still holds its traditions close to their heart. While my parents have been in Australia for 35 years, they believe in the old ways. Gold used to be worn as a symbol of affluence but today it's more a token of good will and hopes for a prosperous future. It is a token of respect to wear all the jewellery you are given on your wedding day," she said. I personally would not sell my collection as it is too important to my family. It is not kept at home but in a safe deposit, but I believe that when people are in need of money at a certain time of life then it's OK to do so," she said. Indian wedding planner Aivan Chand said modern wedding guests also gift money to the couple. "But there is no doubt that gold jewellery is big business for Indian families and they are very smart with their handling of it," he said. QUEENSLANDERS considering investing in gold should make sure they remember that there is no income stream from gold, which is one of the big benefits of shares and property. For that reason, many people choose to include gold as small part of a diversified investment portfolio rather than putting all their eggs in the one basket. As gold doesn't return a dividend or rent, it's an investment that you need to be prepared to buy and hold. Compared to other investments such as art, gold is one of the more stable options because it is a commodity that can be readily bought and sold. It's a popular investment choice in countries with unstable economies, where the currency may be at risk of collapse. Gold can be purchased via shares, gold certificates or bullion. Source: AMP financial planner Dianne Charman