Srinagar: Kashmir’s autumn-time wedding season has been overshadowed by an unprecedented surge in gold prices, leaving families and jewellers grappling with the fallout. With rates hitting record highs of over ₹1.17 lakh per 10 grams, sales in the Valley have plummeted to just 15% of normal levels, according to the Kashmir Gold Dealers Association.
“People are barely able to buy gold,” the association’s president said on Tuesday, adding that the current season has seen one of the steepest declines in jewellery sales in recent memory.
The price of gold in India has more than doubled since 2020, when it hovered around ₹48,000 per 10 grams. That translates to an increase of nearly 140% in five years, driven by global economic uncertainty, rising inflation, and the weakening rupee. In 2025 alone, gold prices have surged by around 47%, making it one of the fastest annual spikes in recent history.
The impact in Kashmir is particularly stark. Weddings, which traditionally involve substantial exchange of gold jewellery, have been scaled down. Families are cutting back on purchases, opting for smaller or lighter pieces, while many are turning to silver, imitation ornaments, or alternative gifts to meet social expectations.
For jewellers, the crisis has meant shrinking revenues and idle workshops. “Small artisans and goldsmiths are the worst hit. Maintaining inventory at these prices is impossible,” said a Srinagar-based trader.
Economists warn of deeper social implications. The inability to uphold gold-centric wedding traditions is creating financial anxiety for middle-class families, while widening the social gap between those who can still afford lavish purchases and those who cannot.
However, many others argue that gold used to be a major source of economic security for the newly weds, especially women, and the current situation makes prospective couples more vulnerable economically.
With no immediate relief in sight, civil society voices are calling for a cultural rethink to ease the burden of gold-linked expectations in weddings. Until then, Kashmir’s jewellers and families alike may have to brace for a subdued season.
