MASROOR AHMAD
SRINAGAR: Jewellery markets of Hari Singh High Street and Saraf Kadal are now silent; speak volumes about the far-reaching impact of this price hike. The glow of gold bangles and jewellery -covered necklaces with the soundtrack of Kashmiri weddings have been muted due to economic concerns
In Kashmir, where gold has long symbolised prosperity and tradition, the middle class now faces a harsh reality. In just one week, gold prices have soared by Rs 4,000 per 10 grams, leaving many families struggling to afford the precious metal. With prices hitting Rs 77,500 per 10 grams, the surge threatens not only the ongoing wedding season but also deeply rooted cultural practices.
In addition to weddings, this increase has disrupted the role of gold in wealth accumulation and cultural events, forcing many families to reconsider their investments and traditions. Historically, gold has played an important role in amassing wealth of Kashmiri families and has been an integral part of festivals and cultural events. But the recent surge has disrupted a centuries-old practice, forcing families to reconsider their investments.
As jewellers watch sales plummet and families grapple with financial strain, Kashmir’s golden traditions hang in the balance, clouded by uncertainty and economic hardship.
The price of gold in Kashmir’s bullion market has now skyrocketed to a staggering Rs 77,500 per 10 grams which was hovering around Rs 73000 a week ago, leaving many would-be buyers stunned and jewellers worried about their livelihoods.
President of the All Kashmir Valley Gold Dealers and Workers Union, paints a grim picture of the situation. “The onslaught of soaring prices has significantly impacted demand. You can imagine in a week price of gold has increased by Rs 4000 per 10 grams, there are hardly any buyers, he said”
“Families are shying away from purchasing gold due to its high costs. People have scaled down their gold buying even in marriages, most of the jewellers are sitting idle, there is no work,” he said.
The impact on ordinary Kashmiris is palpable. Many local residents, shares his disappointment: “people had been saving for months to buy gold for my sister’s wedding, but the prices have become so high that it’s now completely out of reach. This is a devastating blow for a middle-class family like ours.”
The tradition of exchanging gold between families during weddings, long a symbol of prosperity and blessings in Kashmiri culture, is now under threat. Rakesh Handa, a Chandigarh based goldsmith, observes, “The demand for gold, especially among upper-middle-class and middle-class families, has plummeted. Only the affluent households can afford to keep the tradition alive, leaving a substantial void in the market.”
As geopolitical tensions continue to influence global markets, gold buyers and sellers in Kashmir alike are left wondering when, if ever, the shine will return to this precious metal that has long been at the heart of their cultural and economic life.
Its impact extends far beyond the realm of personal purchasing. The gold industry, which plays an important role in the local economy, is facing unprecedented challenges. Jewellers report a sharp decline in sales, with many considering alternative business models to survive.