Nestled in the heart of Madhya Pradesh, Ratlam—once known as Ratnapuri, or “the city of gems”—owes its name and fame to Raja Ratan Singh, a legendary warrior whose valor and vision helped shape the city’s destiny. Long before Ratlam became known for its bustling railway junction or spicy Ratlami sev, it sparkled with a quieter, more radiant allure: gold. This is the story of Ratlam’s golden legacy—steeped in history, crafted by artisans, and treasured by generations.
A Historical Glint
Centuries ago, when Malwa was a vibrant crossroads of trade and conquest, Ratlam rose as a haven for artisans and traders. Fertile lands and a strategic location attracted merchants from far and wide, but it was the exceptional purity of its gold that truly captivated them.
Under the patronage of the Rathore rulers, especially during the 17th century reign of Raja Ratan Singh—who founded Ratlam State with Mughal approval—goldsmiths flourished. Their work became so renowned that whispers of Ratlam’s gold markets traveled through bazaars across India.
During the British Raj, Ratlam’s gold trade reached new heights. The Sarafa Bazaar, with its maze of narrow lanes, became the epicenter of this flourishing commerce. Here, gold wasn’t just molded—it was imbued with meaning. Necklaces bore Mughal motifs, bangles shimmered with Rajput elegance, and earrings danced with Malwa’s folk artistry. Known for its remarkable 92% purity, Ratlam’s gold drew traders from Rajasthan, Gujarat, and beyond.
“Ratlam’s gold isn’t just wealth,” an old jeweler once said, eyes gleaming like the metal he shaped. “It’s trust. A bride’s dowry, a family’s savings, a king’s tribute—all rested on our gold’s purity.”
Craftsmanship Through the Ages
Ratlam’s distinction lies not only in the purity of its gold but in the hands that shape it. Signature patterns like Jodha-Akbar, Kundan, and Polki became synonymous with Ratlam craftsmanship. Even today, the Sarafa Bazaar glows with 22-karat and 24-karat jewellery, each piece echoing centuries of skill and tradition.
More than a commodity, gold in Ratlam has long been a cultural cornerstone. During Diwali, the Sarafa transforms into a golden carnival, and devotees offer jewelry at the Kalika Mata Temple to seek blessings of prosperity. For weddings, families still travel from miles away, trusting Ratlam’s gold to start new beginnings. In times of uncertainty—be it poor harvests or looming wars—gold served as a family’s safety net.
Holding onto Traditions in a Changing World
The 20th century brought economic shifts and India’s independence. While cities like Mumbai and Delhi chased modern trends, Ratlam’s goldsmiths stayed rooted in tradition, upholding quality with BIS hallmarking standards. Today, even as digital gold and ETFs lure younger investors, the Sarafa Bazaar’s old-world charm continues to thrive.
“Gold is eternal,” goes a local proverb. In Ratlam, it’s not just a saying—it’s a truth etched into every shop’s ledger.
Voices from the Bazaar
Vishal Dangi, third-generation jeweler at Dangi Jewellers: “Our gold’s purity is our identity. Customers come from all over India because they know we don’t compromise. Prices are high now—₹91,816 for 10 grams of 24-karat—but weddings and festivals keep us busy. Gold isn’t just money here; it’s emotion.”
Sanjay Chhajed, jeweller and designer: “Ratlam’s strength is in its craftsmanship. Our Kundan work is unmatched, though online platforms have made things more competitive. I tell customers: touch the gold, feel its weight—that’s how you know it’s real. The market’s volatile, but the trust in Ratlam gold remains solid.”
A City that Glitters Still
Today, Ratlam’s gold market is a blend of heritage and modern commerce. The Sarafa Bazaar still draws crowds—tourists marvel at the intricate designs, while locals haggle with seasoned ease. Shops like D.P. Jewellers, Kataria, Chhajed, and DC boast crore-plus turnovers, continuing a legacy that began centuries ago.
In Ratlam, gold is more than a metal. It’s memory, tradition, craftsmanship—and most of all, trust. That’s why it will always be known as The Golden City.
