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Skyrocketing gold prices pushing consumers to silver
Karachi: Owing to high price of gold and the tax levied on buying gold, the sale of silver items at jewellery shops soared to a new high. Consumers are forced to buy silver as it is considered “the next best thing”.
“Gold ornaments have taken a serious hit as the prices in the last few years as have soared and jewellery buyers are either moving to silver or white gold or completely postponing their purchase”, said the exquisite jewellery designer Najia Anis of Naaj.
“Business has slowed down but orders do come and I have noticed that a lot of diamond jewellery is now made with white gold rather than pure gold as was the trend earlier. However, many diamond and gold jewellery lovers do buy no matter what happens.”
It has been noted that prices of silver climb steeply at the beginning of the festive season and also during the wedding season. The main reason behind this is that gold has climbed to such a level that people are forced to buy silver jewellery.
As the Pakistani market is more middle class oriented the escalating price of gold has made it difficult for them to use. Similarly people associated to gold jewellery have found their businesses in a difficult position and they are either moving into artificial jewellery or other businesses.
“It is very difficult to produce the same quality as the rising cost of gold and other precious metals are getting expensive on a daily bases”, said Najia Anis Rahman.