Srinagar, Aug 24 (KNO): The escalating gold prices have started hitting marriages in Kashmir with the yellow metal gradually becoming unaffordable to people.
In August, the marriage season in Kashmir takes off and lasts till November. As such the sales of gold and silver usually pick up during this season given its significant cultural role in Kashmiri society.
As per news agency—Kashmir News Observer (KNO), gold prices are currently touching skies in India, which is affecting the marriage season in the valley.
The cost of 24 carat gold is Rs.7288.8 per gram while the price of 22 carat gold is Rs.6676.6 per gram.
Dealers said the demand for the gold has gone down in Kashmir by more than 70 percent due to its escalating prices.
“We don’t get many customers now. Gold prices have hiked across India and it has directly impacted our sales during current time when the demand for the gold tends to be high in the valley,” Bashir Ahmad Rather, President of the All Kashmir Valley Gold Dealers and Workers Union.
Jewellers said mostly middle-class families struggle to keep up with the soaring prices. "Gold has always been an essential part of Kashmiri weddings, but the current prices are pushing people to rethink how much they can afford,” Rather said.
Sameer Ahmad, another jeweller said with prices now reaching record highs, families are opting for lighter designs, or even turning to alternative materials.
“Often we hear from families to make lighter designs which become affordable for them. We have even heard that people are now turning to other options like gifting cash and other kitchen appliances and clothes instead of gold to the brides,” he said.
Ahmad said the escalating gold prices will result in delaying weddings or reducing the scale of celebrations in Kashmir.
Gold, traditionally, is an essential part of Kashmiri weddings. Families of bride and groom keep on exchanging gold during various functions till marriage.
Prospective buyers have voiced concerns about the sharp rise in gold prices, noting that the cost has nearly doubled over the past two years.
“Gold prices have skyrocketed over the years. For middle- and upper-middle-class families, investing in gold has become increasingly difficult,” said a prospective buyer Parvez Ahmad Khan—(KNO)