The artificial jewellery markets in Pakistan are witnessing a boom. It is becoming more attractive for women with low cost and variety of designs and colours. The record increase in gold prices has led to a slump in the sale of jewellery so much so that even at the peak of wedding seasons there is virtually no buying of gold ornaments.
The skyrocketing gold and silver prices and increasing incidents of snatching ornaments, purse, and mobile phone have pushed the sales of artificial jewellery to upward. Ever since the gold prices in national and international market have increased, people have shifted towards buying artificial jewellery. Even for weddings, the brides are wearing artificial jewellery. This shift is causing the greatest harm to gold smiths whose businesses have lost a lot of customers.
"Prevailing condition and high price of gold and silver have resulted in the increase of retail shops of imitation jewellery", shopkeeper said. Goldsmiths accept that the market is facing a whole new trend because of the escalating gold prices. Gold prices have now reached to 24 karat/ 10 grams Rs 54,085, 22 karat/10 gram Rs 49,578 and silver 10 grams Rs 981.42.
Jewellers admitted that the higher trends in gold prices had changed the whole scenario for people. Gold has gone beyond the purchasing power of middle and upper middle classes and women have left with no option but to buy artificial jewellery, which is readily available in diversified range of designs throughout the country.
A good quality set, which used to be available between Rs 4,000 to Rs 5,000 six months ago, is now available in the range of Rs 7,000 to Rs 8,000. A few months back, poor customers who found artificial jewellery a blessing to marry off their daughters are once again caught in a dilemma because of the sharply increasing prices. Artificial jewellery has become more attractive for women since the increasing gold prices have reduced the purchasing power of customers. A few years back when gold prices were much lower, people used to buy gold for long-term investment; however the trend has now changed since artificial jewellery is not only cheaper but is also available in beautiful designs. Unbridled inflation and instability coupled with threats of terror have robbed the ongoing marriage season of its charm as wedding are not being celebrated with the same traditional zeal and enthusiasm, which is part and parcel of local culture.
Parents of both the brides and the grooms are more interested in marriage solemnised with benefit manner rather than in making the occasion colourful and memorable. The demand for Indian artificial jewellery while each year around Rs 10 billion worth of it is being smuggled into the country. Because of increasing inflation, surging food prices and high cost of living, many people cannot afford to buy gold jewellery and relying on artificial jewellery even for marriage of their daughter.
Even many well-off families are also seen purchasing artificial jewellery, local gold jewellers said. They said that artificial jewellery from Korea, Hong Kong, China and Bangkok were readily available in the local market, but Chinese and Indian jewellery excelled in quality in comparison of their rates. The demand and sale of artificial jewellery could be gauged from fact that over 800 wholesale shops, 200 offices and 25 importers were doing business on the Marriott Road and in adjoining areas. There are more than 10,000 shops of artificial jewellery in the city.
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