ISLAMABAD-The unprecedented increase in the rates of gold during the last few months has compelled the majority of women customers to prefer buying artificial, traditional and gold plated jewellery instead of gold.

The demand of artificial jewellery has registered significant increase since the gold price has crossed Rs93,000 per tola during the last few days and touched the historic hike, limiting the purchasing capacity of the majority of customers.

The increasing trend in gold prices has badly affected the gold business as well as the life of the workers associated with it who are now switching to other means of income to manage their household affairs in prevailing price hike situation.

“It is difficult for the customers belonging to middle class families to afford buying gold at the weddings even due to increasing prices. We cannot disturb our whole budget for the sake of only one event,” Shaista Amin, a house wife said.

She said the biggest dream of every mother is to give beautiful gold jewellery to her daughter which does not only add attraction to the event of her wedding but also contributes to the purpose of life time saving.

Although, I kept on saving money throughout my life for this purpose but unfortunately remained unable to fulfil this dream owing to the massive increase in the prices of gold, she said while talking to APP.

Tariq Usman, a jeweller in the local market of Rawalpindi, said jump in gold price up to Rs93,400 per tola during this month has limited the purchasing capacity of the common man, negatively impacting the gold business.

The number of customers has registered significant decrease after surging price of gold. Earlier, if a customer had capacity to buy five tolas of gold, he/she is restricting now up to one or two tola only while majority of customers prefer buying artificial jewellery which is available in a large variety. Ultimately 80 percent of our business is finished and only 20 percent is left, he lamented.

He said the abrupt surge in gold price coupled with the prevailing price hike situation has also affected the earning of workforce in the gold market and many of them have left this work. About any chances of reduction in gold price in the future, Tariq Usman said, “we are seeing no significant downward trend in price of gold, however it will fluctuate between Rs80,000 to Rs93,000.”

Majority of the customers are more inclined toward artificial or imitation jewellery and 90 percent of the customers are depending on artificial jewellery, owing to the increase in gold price.

Gold was earlier considered as a perfect thing to buy and store for saving purposes but inflation, taxes and increase in gold rate has also ended this practice.

Shaukat Ali, owner of an artificial jewellery shop, said the demand of artificial jewellery has witnessed a big increase during the last year and a large number of buyers prefer artificial jewellery even for their big days.

Considering the increasing demand, “we are now importing quality imitation jewellery from neighbouring countries which is getting good response from the customers. Such jewellery is not only of good quality and lasts for years but available in variety of designs which can customised according to the dresses,” he added.