Agra, Oct 20 (ANI): Due to a surge in the prices of gold and silver price, people are now preferring to buy artificial jewellery during this festive season.
The sale of gold in India is at its peak during this time of the year as it is traditionally the time for festivals and weddings throughout the country.
However, the trend seems to be changing with people opting for designer jewellery sets as it does not make a hole in their pocket.
Global gold prices have risen more than 20 percent so far in the year, and are expected to gain further, as dwindling appetite for risk prompts investors to rush to safe havens such as gold.
"There is a lot of demand for artificial jewellery this year. If you go to any shop you will see a lot of sale of such jewellery. However, if you go to a jeweller's shop you will see that there are very few customers," said Munna Lal, an artisan.
In India, gold prices have gained 29 percent since the start of the year, compared with just 15 percent gains in the stock market.
"Gold is so expensive and these are at a low price and we are getting jewellery with good designs at an affordable price. We can easily wear them but gold prices have surged to about 28,000-30,000 rupees per 10 grams and that is why we prefer this artificial jewellery," said Kamala Singh, a customer.
Jewellers also say that the yellow metal has lost its shine and is keeping the customers at bay due to spiralling rise in the price of gold.
"The skyrocketing price of gold and silver has affected our sale as customers are not coming to buy it anymore. The customers now prefer artificial jewellery and gold plated ones these days," said Ramesh Kumar, a jeweller.
They prefer gold plated ones as they can get it at very low cost and they prefer artificial jewellery more due to fear of theft. People like wearing artificial jewellery more than gold and silver," he added.(ANI)
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