Massive increase in the prices of Kancheepuram sarees creating holes in the pockets of many customers now!!
Who would have thought that one day an increase in the gold prices would increase the prices of Kancheepuram sarees also?
Yes, it is true that skyrocketing gold prices have affected the price of Kancheepuram sarees. In the last 8 months, Kancheepuram sarees have increased by a huge 50percent. This has made the price conscious customers to shift to sarees with less gold and silver contents or to those sarees without gold and silver contents.
It is really shocking that in this wedding season the famous retail textile chain brand RMKV (specialises in Kancheepuram sarees) has seen a 20% decrease in the saree sales.
According to RMKV MD Mr. K. Sivakumar many customers now come with specific budgets and opt for sarees with less gold and silver contents. He threw light on how this was the first time the prices of silk sarees have increased by 35% to 40% in such a short time. Truth is that the rapid rise in gold price is unprecedented.
It must be recalled that the price of one gram of gold increased from Rs 5356 per gram (on 1st October 2023) to Rs 6900 per gram on 21st May 2024. In the same period, the price of silver increased from Rs 75.5 per gram to Rs 101 per gram. As a result, the Rs 10000 cr silk saree industry in Kancheepuram has got affected now.
As per Mr. S. K. Damodharan, Kancheepuram Silk Saree Manufacutrer`s Association, it was clear that the increase in the prices of sarees from October 2023 to May 2024 has been 40% to 50%. He added that the cost of Kancheepuram sarees would be determined by the cost of gold and silver. It is learnt that the customers have started to buy those cheap Kancheepuram sarees with zari that does not have gold and silver.
