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Why saffron prices are rising faster than gold, and why that's good news for Kashmir

The price of saffron has crossed Rs 5 lakh per kilo – as much as 50 grammes of gold. The development came after India shut down the Attari-Wagah border for trade in response to the terror attack in south Kashmir, which left 26 dead read more The price of saffron has surged 10 per cent over the past four days to hit Rs 5 lakh per kilo. Saffron prices are through the roof – and it has to do with the Pahalgam attack. According to several media reports, the price of saffron has crossed Rs 5 lakh per kilo. The development came after India shut down the Attari-Wagah border for trade in response to the terror attack in south Kashmir which left 26 dead. The Resistance Force (TRF), an offshoot of Lashkar-e-Taiba, has taken responsibility for the attack. Let's take a closer look: STORY CONTINUES BELOW THIS AD Saffron prices skyrocket As per Business Today, India's move has cut-off the flow of saffron – the world's most expensive spice – from Afghanistan. A kilo of saffron now costs as much as 50 grams of gold. The price of saffron has surged 10 per cent over the past four days. Prior to the attack and the closure of the border, prices of the highest quality saffron ranged between Rs 4.25 lakh and Rs 4.50 lakh per kilo, as per Economic Times. As per Business Today, there are three major varieties of saffron. These are: Mongra (Kashmir) – A deep crimson, with the strongest flavour. Is also the most expensive Lacha (Kashmir) – slightly lower strength saffron Pushal (Afghan, Iran) – lighter strands of saffron with some yellow. Cheaper than other varieties. Saffron from India is the only saffron in the world grown at an altitude of 1,600 metres to 1,800 metres above mean sea level (AMSL). According to Economic Times, the saffron from Kashmir is thought to be top quality. Saffron cultivators in Kashmir. But Kashmir produces just six to seven tonnes of saffron per year, while the rest is imported from Afghanistan and Iran, which is the world's largest saffron producer. Afghanistan saffron is known for its intense colour and aroma, while Iranian saffron is thought to be the cheaper option. STORY CONTINUES BELOW THIS AD However, the price of Iranian saffron has also increased by five per cent. India, on the other hand, consumes around 55 tonnes of saffron every year, as per Business Today. Time for Kashmiri saffron to step up As per The Hindu, Kashmiri saffron is grown in Pampore, Budgam, Pulwama, Srinagar and Jammu's Kishtwar district. Saffron cultivation in Kashmir dates back to 500 BC, as per India International Kashmir Saffron Trading Center. Kashmiri saffron was given granted Geographical Indication (GI) tag in 2020 – making it the only GI tagged spice in the world. A GI tag is a sign used on products that have a specific geographical origin and possess qualities or a reputation due to that origin. 'The GI certification will stop the prevalent adulteration of Kashmir saffron, thereby, authenticated saffron will fetch much better prices,' an official said at the time. Kashmiri saffron is used in food, for medicinal purposes, in cosmetics and is a part of religious rituals all across India. However, Kashmiri saffron has witnessed a significant decline in output since the 1990s. Senior trade officials, speaking to Economic Times on conditional of anonymity, blamed pollution from new cement factories in Pampore and erratic weather conditions for the falling output. STORY CONTINUES BELOW THIS AD The saffron flowers are tender and wilt when cement dust falls on them, hurting the quality and quantity of saffron, officials said. With inputs from agencies