In June 2025, US and Israeli forces targeted Iran’s military (read alleged nuclear facilities) before a unilateral cessation of hostilities, after the declaration of mission accomplished. Then, the exchange rate of the INR to the US Dollar averaged around 85.92. Brent crude oil prices had averaged approximately in the range of $69–$71 per barrel. The Sensex was bullish and had ended the month around 83,600–84,000.
On February 28th 2026, the USA and Israel resumed hostilities, and soon, the war escalated with Iran expanding it laterally to lash out at the Gulf states for hosting the US military and effectively blocking the Strait of Hormuz through which flows a substantial amount of the world’s petroleum resources. As I write this piece, on March 31st 2026, the Rupee is at 93.81, Brent Crude is US 107.25, and the Sensex is 71,947.55. Substantial losses, and I am not even broaching the subject of toll on humans, have been inflicted on both sides, with petroleum assets, the mainstay of the region, being hit, something that will take years to reach pre-war levels of operation. To cut a long story short, the world faces an Oil Shock which has not been witnessed since the OPEC-induced imbroglio in 1973-74.
(Note, while many reasons can be attributed to the falling Rupee, for Brent Crude prices and the plunge in the Sensex, the hostilities in the Gulf were, as they say, the Causa Proxima.)
But what does all this mean to us, Fountain Pen lovers in India?
Steep price rise to begin with. And let me take you through the reasons why.
Top-end imported fountain pen brands
For top-end imported brands sourced from Europe, America, Japan, or even China, irrespective of their country of manufacture, prices will shoot up, primarily because of the falling Rupee value and secondarily because of the increased cost of transportation (both shipping costs and domestic freight), brought about by the dislocation caused by the war. And don’t forget the inflation: that too should get into an upward spiral. Watch out for steep price increases in Montblanc, Lamy, Pilot, Pelikan, Sheaffer … et all.
Indian artisanal fountain pens
In the next rung are Indian, so-called artisanal pens, where prices will soar, too. The ebonite and resin rods that they use are mostly imported (from Nikko ebonite in Japan, to cite an example), as are the nibs and converters (Jowo, Schmidt, Bock). Here, the rate of hike in prices should not be as steep as that in the imported section, though it will be substantial in the medium to long term. So much for the Make in India rhetoric.
Chinese imported pens
In the third category are Chinese pens, and contrary to what the local industry chest-thumping may imply, this, in terms of sheer numbers, is a huge segment. Here too, prices will increase, the falling Rupee and the cost of transportation, exacting a toll. I will not be surprised if, at least, some of the price advantage these pens have over Indian counterparts is diminished.
Indian mass manufacturers
That leaves us with Indian mass manufacturers like Kanwrite and Click. Officially, at least, they are pure-bred Indian products with indigenous, well-established supply lines and are ideally poised to make a wartime killing. Their prices should rise too, naturally in keeping with market trends, the proceeds going mostly into the coffers of the brand owners. And don’t forget, they are both OEMs and have enviable export portfolios. They will not only not be affected by the weak Rupee, but will also profit from the strong Dollar. Magna Carta and Urushi India, which are focused mostly on overseas markets will also benefit, as will Ranga, which too has a strong export orientation.
Not to forget the lower end of the market where the plastic pens dominate, do not forget, plastic too is a petroleum product.
Imported accessories
Imported paper, accessories like notebooks (Rhodia, Tomoe River, Midori, Leuchtturm, Maruman Mnemosyne, Clairefontaine) and inks (Montblanc, Pelikan Edelstein, Pilot Iroshizaku, Diamine, Noodlers) will all become dearer.
Smuggled pens
The worst hit will be pens that are replicas, and / or, are smuggled into the Indian market, especially from Dubai. Here, the falling Rupee, inflationary pressures, and increased cost of transportation will be made worse by the fact that the regular channels will dry up, courtesy of very real war-induced risks.
The fallout
Across the board, sellers (especially dealers, retailers and ecommerce players) will put stickers on existing stock in order to make a killing, taking advantage of the doldrums in the market. This is because the increased prices charged by manufacturers will take some time to percolate down to retail levels. My suggestion – hold your guns, even though your hands may be itching to acquire that grail pen. And buy if you must, insist that the seller charge you the old, listed price as opposed to the price printed on the new sticker. Try also to patronise reputed players like William Penn, who are more likely to retain old prices and avoid the temptation of marking up.
It will be interesting to note how DOMS fight it out with Faber-Castell, a homegrown brand taking on the might of an imported one. And yes, though DOMS is not really into fountain pens yet, they are simply too big in the stationery market to be ignored.
Another interesting fallout will be if Indian behemoths like Click, Kanwrite, Bril, and Sulekha can get into a collaborations of sorts. They make complementary products, after all? Why that alone? Lotus, ASA, Ranga, Gama, Vazir, and Beena / V’Sign, for example, can come together not only to lend their combined weight behind local manufacturers like Kanpur Writers, but can even go a step ahead and ensure the establishment of local ebonite, resin rods, clip and converter manufacture. Pipe dream? Perhaps. Tell me in the comments below what you feel?
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