In rare form, saffron worth king’s ransom: ‘Kesar’ prices soar up to Rs 4.95 lakh/kg in retail as Iran tensions weaken its exports of the spice

Amidst geopolitical tensions in West Asia causing a sharp decline in saffron supplies from Iran, Indian saffron prices have surged by over 20% at wholesale and 27% at retail levels, reaching Rs 3.5-3.6 lakh per kg. Kashmiri saffron, renowned for its quality, faces production challenges, with output declining significantly despite receiving a Geographical Indication (GI) tag. Factors such as pollution from new cement factories in Pampore and erratic weather conditions contribute to the decline.