Friday

16


August , 2019
Silver jewellery gaining growth
14:00 pm

Ellora De


According to a report of India Brand Equity Foundation (IBEF), India is the third largest industrial user of silver in the world, after the US and Japan. India annually consumes around 4,000 tonnes of silver. India is today a dynamic retail destination and silver business is flourishing with the growth of the Indian economy. The Indian jewellery business has seen an increased participation and penetration of the silver jewellery segment in the last few years.

According to the World Silver Survey Report 2019, the Indian silver jewellery fabrication segment surged by 16% in 2018, setting a new record. This was facilitated by the migration to silver jewellery due to elevated gold prices and expansion of silver jewellery retail outlets. The World Silver Survey, 2018, says that around 601 tonnes were used in India in 2008 for jewellery making, and this rose to 2,058 tonnes in 2017. In the same period, the use of the metal in silverware increased from 481 tonnes to 1,212 tonnes. As a result, India’s share of silver demand for jewellery and silverware in the world market also increased from 14.7% in 2008 to 39.2% in 2017.

Annargha Uuttiya Chowdhuury, Director, Anjali Jewellers Private Limited, told BE, “Gold will always be the preferred choice of customers and it can never be replaced. However, silver jewellery is increasingly being preferred by women. Anjali Jewellers has been promoting silver jewellery over the years. We had ventured into this segment much before other jewellers. The idea was to tap in the demand from urban women who want to wear silver jewellery as the alternative. We have a wide range of products in this segment that includes bangles, lockets, earrings and others. The idea is to help the customers to buy jewellery according to their requirement and in a pocket friendly manner.”

Silver jewellery was originally popular in tribal pockets. But now, this form of jewellery is the first choice of the modern Indian woman. Silver jewellery is now considered as art jewellery and is also popular as fashionable accessories. Silver jewellery in general is more affordable compared to gold jewellery, and as such is of more interest to the less well-off sections in India. It is an alternative to gold jewellery and is frequently used in rural Indian weddings, especially when the price of gold is high. As per the World Silver Survey 2019, gold was considered as expensive and a significant part of the traditional gold demand spilled over to silver. As per the same report, new players have entered the markets in the last few years. The demand for the older designs in silver jewellery with tribal artwork remains popular among the urban clientele.

Dr. Atasi Deb Ray, Head, Department of Pure Mathematics, University of Calcutta who prefers silver jewellery, told BE, “Today working women prefer silver over gold for several reasons. One of the reasons is of course the safety and security of women commuting by public transport. Fashion changes and people normally go with the trend. Apart from the fact that silver is in fashion at the moment, it is more affordable as compared to gold. Therefore it is a preferred choice to expand the jewellery collection. The old (oxidised) silver is less shiny and looks ethnic and is certainly less formal. It is being widely preferred by working women.

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