Astrological Gemstone Prices Skyrocket in Ahmedabad, Burdening Consumers
In a significant market shift, the prices of gemstones commonly used for astrological remedies have surged dramatically in Ahmedabad, with increases ranging from 30% to 40% over the past two years. This sharp rise is rendering these precious stones increasingly unaffordable for many customers, according to local jewellers and industry experts.
Steep Price Hikes Across All Gemstone Categories
The price escalation has affected both premium and budget segments of the market. Premium pukhraj, also known as yellow sapphire, has now crossed the staggering mark of Rs 1 lakh per carat. Even more accessible, budget-category pukhraj stones are currently priced between Rs 3,000 and Rs 5,000 per carat in Ahmedabad.
This trend is not isolated to pukhraj alone. Other essential astrological gemstones, including sapphire, pearl, emerald, and ruby, have experienced similar substantial price increases, creating a widespread affordability crisis for those seeking these remedies.
Key Drivers Behind the Price Surge
Industry professionals point to a classic case of reduced availability clashing with rising demand as the primary catalyst for this price inflation. Sri Lanka, a major global source for these gemstones, has seen a notable decline in mining activity, leading to a significant short supply in the international market.
Jigar Patel, Treasurer of the Jewellers' Association Ahmedabad, elaborated on the situation, stating, "Beyond the well-documented increases in gold and silver, prices of precious gemstones utilized for astrological purposes have also risen sharply. Stones such as pukhraj, emerald, ruby, and pearl have witnessed retail prices climb by 30-40% over the last two years, directly impacting individuals advised to wear them for remedial purposes."
Patel further attributed this sharp increase to broader international market trends, noting that global prices for these stones have risen by approximately 25%. For imported stones, the price rise has been even more pronounced due to the additional factor of rupee devaluation against major currencies.
Quality and Availability Concerns
Hemang Barot, Director of a leading gemstones brand, provided additional insight into the market dynamics. He explained that while the value of each precious stone varies based on its unique characteristics like cut, clarity, and color, all categories have averaged around a 30% price increase over the two-year period.
"The availability of these stones has decreased year by year, and there is a particularly acute short supply of high-quality stones. Consequently, even average-quality stones have become significantly more expensive," Barot noted.
Shifting Consumer Preferences and Budget Strains
The rising cost of gold has inadvertently influenced consumer behavior in the gemstone market. Barot observed, "As gold has become more expensive, many customers have started preferring gemstone jewellery. Larger gemstone pieces are often more readily available than intricate small gold chains, leading people to frequently choose gemstone jewellery for significant occasions like wedding functions."
Some gemstones also offer a potential buy-back value, adding to their appeal. However, the combined effect of higher gemstone prices and elevated gold rates has placed considerable strain on customers' budgets. Barot added, "The price rise has forced many to downsize their purchases. For instance, customers who initially intended to buy a 10-carat stone are now opting for an 8-carat one to manage costs."
This market scenario highlights the complex interplay between global supply chains, currency fluctuations, and local demand in Ahmedabad's jewellery sector, with significant implications for consumers relying on astrological gemstones for personal and spiritual well-being.
