Silver in India comes next to gold in the jewellery buying preference of Indians. With the current downward spiraling of gold prices, silver is the new-found love of Indians. The shiny metal has been able to hold its price and even seen appreciations in a time when gold has been continuously losing shine for the past 2-3 years.
Silver in various forms is popular in the Indian culture. The most significant role is played by it in weddings and birthdays. Other ceremonies which see silver being used as gifts and puja item are naming ceremony of babies, engagement ceremonies and pujas during Indian festivals like Diwali and Holi.
Importance of India in the Global Silver Jewellery Market
India is a huge exporter of silver jewellery and silverware. Huge demand for silver is seen from countries like the United States and those in the Middle East. Silver export companies in India are trying to expand to newer pastures like markets in China, Russia and Australia. In terms of silver jewellery, India is the third largest fabricator of silver jewellery in the world. The popularity of silver in India also stems from the fact that it is cheap in comparison to gold and other precious metals like platinum. This makes it easier for people to buy silver for themselves as well as for gifting purposes.
Silver jewellery in India is currently popular not just due to its lower prices but also because several designer stores and jewellery designers have entered this space. These new-age designers are giving a new and trendy look to silver jewellery and gifting articles and have clearly created substantial demand for the white metal. Surveys done in this regard have revealed that youngsters especially have started appreciating silver better than gold because the current jewellery designs are so much more chic and aptly proceed as compared to the same designs made out of gold or platinum.
Indians are fond of jewellery items like earrings, necklaces, toe-rings, anklets, rings and so on. Hence, silver finds sufficient demand in the jewellery sector of the country. Different states of India have different preference for silver items. Like silver anklets and silver toe rings are considered important bridal jewellery for people in North India as well as for those in certain states of South India. Similarly, giving away silver coins as tokens of love or as return gifts, is considered auspicious during Indian weddings.
Silver Jewellery and Corresponding Prices
While silver jewellery in the country takes into account the making charges too, silver coins and bars in their purest form are increasingly becoming a major source of investment as they are priced optimally. The tradition of gifting silver coins during weddings and festivals is a tradition that has been upheld by Indians till now. With the price appreciation that silver has seen in recent times, the demand for silver jewellery has been falling for the past few years. There has been as much as 33% appreciation in the price of silver and hence the reason of it being viewed more as an investment option than a commodity.
Also, jewellery is just one part of the demand for silver, there are other articles too that are also in demand, like silverware, dinnerware, tableware, décor items etc. These articles are considered ideal for gifting and for use on any auspicious occasion.
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