Families that flock to textile showrooms to purchase Kancheepuram silk saris for weddings are feeling the heat as renowned saris have become more expensive. Prices of gold have been soaring, straining the budgets of those looking to get married even further.
Over the past eight months, the price of Kancheepuram silk saris has risen by 50%, prompting budget-conscious consumers to opt for saris with reduced gold and silver content or those entirely devoid of these precious metals, TOI reported on Wednesday.
RmKV, a prominent retail textile chain brand known for its expertise in Kancheepuram silk saris, is seeing a 20 per cent decline in sales during this wedding season due to the increase in prices.
“Several customers come with a specific budget and prefer (Kancheepuram) silk saris with less gold and silver content, while some reduce the number of saris to suit their budget. This is the first time the price of silk saris has gone up in such a short time by 35% to 40%. The rapid rise in gold price is unprecedented,” K Sivakumar, managing director, RmKV, told TOI.
The cost of 22 carat gold increased from 5,356 rupees per gram on October 1, 2023, to 6,900 rupees per gram on May 21, 2024. Likewise, silver prices rose from 75.5 rupees per gram to 101 rupees per gram over the same period.
The Kancheepuram silk sari industry, valued at Rs 10,000 crore, has been significantly impacted by this, especially considering that these handloom textiles cater to the Indian diaspora worldwide.
According to V K Dhamodaran from the Kancheepuram Silk Saree Manufacturers Association, the price hike of these saris between October of last year and May of this year ranges between 40 and 50 per cent.
“The cost of Kancheepuram silk sari is determined primarily by gold and silver rates as the two metals are essential to make the ‘zari‘ that is part of traditional silk sari. Customers have started buying the handloom Kancheepuram silk sari with ‘zari’ that does not have the mix of gold and silver as it is cheaper. This is having a huge impact on our business and weavers,” he was quoted as saying by TOI.
Made from silk, gold, and silver threads, Kancheepuram silk saris are a traditional attire worn during special events and celebrations, notably weddings in southern India. Renowned for their intricate border patterns, these saris, bearing a Geographical Indication (GI) tag, have evolved to meet modern demands, featuring woven images of wedding couples. Prices for each sari range from Rs 20,000 to Rs 2.5 lakh.
J Kamalanathan from the K S Parthasarathy Handloom Weavers Association mentioned that the manufacturing of high-end saris has ceased completely.
“For instance, the cost of a silk sari, which was priced at Rs 70,000 in October last year, has escalated to Rs 1.2 lakh now. Since there are only a few takers for such premium category saris after it became expensive, weavers have turned their focus towards the affordable (sari) segment,” he said.
