High silver prices strain bridal footwear makers in northern India

Rising global silver prices driven by armed conflicts are threatening traditional bridal nagra footwear makers in northern India, Al Jazeera reported. Economists stated that while precious metal prices began climbing after Russia invaded Ukraine in early 2022, costs spiked sharply following American and Israeli attacks on Iran. [1]

In 2023, silver prices in India generally moved between 70,000 rupees ($725) and 80,000 rupees ($830) per kilogramme, according to Al Jazeera. Prices reached approximately 98,000 rupees ($985) in 2024 before brief surges amid the Iran conflict took prices as high as 450,000 rupees ($4,670) per kilogramme. [1]

Although prices declined following a ceasefire, silver continues to cost around 250,000 rupees ($2,600) per kilogramme, Al Jazeera reported. This current price remains more than three times higher than rates recorded just a few years earlier, according to economist Dr. Salahuddin Ayyub. [1]

Lucknow, the capital of Uttar Pradesh state where the nagra craft is based, flourished as a center of Awadhi culture under the Nawabs, including the construction of the Bara Imambara complex between 1784 and 1791. The city lies 225 kilometres southeast of Etawah. [2][3]