By Hasnain Ali
Gold prices are going through the roof worldwide, making real gold jewelry out of reach for people in Pakistan. Because of this, a new trend is gaining ground rapidly: gold-plated jewelry.
The price of gold has now reached over Rs 425,000 per tola (11.6 grams). Instead of selecting gold ornaments, most people are turning to gold-plated options as a practical alternative.
These shiny gold-plated pieces look like real gold and people are able to purchase them easily as they don’t come with the huge price tag.
Internationally, gold, the metal that recently broke a never-before-seen price barrier by reaching over US$4,000 per ounce, has seen its sales take a hit.
Such a sharp increase in the already expensive commodity has made people view the metal as an investment and not a useful accessory. The situation has triggered a shift in purchasing habits.
Gold-Plated Jewelry Alternatives in Pakistan: Affordable and Stylish
For instance, jewelry is generally created in two forms: items made of real gold and gold-plated ones. Those made from real gold are composed of solid gold or a gold alloy.
In contrast, plated jewelry features a thin to thick layer of gold applied to a base metal (such as silver or brass) using a process called electroplating.
The plated pieces produced can look as good as solid gold jewelry, but they are available at a far cheaper price.
Many producers manufacture a large volume of plated items, and recently, most consumer sales have shifted toward these plated pieces following the steep hike in the price of gold.
The Shift from Solid Gold to Gold-Plated Jewelry
Hafiz Muhammad Ahmad, Multan’s leading jeweler and Chairman of the Punjab Gems and Jewelers Association, noted that people are mostly buying gold as an investment, which has led to a sharp drop in solid gold jewelry sales.
This shift in demand has necessitated the import of gold-plated counterparts from countries such as Turkey and China.
The drive to find cheaper alternatives to pricey 24-carat gold has led consumers to purchase other, more affordable carats, as well as plated items.
For instance, the price of one tola of 24-carat gold increased up to Rs425,000. Conversely, the price of one tola of 8-carat and 14-carat gold was around Rs140,000, a significant reduction.
How Gold-Plated Jewelry Offers a Practical Solution in Pakistan
Solid gold jewelry sales are now limited to wealthy individuals, and even that market seems to be declining in high-end areas of Lahore like M.M. Alam Road, DHA, and Gulberg.
The Chief of the Gold and Gems Traders Association, Lahore, Moazzam Waheed, stated that sales in these standard markets of Lahore have declined by approximately 50 percent.
A new market for brass, silver, and artificial gold has also grown. Gold-plated brass jewelry sets sell for as low as Rs50,000, a significant bonus compared to Rs5 million solid gold sets.
These plated items are the cheapest choice, offering durability and a striking resemblance to real gold.
According to Waheed, plated gold is “resistant to tarnishing and comes in many affordable styles and designs.” Therefore, the sales of plated gold might further increase as more Pakistanis look for inexpensive accessories.
Benefits of Gold-Plated Jewelry Alternatives Over Solid Gold
The popularity of gold-plated jewelry continues to rise as it offers a way to enjoy the luxurious look of gold without breaking the bank.
These alternatives not only provide an affordable solution to the skyrocketing price of solid gold but also come in various designs, making them versatile for different occasions.
As demand for these products increases, it’s clear that gold-plated jewelry is becoming the preferred choice for many Pakistanis looking for stylish and budget-friendly options.
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