Saffron prices decline 4.5% over two years

SRINAGAR — The average price of saffron—also known as the ‘king of spices’—has fallen 4.5% in the national capital, New Delhi, during the past two years, according to the news agency KNO.

In the financial year (FY) 2024, the saffron was sold at Rs. 166,562.5 a kilogram in the wholesale market, while its average price in the Delhi markets during FY 2022 was Rs. 174,430.56 a kilogram, said an official data.

The prices were reportedly indicative of trends and obtained from local markets in Delhi. However, prices for saffron vary across the country depending on quality and origin.

Saffron comes from the stigma and styles of the saffron crocus flower, making its procurement highly labour-intensive.

Notably, Kashmiri saffron was distinctive for its dark colour, strong flavour, and aroma compared to other parts of the world.

On the other hand, the farmers attributed the plummet in prices to the higher imports of saffron from Iran and weak demand.

“Domestic demand from retailers and other clients has seen a decline for some years,” said Abdul Majid Wani, president of the Saffron Grower’s Association. He said the large-scale import of low-quality and cheap saffron from Iran also added to the weakening prices.

Iran is the leading supplier of saffron to India, followed by Afghanistan.