The price of Kashmiri saffron has seen an unprecedented rise, leaving enthusiasts shocked as they now have to pay more than the price of silver to savor its exotic taste.
According to reports, the renowned spice’s price has surged from ₹2 lakh per kilogram to a staggering ₹3 lakh per kilogram within the span of a single year.
Consumers are now experiencing the direct impact of this soaring trend, with the current rate for 10 grams of Kashmiri saffron reaching ₹3,250, an amount equivalent to the price of 47 grams of silver. The sharp increase in the price of the precious spice has led to a considerable windfall for Kashmiri producers as they had bumper crop last season.
One of the primary factors contributing to the substantial price hike of Kashmiri saffron is its official recognition government. Last year, the golden-hued crop received the prestigious Geographical Indication (GI) tag, which accentuated its value and uniqueness in the market. GI tags grant legal protection to products originating from specific geographical regions, certifying their authenticity and distinct characteristics.
As a result of the GI tag, Kashmiri saffron gained enhanced credibility, attracting heightened demand from consumers domestically and internationally. This surge in demand, coupled with the inherent challenges in saffron cultivation, has created a supply-demand imbalance, further propelling the price of the precious spice to new heights.
Kashmiri saffron, known for its vibrant color, intense flavor, and numerous health benefits, has been cherished for centuries as one of the world’s most sought-after spices. The recent price escalation, however, poses a significant obstacle for many saffron enthusiasts and businesses alike.
As the saffron market continues to evolve, the extent of the price surge and its long-term implications remain uncertain. For now, consumers are left to decide whether to indulge in this luxurious spice or seek alternative flavors.