Rising gold prices change wedding trends in Pakistan – Pakistan Observer
LAHORE – The sky-rocketing gold prices have completely changed the wedding trends in Pakistan as families now prefer artificial jewelry instead of real gold for the brides.
The traditional wedding practices are difficult for the families as they cannot afford pure gold jewelry due to high prices.
Brides are now turning towards artificial jewelers, while one-gram gold ornaments are emerging as a popular and affordable alternative.
"People are now going to artificial jewelry. They are not able to manage real gold ornaments for their daughters," said Muhammad Ahmed, a local goldsmith.
He said that this is very painful that the girls are being given artificial jewelry instead of the gold.
"You know that gold is considered a mandatory feature of every wedding," he added.
Another man who runs his shop in Ichhra market said that he has been observing falling trend of consumers in the market.
"Women and girls visit markets and shops to buy gold but they just remain limited to seeking prices and go back," he added.
The market observers pointed out that gold purchases have declined significantly across the region, with the metal increasingly being treated as an investment asset rather than a traditional form of adornment.
"This is not the case of Pakistan and its markets; this is with all South Asian countries including India and Bangladesh," said Ichhra market gold smith, pointing out that the prices of gold have increased everywhere.
The gold price has now reached almost Rs500,000 per tola in Pakistan — a price which majority of the population cannot afford.
On April 23, All Pakistan Sarafa Gems and Jewellers Association said that price of gold per tola fell by Rs5,200, settled at Rs493,762.
Similarly, the price of 10 grams of gold dropped by Rs4,458 to Rs423,321.
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