In the wake of unprecedented hike in gold prices and rising inflation, women have left with no option except to use imitated jewellery that has caused surge in its demand as well as prices. Artificial jewellery market is flourishing while the business of sale and purchase of gold has witnessed significant decline leading to closure of hundreds of gold shops in Lahore only.
The deterioration in gold market was observed because of phenomenal jump in the prices of gold, which is touching Rs 43,391 per tola. The jewellers who are associated with gold business complain of poor business activity, saying they were considering to shift to other business. Now a days, wedding season is at its peak but the gold jewellers are complaining worst ever decline in their business.
Talking to Business Recorder, gold jeweller Umer Tariq, who runs his shop at Panorama Centre, said the trend of purchase of gold on different occasions had reduced since gold touches historic high price level. Those who used to purchase 10 to 12 tolas of gold on wedding occasions were now able to purchase only 3-4 tolas of gold. He said almost 50-percent labourers associated with gold business had opted for other jobs.
On the other hand, surge in the demand of artificial jewellery had let it to completely capture the market within short span of time. The reason behind rise in the demand of imitated jewellery is its affordability since it lies with in the purchasing power of buyers.
Another reason for rising demand of imitated jewellery is its availability in different designs and colours since most of the women prefer matching of jewellery. However, the increased demand of imitated jewellery has led to rise in its prices, traders said.
Traders told this scribe that currently bridal sets are much more in demand and their prices range from Rs 6000/- to Rs 25000/. One of the traders Mohammad Usman said that most of the sets they sell constitutes of copper, brass and steel, which are gold plated. He said they are getting handsome business due to increase in the demand of artificial jewellery.