Srinagar, May 4 -- Prices of Kashmiri saffron have more than doubled in the last one month.

From an average of Rs.1.2 lakh per kilo, the prices have shot up to Rs.2.38 lakh, with some premium sellers quoting up to Rs.5 lakh a kilo.

The spike isn't due to poor harvest or declining quality, but a perfect storm of sentiment and supply disruption. Following the recent terror attack in Pahalgam, farmers and traders in the Valley are holding onto their stock, releasing it only at steep premiums and to the highest bidders.

But there's more at play. The shutdown of the Attari border amid geopolitical tensions has virtually halted saffron imports from Afghanistan, a key supplier to India's mass-market saffron industry.

With Iranian saffron als...