jsterling silver jewelry exporter from india

“Earlier, silver jewellery was more associated with heavy ethnic pieces, but in the last few years, we have seen minimalistic designs being made in silver, making it affordable for daily wear,” she says. Prominent artificial jewellery brands like Bengaluru-based Rubans also launched a silver jewellery line this year.Ĭhinu Kala, Founder of Rubans, says customers now prefer silver jewellery for daily wear and minor occasions. Jewellery brands-be it labels dealing in precious or artificial jewellery-are now sensing an evolving business opportunity as preferences change.Īfter dealing in traditional gold jewellery for a century, PN Gadgil and Sons launched Gargi Fashion Jewellery to foray into silver jewellery. At nearly $2.20 billion (Rs 16,300 crore), gross exports of silver jewellery grew over 24% in the 10 months from April 2021 to January 2022, compared to $1.77 billion (Rs 13,106 crore) during the same period in the previous fiscal, according to Gem and Jewellery Export Promotion Council (GJEPC). “The industry is witnessing no footfall at jewellery stores, and despite the ongoing peak wedding season, mass shopping has come to a standstill,” Sanjay Kothari, Vice Chairman of KGK Group, wrote for SMBStory in June 2020.Įven as the effects of the pandemic began to recede, the demand for gold jewellery remained muted due to the impending inflation but consumer behaviour towards silver saw a shift. In a report, the Silver Institute assessed that the global silver jewellery market was negatively affected by the pandemic as the demand in India fell to a seven-year low. Opportunity in disruptionĬOVID-19 created chaos in the gems and jewellery market as demand thinned out while gold and silver prices remained high.

The elephant in the room is the pandemic.

On the other hand, the price of silver has dropped steadily since August of the same year. This propelled medium-term investors to grab the opportunity and purchase the grey metal in different forms, including jewellery, coins, and bars, Aditya points out. One factor for this shift could be the surge in the price of gold-which has shot up by 25% since March 2020. “Taking into account the ever-increasing prices of gold and the pleasing ability of silver to offer a vast variety well within the range of consumers’ affordability, the demand and value for silver and its products will rise,” he says. Speaking to SMBStory, Aditya Modak, Co-founder of Gargi by Pune-based PN Gadgil and Sons, which boasts a legacy of more than 100 years dealing in gold jewellery, says that silver has started to catch the customer’s eye. The precious metal is even stealing some sheen off gold with global silver demand forecast to rise to a record high of 1.112 billion ounces (340 million kg) in 2022, according to the Silver Institute-a marketing body funded by the silver industry. The big push happens during the festive season on occasions like Teej, Onam, Karwa Chauth, Eid, Diwali, etc. However, when it came to jewellery, gold was considered a symbol of wealth while silver was relegated to the ‘poor man’s gold’.ĭemand for silver jewellery in India crossed 600 metric tonnes in 2021, according to Statista. From coins to cutlery, electronics to energy, silver has always found new ways to be in vogue.

Jsterling silver jewelry exporter from india