60 Minutes on CBS News: India's love affair with gold - "No gold, no wedding," is a saying in India, indicating the importance of gold to Indian culture and tradition. Byron Pitts reports on India's obsession with gold.
Cultural values strongly impact consumption patterns. India's preference for gold, combined with South Asia's growing population, also leads to environmental impacts around the world as India's obsession for gold drives the global market, accounting for 1/3 of the trade. This video explores the cultural (and economic) logic behind the enormous importance of gold jewelry in Indian society.