Editor’s Note
This article examines the cascading effects of record-high gold and silver prices on the traditional jewelry market, highlighting the growing financial burden on consumers and the associated social and security concerns.
Gold and silver prices are breaking records, making jewelry purchases increasingly out of reach for the common person. Jewelry is considered auspicious for wearing at weddings and other auspicious ceremonies. Jewelry also enhances women’s beauty, but when it becomes so expensive, fears of theft, robbery, and loss also arise. This is because the price of everything from nose rings to earrings and mangalsutras has reached lakhs. This is why a lull is visible in gold and silver shops due to rising prices.
Due to expensive gold and silver these days, women’s interest in imitation, bentex fancy, and rolled-gold jewelry is increasing. Bustle is being seen in these shops because these jewelry pieces have a gold-like polish and are quite cheap. However, they look just like gold and silver and also come with a guarantee of up to one year. About rolled-gold, it is also said that “it’s no less than gold, and if lost, there’s no sorrow.” If gold and silver prices continue to rise like this, most people will be attracted to imitation jewelry. Its market is also going to become very large in the coming times.
Shantanu Soni, who runs Shivansh Imitation Jewelry Shop in Sagar, says that in the coming time, not just Sagar, but a very large market for this is going to be created across India. Because, those who buy gold and silver ornaments will face various risks while wearing them. Therefore, now most people will use bentex jewelry. If any woman or man does imitation jewelry business, they can easily earn an income of 40-50 thousand rupees every month and also provide employment to two-four people.
To start an imitation jewelry shop, at least 5 to 10 lakh rupees will be required. Because, all this stock comes from big cities. Stock has to be procured from Indore, Surat, Jaipur, Delhi, Mumbai. Along with procuring stock, you also have to find a good location where customers can easily reach. You also have to maintain a bit of the shop’s standard or prepare good furniture. The shop and all the stock can be started nicely within 10 lakhs.
Shantanu explains that if imitation and gold ornaments are kept in one place, it is difficult to identify them at first glance because they look exactly like gold. It has everything – payal, bichhade, kardhani, jhumki, bala, bindiya, mangalsutra, bangles, rings. They have gold and silver polish according to different calculations. You get the kind of ornaments you want to buy cheap or expensive.