Kathmandu, 31 Jan: As gold prices have risen abnormally, customers’ attraction toward imitation jewelry has been increasing. With the price of gold approaching nearly NPR 350,000 per tola, the business of artificial jewelry has begun to grow.
At a time when demand for gold jewelry in the market has collapsed by about 90 percent, demand for imitation jewelry is steadily rising. Customers are shifting away from gold jewelry and toward “guaranteed” artificial gold jewelry because of its appeal of “no fear if lost, and no less attractive than gold.”
Since imitation jewelry looks very similar to real gold and is difficult to distinguish at a glance, especially for ordinary consumers, women in particular are increasingly drawn to it.
Business owners say that the high cost of gold jewelry and the fear of theft have also contributed to the recent growth in the imitation jewelry trade. Smarika Bhandari, proprietor of Sankata Shringar Jewelry, said that the business of imitation jewelry has been growing gradually.
According to her, bridal sets sell the most during the wedding season, while rings, chains, and earrings sell more at other times. She said the daily turnover ranges from NPR 30,000 to 40,000. Previously, orders for imitation jewelry came only from the bride’s side, but now orders are also coming from the groom’s side. Since imitation jewelry looks like gold when worn and carries no risk of theft, it is increasingly used at wedding parties, which has further boosted business.
Similarly, Dinesh Koirala, proprietor of Aviral Shringar Jewelers, said that imitation bridal sets sell more during the wedding season. “A bridal set can be prepared for around NPR 5,000,” he said, adding that imitation jewelry has become consumers’ preference because it closely resembles real gold at first glance.
Prices are set at NPR 250 for rings, NPR 500 for chains, NPR 1,000 for tilhari, and NPR 1,500 for rani haar. Jewelry is sold not only in shops but also increasingly through online platforms. Made of five-metal alloys and coated, the jewelry looks like real gold.
Sharmila Upreti, who came to buy imitation jewelry, said that rising gold prices have made it impossible for her to purchase real gold, forcing her to opt for artificial jewelry. She added that the fear of theft due to high gold prices also makes imitation jewelry more convenient. With the increase in gold prices, most people are choosing imitation jewelry to avoid the risk of theft.
Gold price drops by NPR 20,000 per tola
After rising continuously, the price of gold dropped by NPR 20,500 on Friday. According to the Federation of Nepal Gold and Silver Dealers’ Association, gold that was traded at NPR 339,300 per tola on Thursday fell to NPR 318,800 per tola on Friday.
The fluctuation in international prices has affected the local market. On Thursday, gold was traded at USD 5,551 per ounce in the international market, but on Friday the price fell to USD 5,150 per ounce. Gold prices have been rising steadily due to the economic policies of U.S. President Donald Trump and ongoing geopolitical tensions. Over the past two weeks, the price of gold has increased by NPR 62,800 per tola in the domestic market.
Similarly, the price of silver fell by NPR 235 on Friday to NPR 7,065 per tola, according to the federation. On Friday, the international price of silver dropped to USD 106 per ounce.
