80% Customers in Agra Making Jewelry from Old Silver

Silver prices have nearly reached 400,000 INR, pushing customers away from the market. Agra is a major hub for silver payals and jewelry in Bichhua, but currently, the market for silver jewelry, utensils, and idols is completely sluggish. Even after Sahalg, the demand is only around 20% compared to last year. The customers who do come prefer very light jewelry. Most customers bring old silver and get new jewelry made, paying only the making charges.

Due to the spike in silver prices over the past year, the market has been quiet during Sahalg. Previously, areas like Kinari Bazaar, Namak Ki Mandi, Fatak Surajbhan, and Shahganj would see crowded silver shops, but now only a few customers bring old silver. The main demand during Sahalg was for silver payals weighing 50 to 100 grams, which used to cost 6,000–7,000 INR but now 100 grams can cost nearly 40,000 INR. As a result, customers are staying away, and even for very light payals, they hesitate due to budget constraints.

Decline in New Customers

New customers are almost absent from the market. Silver payals used to sell well during Sahalg, but now purchases are minimal. Most customers bring old silver and only pay making charges for new designs.

Devendra Goyal, Minister, Shri Sarafa Committee:

• Demand for silver payals has dropped by up to 80%.
• Payals weighing 100 grams, which were in high demand, now cost around 40,000 INR, leaving almost no business.
• Factories are reportedly 80% shut down due to low demand.