Fading sheen: City’s traditional gold craftsmen hit as rates zoom

Hyderabad: Hundreds of skilled goldsmiths are looking for greener pastures amid soaring gold prices and dwindling consumer demand in the city's centuries-old gold jewellery industry. Artisans, many from traditional families that practised the craft for generations, are increasingly switching to private sector jobs for financial stability. Local jewellery store owners have reported that their businesses plummeted by over 30% in the past year, with some struggling to pay even rents."I never thought I'd leave my family's traditional profession, but survival forced my hand," said Raghu, name changed on request. "The intricate designs I saw in my childhood now exist only in old photographs and memories," he said, revealing he now works as a gold appraiser at a loan company.With gold prices zooming past Rs 91,000 per tola (10 grams), consumer interest in speciality and heavy designer jewellery has hit rock bottom. The impact is particularly visible in the lanes of Gulzar Houz, where Abdul Qayyum's open-air jewellery shop stands as a testament to changing times."Since last year, there has been a steep drop in sales," he said, adjusting his apparatus. "Earlier, even those with humble means used to buy at least three tolas for weddings. Now, it's just a tola and more of imitation jewellery," he added.The crisis isn't just affecting sales. It's erasing centuries of artistic heritage. Naveen Golconda, a third-generation craftsman specialising in ‘vaddanam' (traditional waistbelt), reflected on the industry's decline. "The early 2000s was the peak for being in the goldsmith business. But the exponential price rise of gold was quite extreme. The prices which increase in 10 years increased in 5 years, then in just two years," he said.Naveen Golconda, who is a part of Charkaman Swarnakara Union, said several goldsmiths and youngsters in their family were moving to allied sectors. The association certifies such workers for their skill, which is used as a bona fide document to secure employment in larger private jewellery companies as well as financial institutions.The shift in consumer behaviour has dealt another blow to the industry."People are not coming to buy jewellery, instead, they're looking at the yellow metal as an investment," explained Abrar Khan, a goldsmith. "They'll buy gold coins or biscuits, but are hesitant to get jewellery made due to the wastage and making charges."The financial strain has forced a few workshops to shut shop too. Speaking anonymously, a goldsmith revealed the harsh reality: "Monthly maintenance of the shop can go past 50,000 easily. We must pay rents, electricity, our workers, and handle other expenses. But unfortunately, there are so many days when we don't even open ‘boni' (first sale of the day)."Of the approximately 10,000 goldsmiths and artisans currently employed in Hyderabad, many are considering alternative careers amid the business slowdown. As larger jewellery brands prioritise designs with minimal gold wastage, the intricate patterns and detailed craftsmanship that once defined the city's culture might vanish over time.