This Rakshabandhan, sisters in Indore are splurging on precious rakhis for their brothers to celebrate the eternal bond. Even as designer rakhis have been in vogue for the past few years, a rising trend in the city is that of rakhis made using gold and silver. While gold rakhis cost up to Rs. 2,500, silver rakhis are available in the range of Rs. 51 to Rs. 300.
"There is a niche market for gold rakhis in Indore while silver rakhis are popular among the masses," Kanakshri Nirmalshri Jewellers director Shailendra Jain said. "The sales ratio of silver to gold rakhi would be 7:3. We have also come out with a very affordable rakhi studded with gold grains that costs only Rs. 100," he said.
The most sought after precious rakhi is one with a gold or silver coin in the middle on a nylon or silk thread. Rakhis with deities are another attraction. Gold rakhis are very popular among the Agrawal community members in Indore, as it is customary to use rakhi made of gold when the festival falls for the first time after marriage in the family.
Though rakhis in gold and silver have been around for the past few years, their sales have picked momentum recently. Giving reasons behind the rise in demand, Jain said, "Now even the normal fancy rakhi is priced above Rs. 100. Hence, people think it is better to purchase a rakhi of a precious metal that not only adds colour to the festival but is also an investment."
"Purchasing gold and silver rakhis has become a status symbol. The precious rakhis are sold in many outlets across Indore, but there are no sales figures available for the city," Indore Sona Chandi Jawaharat Vyapari Sangh president Hukumchand Soni said.
Rakhis with one gram of silver is the most popular among buyers. Some families have booked these in advance as demand exceeds supply as the festival approaches. Customers also get to select the design from the sample book.
Swati Ramani, a customer, said, "My brother gives me gifts all around the year, so I thought I would buy a special rakhi for him this year."
Rakhi made using gold available for Rs. 100 - Rs. 22,500
Rakhi made using silver available for Rs. 51 - Rs. 300