SILVER FIGURES -Shine Out

The Silver Institute’s outlook for silver demand is specially promising for 2022. The global silver demand forecast is expected to rise to a record high of 1.112 billion ounces this year out of which 11% and 21% rise belongs to jewellery and silverware respectively, physical, silver demand consisting silver bars and bullion coin purchase is projected to jump by 13% and achieve a 7-year high and the increase driven silver industrial fabrication is expected to improve by a record 5 percent in both traditional and critical green technologies. The Gems and Jewellery Export Promotion Council has recorded 101.47% y-o-y increase during 2019- 20 a 38.19% growth. Rates of silver were on a high pre- Covid till 2019. There was marginal growth recorded every 2 to 3 years, currently there is a 38% growth in the rate of silver exports in the market and it is increasing year on year.

Rahul Mehta, Managing Director of Silver Emporium explains how India’s export market seems to be a rampage to conquer. He says, “The silver export market’s larger share belongs to home décor and furniture. Silver jewellery that is ethnic, Indian and handcrafted has a fantastic customer base across the globe. The segment is growing exponentially y-o-y.” Handcrafted jewellery from Italy and Europe is expensive as compared to Indian hand crafted jewellery as trained labour is easily available here. Indian jewellers have adopted, changed and adjusted over the last five years to incorporate international demand in designs and understood the market scene. “The Indian silver jewellery market is growing by 200% y-o-y,” he estimates.

Internationally, silver is being showcased by Hollywood and Bollywood celebs alike. Movie stars and famous personas consciously or naturally promote silver and the eager millennial consumer who is well informed, internationally updated, travelled and trend conscious adds to the trend. This demand guides the Indian manufacturer to adapt to the latest fads in the market. Amrapali, the brand has had collections in silver that were featured on international ramps and fashion weeks almost a decade back. That was the beginning of the glamorization of silver and subsequent appraisal. Amrapali can be given the mantel of drawing the world towards silver. Silver is a good substitute for expensive platinum too. In the west not everyone can afford platinum so silver is an affordable replacement.

India’s export market seems to be a rampage to conquer. The silver export market’s larger share belongs to home décor and furniture. Silver jewellery that is ethnic, Indian and handcrafted has a fantastic customer base across the globe. The segment is growing exponentially year on year.  RAHUL MEHTA Managing Director, Silver Emporium

ABC OF Export Demand

India has a good export market as we cater to the large festive demands from the west. Indians living abroad purchase silver ware for pooja items while some purchase silver artefacts and furniture as well. Indian manufacturers have learnt the taste of the west and we cater to Christmas, Valentine and various other occasions meant for jewellery purchase.

To export jewellery one needs a functional design, says Mehta. “Functionalism the word itself defines the need in jewellery. A piece of jewellery needs to be soft-edged and not sharp or hurt the wearer, be comfortable; one which is easy to use with lesser complications. The second factor is quality. Jewellery that matches international standards of quality is deemed fit for export. Last but not the least pricing is the deciding factor in your choice to export.”

Ujjwal Agarwal proprietor of Ridhi Sidhi Gems & Jewellery, Jaipur said, ‘‘colour is appreciated in Europe. A lot of our European clients prefer colour stones with silver. Russian jewellers on the other hand prefer to purchase blue topaz among other coloured stones. Retailers and traders form Russia like rhodium also other than silver, which is also a white metal like silver and it can be worn as jewellery.’’ “One can play with a lot of colour in silver, informs the young Adeya Rathod, owner of T Gulabchand Jain from Kolhapur. “Silver by nature holds colour stones with ease and embraces colour naturally, unlike gold which is too soft by nature. So precious and semi-precious stones are both set best in silver. Another advantage of silver is that one can play with it and experiment with the metal. All types of creative innovations can be tried in silver as compared to gold.” A representative from Five Finger Handicrafts, Kolkata

notes the lack of expert craftsmen working exclusively with silver. He adds, ‘‘there is a lack of technological innovation, research and advancements available in silver manufacturing. Age old technique and technology, though tried and tested, is being used in the manufacturing process of silver, but one cannot deny the need for R & D and education on development and use of tools to improve silver manufacturing.’’

The GJEPC had organized a Buyer to Customer Meet (BCM) when Promodji was the Chairman and buyers from 10 foreign countries were invited as buyers while select exporters were to exhibit with around 20 stalls. This exercise was a regular affair and a marked turning point in the silver industry. UJJWAL AGARWAL Owner of Ridhi and Sidhi Jewellery, Jaipur