Gold Price Surge in 2026 Shifts South Asian Wedding Jewellery Toward Imitation Options

Gold prices have surged to record levels in 2026, forcing families across South Asia to opt for imitation jewellery instead of pure gold for weddings, as the cost of the precious metal pushes it out of reach for many middle-class buyers. In Indian-administered Kashmir, a 29-year-old accountant earning less than $100 a month at a consultancy firm in Srinagar is preparing for her summer 2026 wedding.

She noted that a single gold ring costs nearly three months of her salary, prompting her to consider one-gram gold alternatives.

@AJEnglish reported that the accountant sleeps with her phone beside her pillow to monitor gold prices, emphasizing how gold represents dignity and protection in her community. Gold reached a high of $5,595 per ounce on January 29, 2026, and traded at around $4,861 per ounce as of April 24, 2026.

A goldsmith in Srinagar displayed 150 grams of pure gold costing about $27,500, illustrating the steep prices.

India, the world’s second-largest consumer of gold, saw demand for gold jewellery fall by 24 percent in 2025 compared to 2024, according to the World Gold Council. During the Hindu festival of Akshaya Tritiya celebrated last weekend before April 24, 2026, gold futures closed at $1,670 per 10 grams, marking a 63 percent increase from the previous year's festival.

This price escalation has reshaped wedding planning, with more customers turning to gold-plated or imitation options.

In New Delhi, a mother of five from a working-class neighborhood is seeking one-gram gold for her youngest daughter's upcoming wedding. She previously replaced real gold with one-gram alternatives for her eldest daughter's wedding. The mother received nearly 60 grams of gold as dowry when she married in 1996, but stated she cannot afford even half that amount for her daughters today.

A goldsmith with over three decades of experience in Mumbai’s Zaveri Bazaar observed that if 10 people enter his shop, only one buys gold while the rest choose artificial jewellery. He described this as a dramatic shift in the market.

In neighboring Bangladesh, similar economic pressures are redefining marriages. Last month, the price of 22-carat gold in Dhaka climbed to a record $2,200 per 11.668 grams, according to the Bangladesh Jewellers Association. In a country with a per capita income of around $2,600, gold has become unaffordable for most.

Demand for imitation jewellery has grown sharply as gold becomes too expensive for most. Smaller imitation items such as earrings cost as little as $1.5 to $4, while larger sets sell for a few thousand taka depending on the design. Many of his products are imported from India.

Pakistan has seen gold jewellery sales drop by about 50 percent over the past year before April 24, 2026. A gold-plated bridal set costs between 40,000-60,000 Pakistani rupees, or $143 to $215, offering a stark contrast to real gold equivalents.

A woman and her fiancé, whose wedding is set for two months from April 24, 2026, traveled 85 km from Kupwara district to a Srinagar showroom to view one-gram gold options. The fiancé said he cannot afford $6,000 to $7,000 on real gold jewellery, but the imitation pieces allow the woman to fulfill her dream of wearing a heavy necklace.

Community leaders in Srinagar estimate that nearly 50,000 women are considered past their marriage age, with financial barriers like gold costs playing a key role.

A jeweler who runs a jewellery store in Srinagar stated that people want the happiness of wearing gold within an affordable range, and attitudes are shifting toward viewing gold more as an investment than a casual purchase.