Editor’s Note
**Editor’s Note:** Record-high silver prices are casting a shadow over Raksha Bandhan sales in Yamuna Nagar, with customers hesitating to buy despite festive displays.
Yamuna Nagar. Silver rakhis have been displayed in jewelry showrooms across the city for Raksha Bandhan, but this year, record inflation has dampened the market’s vibrancy. Due to continuously rising gold and silver prices, customers are refraining from purchases.
Jewelry traders report that in previous years, sales of silver rakhis would begin well before Raksha Bandhan, but this year, customers are only inquiring about prices and leaving. Demand for silver rakhis is significantly lower compared to previous years.
Jewelers say that with silver prices nearing ₹2.25 lakh per kilogram, silver rakhis have become expensive, directly impacting sales. Middle-class consumers are avoiding costly rakhis and are instead opting for simple or designer thread rakhis. Additionally, purchases of gold and silver jewelry have also been affected.
Customers are buying lighter-weight jewelry instead of heavy ornaments, or postponing purchases altogether. Major jewelry showrooms in the city have a good collection of silver rakhis available. Attractive designer rakhis are priced between ₹800 and ₹5,000, while special designs and heavier rakhis cost even more.
Traders have introduced several new designs this year, keeping in mind the preferences of children, youth, and women, but expected customer turnout has not materialized. Puneet Jain, operator of Jain Sons Jewelers, said:
He expressed hope that purchases may increase as Raksha Bandhan approaches.
Mehak, Manoj, Aman, Hira, and Ashok Jewelers stated that the market remains sluggish. Customers’ first preference is lightweight jewelry and purchases through exchange. Traders believe that if gold and silver prices decline somewhat or demand increases during the festive season, the jewelry market could regain its vibrancy. For now, record inflation has impacted Raksha Bandhan business as well.
