Kathmandu, February 15:

Imitation jewellery is not always a bad buy, mainly when the gold price is skyrocketing in the domestic market. With the wedding season on, the domestic gold market has been captured by imitation jewellery. Tej Ratna Shakya, president of Nepal Gold and Silver Dealers’ Association (NEGOSIDA) said, “We are seeing our customers getting fascinated with imitation jewellery as gold price is increasing as it never had before.”

Gold, which used to be Rs 12,000 per tola a few years’ back now has jumped to more than Rs 27,800 per tola in the domestic market. While real jewellery may not be affordable, imitation jewellery in the market has become an absolutely wallet friendly option. Gold is everyone’s best friend, especially in this country but currently it has become the worst enemy due to increased price.

According to Shakya, more than 25 per cent of the gold market now has been captured by imitation jewellery or gold-plated jewellery. The price of gold is increasing rapidly whereas the buying capacity of the customers has not increased accordingly. “Insecurity is another factor that leads people here to buy gold, but right now our business is in a complete shambles. In previous wedding seasons people who used to buy 10 tola are compromising and buying only two tola of gold,” said Shakya.

Imitation jewellery is available in a wide range: bangles, earrings, pendants, bracelets, necklaces and rings. It is far cheaper than the real article. In fact, the gold-plated jewellery looks so real that anyone would think one had paid a high price. “High class to middle class people, all are equally interested in buying gold-plated jewellery.

Recently, we are having a sale of more than Rs 5000 per day. One can get gold-plated jewellery at very reasonable price, it looks like real gold and in the present context when gold price is high, the sale of gold-plated jewellery is flourishing,” said staff at BNTAX collection at New Road.

According to Raj Sonar, a goldsmith, one should be careful when buying even imitation jewellery. “Everybody is out to make money, so it’s important to be aware of what you are buying. This is especially important when shopping for gold-plated jewellery,” said Sonar adding that the market is getting dominated by Indian fake jewellery which is actually made using different chemicals and through machines. Sonar said the Indian fake jewellery rusts and is not skin-friendly, causing different health hazards.

“ The plated jewellery that is imported from India is made from harmful chemicals though they are easily available here. This jewellery has nickel with chemical acid used to produce the colour of gold, but here the imitation jewellery is handmade and it is plated with liquefied gold. Thus, the thickness of the gold coat decides the quality of it,” said Amarnath Sarraf, the owner of Trade Palace located at Dillibazar.

Gold hits another record

KATHMANDU: Gold on Sunday opened at Rs 27,900 per tola (11.664 gram).

“It is traded at Rs 23,920 per 10 gram due to weak Nepali rupee against the US dollar and fluctuating international market, said Nepal Gold and Silver Dealers’ Association. Meanwhile, silver also on Sunday opened at Rs 343 per 10 gram. Gold last week closed at Rs 23,835 per 10 gram. — HNS