August and September are traditionally peak marriage months in the Valley, when jewellery shops usually see brisk business
| Photo Credit:
PTI
Soaring gold prices have cast a shadow over Kashmir’s wedding season, with many families cutting back on jewellery purchases and jewellers reporting a sharp drop in sales.
August and September are traditionally peak marriage months in the Valley, when jewellery shops usually see brisk business. This year, however, demand has slumped, dampening the festive mood.
Bashir Ahmad Rather, president of the All Gold Dealers and Workers Association, Kashmir, told businessline that sales during the ongoing season had fallen by 50 per cent to 60 per cent. “High gold prices are forcing families to cut back on purchases, denting our business,” he said.
On Sept. 10, gold prices in India surged to a record high, with 24-karat gold trading at ₹11,051 per gram, or about ₹1.10 lakh per 10 grams. The price of 22-karat gold stood at ₹10,130 per gram, while 18-karat gold was quoted at ₹8,288 per gram.
Silver alternatives
Jewellers in Srinagar’s Hari Singh High Street market, which houses dozens of outlets, said customers were now opting for lighter ornaments or even silver alternatives. “Brides-to-be often arrive with big aspirations, but families are tightening budgets. Instead of full sets, they now settle for just a few smaller pieces,” said one jeweller, adding that even advance bookings were being revised or cancelled.
Families in the Valley often exchange coins and elaborate sets during engagements and marriage ceremonies, but soaring gold prices are holding them back.
Mohammad Altaf Wani, whose son is getting engaged next week, said the price of an eight-gram gold coin had climbed to ₹84,000. “Gold coins are traditionally exchanged in Kashmir during engagements and weddings, but with rates soaring, we have decided to go for a ring instead,” he said.
Trend to continue
Market insiders warned the trend could continue if prices remain volatile. “The Valley’s wedding economy depends heavily on gold, and this slump is hurting not just jewellers but also artisans, craftsmen and ancillary businesses,” said a Srinagar-based jeweller.
Market watchers said unless prices stabilise, gold may increasingly lose its place as the centrepiece of Kashmir’s wedding economy.
Published on September 12, 2025
