$200K in gold alone for this Indian wedding

The demand for gold in India accounts for an amazing 32 percent of the worldwide market for the precious metal. And no wonder. The most important tradition at nearly all the 10 million annual weddings in India is the lavish gold jewelry. Byron Pitts reports.

In India, there's a saying, "No gold, no wedding." That's because the ancient and sacred marriage tradition of gold jewelry is followed by nearly all couples, rich or poor. There is gold jewelry for the bride, for the groom and even gold favors for the guests at high-end events like the one in the clip embedded here.

There are an estimated 10 million weddings a year in India, making the fast-growing country the major buyer of gold, responsible for 32 percent of the world market. Correspondent Byron Pitts reports from a country where even people who will not make $200,000 in their entire lifetimes still buy gold with what little they do make. "India's Gold" will be broadcast on 60 Minutes Sunday, Feb. 12 at 7:00 p.m. ET/PT.