India: Kashmir saffron story scripts a revival, prices see a spike of 75%

Kashmir saffron is now about five times costlier than silver. A 10 gm packet of saffron costs as much as 47 gm of silver - about ₹3,250. Saffron prices in the Kashmir valley have skyrocketed to ₹3.25 lakh per kg, from ₹2 lakh per kg last year, after the precious crop from the Valley got the Geographical Indication (GI) tag. 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 tag has helped the domestic spice fight off competition in global markets from Iranian saffron, as the Kashmiri crop is clearly seen as the genuine article. The golden crop, which brings colour, flavor and aroma to biryani and many other dishes, is scripting a revival. Its per-hectare production has increased manifold, bringing cheer to growers who had been seeing a constant decline. Kashmir saffron is the only GI-tagged saffron in the world. Now buyers from the US, Canada and Europe have started picking up saffron from ...