Once available for as low as Rs 100, the most essential silver toe rings now pinch middle-class budgets in Odisha

Once considered an affordable and essential ornament for married women, the humble silver toe ring is now burning a hole in customers’ pockets in Odisha. A piece that was once available for as low as Rs 100 is now being sold at prices ranging from Rs 1,000 to Rs 5,000, leaving buyers shocked.

Traditionally, silver toe rings have been a must-buy during weddings. Due to their affordable price, friends and relatives often gifted toe rings during marriage ceremonies. However, with the steep rise in silver prices over the past few months, many customers are now hesitant to purchase the ornament.

"At the beginning of 2025, the price of silver was around Rs 90 per gram. It remained at nearly the same level until June–July. However, around the time of Dhanteras, the price suddenly surged to Rs 190 per gram. In December and January, silver prices crossed Rs 200 per gram. The upward trend continued, with rates touching Rs 250, then rising sharply to Rs 350 and even Rs 400 per gram. Following another fluctuation over the past 20 days, the price of silver has now somewhat stabilised in the range of Rs 250–Rs 270 per gram," said Chandi Bhandar MD Lipsa Hans.

Also Read: Silver price falls to Rs 2.75 Lakh per kg in Odisha; rising gold rates trouble buyers!

The sharp rise in rates has forced many middle-class families, who could not afford gold, to reconsider their options. Even silver, once seen as a budget-friendly alternative, has began to feel expensive. 

“Generally, when prices fall, customers tend to hold back purchases, expecting rates to decline further. However, this is perhaps the first time we are witnessing the opposite trend as when prices decrease, business is actually picking up. The recent fall in silver prices appears to be largely driven by speculation rather than weak fundamentals. Historically, such price corrections have led to a slowdown in business. But this time, the trend is different. Customers are also aware that this is a temporary lull and fundamental factors are strong," said Chandi Bhandar MD Lipsa Hans.

With the wedding season in full swing, demand for both gold and silver remains high. However, the recent price surge has put buyers in a quandary.