How soaring precious metal prices are shattering centuries-old matrimonial traditions in the Valley
By Chasfeeda Shah
The ornate gold jewelry that once symbolized joy and prosperity in Kashmiri weddings has become a source of heartbreak and despair for countless families across the Valley. In the bustling markets of Srinagar’s Saraf Kadal, where the sound of hammering gold once echoed through narrow lanes, a strange silence now prevails as families grapple with an unprecedented crisis. The price of 24-carat gold has soared to ₹100000 per 10 grams as of June 2025, representing a staggering 30% increase from early 2024’s ₹76,000
The Human Cost of Tradition
Nasreena Begum Sits in her modest home in Kralpora, district Kupwara, clutching a faded photograph of her late husband. For five years, the 58-year-old widow has been saving every rupee to arrange her daughter Rubeena’s wedding, but rising gold prices have turned her dreams into an endless nightmare. “I wake up every morning hoping the prices will come down, but they only seem to go higher,” she says, her voice breaking. “My daughter is 22 years now, and every day I see the hope fading from her eyes.”
Rubeena’s story is not unique in Kashmir, where estimated 2-5 lakh women across the valley are waiting for weddings their families can no longer afford. The cultural expectation that brides must wear traditional gold ornaments like bangles, necklace and rings has created a challenging financial barrier for middle-class families.
A Market in Freefall
The impact on Kashmir’s gold industry has been catastrophic, with jewelry markets reporting a 90-95% drop in wedding season sales. Abdul Majid Kotta, who runs a renowned jewelry outlet in Downtown area of Srinagar City, paints a grim picture of the current situation. “The market is down. There is no sign of work anywhere,” he states. “For the past week, sales have plummeted and traders are left waiting for prices to stabilize.”
The famous jewelry markets of Hari Singh High Street and Saraf Kadal, once bustling with customers during the traditional August-November wedding season, now see barely 10% of their usual business. Shops that previously had steady streams of customers now witness only a handful of visitors each day
The Cultural Catastrophe
Kashmir’s wedding traditions, refined over centuries, are facing an existential threat as families struggle to balance cultural expectations with economic reality. The traditional Kashmiri wedding, known for its elaborate Wazwan feast and rich gold jewelry displays, has become a luxury that many can no longer afford.
Voices from the Crisis
The human stories behind these statistics reveal the true depth of the crisis. Wijdan Haider, a psychologist who has studied the mental health impacts of wedding-related stress, reports “Inflated gold prices—driven by global geopolitical shifts and currency fluctuations—have a deep psychological impact in regions like Kashmir, where gold holds immense cultural and social value. The inability to afford it can lead to a diminished sense of security, especially among women, lower self-worth, social exclusion, and generational stress. All of this can be linked to poorer mental health, often manifesting as mood and anxiety disorders.” The psychological impact extends beyond immediate family members. Young women report feeling like burdens on their families, while parents struggle with guilt and social pressure.
Industry Perspectives and Adaptations
Jewelers across Kashmir are witnessing unprecedented changes in consumer behavior as families desperately seek alternatives. Mohammad Rouf Kota, a jewelry shop owner in Srinagar, reports that customers are increasingly requesting lighter designs or turning to alternative materials altogether.
The shift isn’t limited to jewelry preferences; families are fundamentally altering wedding traditions. Some are moving from 18-carat to 14-carat gold, while others are postponing weddings entirely or reducing the scale of celebrations
The broader jewelry industry recognizes the severity of the situation. According to Mohammad Rouf, the Co-owner of UR jewelers, “Gold jewellery consumption grew by 17 per cent in 2024, primarily driven by volatility in gold prices, along with festive and marriage-related demand.” However, this growth hasn’t translated to benefits for Kashmir’s middle-class families.
As gold prices soar beyond traditional comfort zones, jewelry retailers are witnessing a notable transformation in consumer behavior, with buyers increasingly favoring investment-grade gold over ornamental purchases.
“While ornament shopping has seen reduced footfall, customers are gravitating toward MMTC PAMP’s 24-carat gold products due to their superior liquidity and strong appreciation potential, positioning them as compelling investment alternatives,” explains Mohammad Rouf, owner of UR Jewelers. This trend reflects broader market dynamics where high gold prices have dampened traditional jewelry demand while simultaneously boosting interest in pure gold investment options.
The shift aligns with industry observations of consumers prioritizing investment value over decorative appeal, particularly as gold prices have reached unprecedented levels, making MMTC PAMP’s certified 999.9 purity gold bars and coins increasingly attractive to value-conscious buyers.
The Government Response and Market Dynamics
The Indian government’s decision to cut gold import duty from 15% to 6% in July 2024 provided temporary relief, leading to a brief surge in sales. However, global factors including trade tensions, geopolitical uncertainties, and central bank gold purchases have continued to drive prices upward.
International gold prices have climbed to $2,945 per ounce as of March 2025, influenced by ongoing trade wars and tariff uncertainties. Experts predict that gold prices may hit ₹120000 by the end of 2025 due to strong global trends.
Breaking the Golden Chains
A quiet revolution is emerging among some progressive Kashmiri families who are advocating for simpler weddings focused on Islamic principles rather than material display. Religious leaders and social activists are calling for a return to the essential elements of marriage ceremonies.
The Path Forward
As Kashmir enters another wedding season, the crisis shows no signs of abating. The transformation of gold from a symbol of prosperity to a barrier to marriage represents one of the most significant social challenges facing the Valley today.
The resolution will likely require a combination of economic policy interventions, cultural adaptations, and community-led initiatives to restore balance between tradition and affordability. Until then, thousands of families continue to wait, hoping that the precious metal that once blessed their ancestors’ unions will not forever curse their children’s dreams of matrimony
The story of Kashmir’s wedding crisis serves as a stark reminder that economic pressures can profoundly reshape cultural practices, sometimes forcing communities to choose between cherished traditions and basic human aspirations. As gold prices continue their relentless climb, the question remains whether Kashmir’s wedding traditions will adapt and survive, or become casualties of an unforgiving global economy.
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