Substitute : Demand for artificial jewellery booms

People turn to imitation jewellery sets and silver ornaments as alternatives to gold amid rising inflation

RAWALPINDI:

There has been a notable surge in the sales and demand for artificial jewellery as a substitute for gold amid escalating prices of gold and continuous rise in the value of the US dollar coupled with the declining purchasing power of the economically disadvantaged and middle-class families of the country.

In wedding ceremonies, families have increasingly turned to the use of artificial jewellery crafted from gold-plated materials as a more cost-effective alternative to real gold. This trend has been particularly evident among middle and low-income families. The use of gold-plated materials in the production of artificial jewellery has become so refined that it is often indistinguishable from genuine gold, with only expert jewellers possessing the ability to discern the difference.

With the advent of Eid-ul-Fitr, there has been a significant surge in the demand for artificial jewellery in the prominent commercial hubs of Rawalpindi and Islamabad. The skyrocketing prices of gold, which have surpassed Rs220,000 in the open market, have made it exceedingly difficult for middle-class families to afford gold jewellery sets. As a result, artificial jewellery sets, priced at a mere fraction of the cost of gold sets ranging from Rs35,000 to Rs50,000 have become a more feasible option. Notably, artificial jewellery also boasts a wide variety of designs, further adding to its appeal among buyers.

Artificial jewellery is produced locally as well as imported from prominent international markets such as Dubai, Europe, and China. Across Rawalpindi, it is common to find at least four to five artificial jewellery shops in each major bazaar and main shopping mall, catering to the growing demand for affordable jewellery alternatives. Furthermore, women-only shopping centres like Moti Bazaar boast a significant number of artificial jewellery shops, and provide diverse options to meet the preferences of buyers.

In an effort to cope with the rising costs of gold, economically disadvantaged families have increasingly turned to artificial jewellery for their daughters’ wedding ceremonies. The price disparity between real gold jewellery and artificial jewellery is significant, with gold sets costing between Rs100,000 to Rs500,000, while artificial gold necklaces are available for as low as Rs10,000 to Rs20,000. Similarly, artificial jewellery shops offer necklaces ranging from Rs3,500 to Rs8,000, rings from Rs2,000 to Rs4,000, earrings from Rs2,500 to Rs5,000, and pendants from Rs3,000 to Rs7,000. Similarly, complete jewellery sets can be purchased for Rs50,000 to Rs70,000.

According to Sharjeel Malik, a shopkeeper of artificial jewellery in Saddar Rawalpindi, the business of artificial jewellery has witnessed a surge in sales due to persistent inflation, increasing dollar rates, and rising gold prices.

As a result, many families have started incorporating both real gold and artificial jewellery in weddings, with a preference for high-quality artificial jewellery.

With the onset of the Eid festivities, the demand for artificial jewellery has skyrocketed, with a surge of up to 500 per cent in sales. Malik further mentioned that they import the jewellery from China, and it is often adorned with valuable stones and features intricate designs.

Farah Naz Abbasi, a buyer of artificial jewellery, said that she prefers using high-quality artificial jewellery for wedding ceremonies and other official occasions that typically last for two to three hours.

One of the advantages of using artificial jewellery is that even if it gets snatched, the loss is minimal compared to real gold jewellery, she added. Moreover, she said that wearing real gold jewellery also requires additional security measures.

With the increasing sales and demand for artificial jewellery, a wide variety of designs are now available in the market. This indicates that artificial jewellery has become a popular and practical choice for many individuals due to its affordability, safety, and availability of diverse designs.

 

Published in The Express Tribune, April 17^th, 2023.