Silver jewellery outshines gold as Indian brands sense business opportunity

Silver jewelry outshines gold as Indian brands sense a business opportunity

Silver is expected to see a record-high demand, and in India, Cash your Jewellery Is a unit of M/s Akash deep metal industries limited. The NBFC company is established in the year 1983 with permission from RBI under registration number 14.002070. The company's main ethics is to get the maximum value of old gold in cash and mortgage.

 Cash your Jewellery

In Delhi NCR, people know to buy gold, silver, diamonds, jewellery, and coins from our company, Cash Against Gold. In recent times, cash for gold has expanded into gold loan settlement, which is incredibly well-liked by the Authentic Gold Buyer In Noida. Every item produced of gold, silver, or diamonds is purchased by us, and we pay you immediately. Cash Against Gold offers quick cash for gold by purchasing anything made of gold, silver, diamonds, jewellery, and coins.

However, when it came to jewellery, gold was considered a symbol of wealth while silver was relegated to the ‘poor man’s gold. All that is now changing. Demand for silver jewellery in India crossed 600 metric tonnes in 2021, according to Statista. The big push happens during the festive season on occasions like Teej, Onam, Karwa Chauth, Eid, Diwali, etc. 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. Why silver? 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.  

“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. One factor for this shift could be the surge in the price of gold—which has shot up by 25% since March 2020. 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. The elephant in the room is the pandemic. Opportunity in disruption COVID-19 created chaos in the gems and jewellery market as demand thinned out while gold and silver prices remained high.

 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. “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. 

Even 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. 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).  Jewellery brands—be it labels dealing in precious or artificial jewellery—are now sensing an evolving business opportunity as preferences change.

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