Last Updated :
22 February 2009 at 11:45 IST
Gold boom boosts Pak imitation jewellery trade
Commodity Online
KARACHI: When
Gold prices hit the roof, Pakistan’s jewellery-crazy women are increasingly rushing to buy imitation jewellery, giving hope to Indian traders in imitation jewellery.
Pakistan imports a huge quantity of imitation jewellery from Indian and China.
The yellow metal soared by Rs 315 and Rs 370 in Pakistan at Rs 24,600 per 10 gm and Rs 28,700 per tola, the highest levels in the history. Gold also rose by $3 to stand at $969 per ounce in the international market.
Frequent hike in gold prices and fear of thieves attacking women wearing gold jewellery, consumers are now turning towards imitation jewellery.
Artificial jewellery has become more attractive for consumers, as the unprecedented hike in the prices of gold has declined the consumers’ purchasing power and is keeping them at bay from bullion market.
Although the sale of artificial jewellery has increased, the prices have also surged in the local market owing to less import of imitation jewellery from China and India.
A few months ago, gold jewellery was in the range of common man’s purchasing power, but repeated hikes in the prices have increased the artificial jewellery’s demand.
Use of imitation jewellery is on the rise and now due to its increasing demand its business is growing unabatedly and the number of shops deling in imitation jewellery in Pakistan has increased during last three years. Now about 5,000 imitation jewellery shops are being run in pakistan.
The imitation jewellery business has got the shape of an industry and about 1 to 1.2 million people are directly or indirectly related to it.
It was available at nominal prices six months ago, but after the hike in
Gold prices the rates of imitation jewellery increased by 40-45 per cent.
A good quality set of the artificial jewellery was available at Rs 2,000 to Rs 3,000 six months ago, but now the same is available in the range of Rs 5,000 to Rs 6,000.
Besides, Chinese the Indian jewelleries have also set a good impression in the local market and the consumers prefer to buy the Indian jewellery because of its good quality and design.
Imitation jewellery is usually made by diamonds and precious stones.
Due to the increasing trend in yellow metal prices the imitation jewellery has also made its place at an observable extent in the local market.
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