Once a Poor Man’s Metal, Silver Now Joins Gold in the Luxury Club

Guwahati: The unprecedented hike in gold and silver prices in the international market has sent shockwaves through Assam’s jewellery industry, triggering deep anxiety among traders, artisans, and consumers alike. With prices climbing at a breathtaking pace, industry insiders warn that the traditional jewellery business in the state may not survive for long if the trend continues unchecked.

Over the past month alone, gold prices have jumped by nearly ₹40,000, while silver has stunned the market by registering a massive increase of around ₹1.5 lakh per kilogram. On Wednesday, silver touched a historic high of ₹3,81,000 per kilogram, a level that many jewellers say was once unimaginable.

Gold prices, too, remain at record levels, with 24-carat (995) gold priced at ₹1,68,700 per 10 grams and 22-carat gold at ₹1,58,500 per 10 grams.

In Assam, where gold jewellery is deeply intertwined with cultural traditions ranging from weddings to festivals, this sharp escalation has led to a visible drop in customers across jewellery stores, particularly in Guwahati, Jorhat, Dibrugarh, and Silchar.

“People are shocked when they hear the prices. Many customers walk in, ask the rate, and walk straight out,” said a senior jeweller from Guwahati.

“Gold has already become unaffordable for the common Assamese household. Now silver, which was once considered the poor man’s metal, is also turning into a precious metal,” he added.

Jewellers point out that silver’s relentless rally has changed its status in the market altogether. Traditionally used for lighter ornaments, utensils, and religious items, silver is now being treated at par with gold in terms of investment value.

“Silver is no longer an alternative; it is becoming a premium asset,” the Guwahati jeweller reiterated. “At this rate, even silver jewellery will soon be out of reach for ordinary buyers, as a simple anklet would now cost around ₹8,000 to ₹10,000.”

The situation has been particularly devastating for local goldsmiths and traditional artisans, many of whom depend entirely on daily orders for survival. With demand shrinking rapidly, workshops across Assam are either operating at minimal capacity or shutting down temporarily.

“Our craftsmen are sitting idle,” said another jeweller from Pan Bazaar. “If prices keep rising like this, the jewellery industry in Assam will not survive. We are staring at a slow death of a centuries-old livelihood.”

The sudden volatility has also revived old fears within the bullion community. Veteran traders have drawn parallels with past government interventions, recalling the trauma surrounding the Gold Control Act of 1963, which crippled the trade and triggered nationwide protests.

Amid growing speculation, questions are now being raised over possible manipulation or irregularities in the international bullion market. Traders in Assam say clarity and stability are urgently needed to prevent long-term damage to the sector.

For now, jewellers, artisans, and customers across the state remain on edge, hoping that prices stabilise before the glitter of Assam’s jewellery tradition fades into uncertainty and oblivion.

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