Srinagar, Aug 16: Gold no longer glitters in Kashmir this wedding season!
Dealers are reporting an 80% drop in gold jewelry demand despite the peak wedding season.
According to the All Kashmir Gold Dealers and Workers Association, the slowdown, which began in recent years, has shown no signs of recovery. “Even though the marriage season has begun, we rarely get customers. Nearly 80% of our trade is affected,” said Bashir Ahmad Rather, the association’s president.
He said following the slump in the gold trade, many traders were running in losses. “It has been for the last three years now. The traders fail to recover their losses, and we fear that many will give up this trade due to the continuous losses,” he said.
Rather attributed the slump to global political instability and conflicts, which have sent gold prices soaring. “We have seen a series of wars between countries. The prices have skyrocketed and refused to stabilise for months,” he said, adding that 18-carat gold is currently selling at ₹8,600 per gram — significantly higher than rates during stable periods.
Local gold dealer Mujeed Ahmad Khan said the customer base has shrunk drastically. “Over the last two years, I have seen more than a 50% decline in buyers. Even my loyal customers rarely visit now,” he said.
The marriage season in Kashmir typically runs from August to November, when the weather is pleasant and conducive to hosting ceremonies. Traditionally, this period has been a boon for jewellers, but the current economic and geopolitical climate has dulled the sparkle of the yellow metal.
A lot of dealers said that the families prefer to deposit cash instead of gold. “This has started a new trend in Kashmir as gold prices have hiked up. Families prefer to offer cash or buy properties in the name of the bride or groom,” said Imran Hayat Khan, a dealer.
With prices at historic highs and global uncertainties persisting, dealers fear the slump could deepen further, threatening a trade that has long been intertwined with Kashmiri wedding traditions.