Pashmina is one of the most expensive natural fabrics in the world, and yet the lives of those who produce this rare fibre in India is very tough. The Changpa of eastern Ladakh and western Tibet have for centuries supplied the fabled Kashmiri shawl industry with its essential raw material - pashm. However, many nomadic and semi-nomadic herder families seem disillusioned with their traditional lifestyles and are migrating to settlements near Leh town to become masons, contractors or tour guides. This migration will have significant socio-cultural, economic, strategic and ecological ramifications. Efforts are being made to give them reasons to continue with their age-old practices. How do we ensure that ecological concerns are addressed so as to arrive at sustainable growth for all concerned? In this article we discuss these general issues in the particular context of Ladakh and put forward some solutions.