Indian Saffron Is Now Selling At Rs 4.95 Lakh Per Kg, Here Is Why

The price of Saffron, the world's most expensive spice, has gone through the roof and is reportedly selling at as high as Rs 4.95 lakhs per kg. The prices of Indian saffron have gone up by over 20% in the wholesale market and 27% in retail over the past month. According to a report by The Economic Times, a steep drop in saffron supplies from Iran amid increasing geopolitical tensions in West Asia is behind the increase in the saffron price.

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Saffron priced as much as 70 grams of gold

"The best quality Indian saffron is now selling for Rs 3.5-3.6 lakh a kg in the wholesale market, compared with Rs 2.8-3 lakh before the start of the latest strife in West Asia. It can cost as high as Rs 4.95 lakh a kg in retail, or the price of nearly 70 grams of gold at Friday¡¯s rate of Rs 72,633 for 10 grams," the report said.

Also read: What Makes Kashmiri Saffron World¡¯s Best

Saffron production in Iran

Iran is the world's largest producer of saffron and has an annual output of around 430 tonnes. This accounts for nearly 90% of the global production of saffron. In contrast, Indian saffron is grown in Kashmir but on a much smaller scale.

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Saffron cultivation in Kashmir

Saffron, also referred to as ¡°Red Gold,¡± was grown in just 5,707 hectares of land. Out of this, more than 90 per cent is in Pampore tehsil of Pulwama district in South Kashmir while the rest is in central Kashmir¡¯s Budgam and Srinagar districts.

Also read: Kashmir: Saffron Production Declines, Fields Shrink

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Kashmir saffron is harvested just once a year, from late October to mid-November, and it takes more than 150,000 flowers to get a kilogram of the spice. In recent years, due to rising expenses and climate change that has made the weather unpredictable, many farmers in the valley have given up saffron cultivation.

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