From The Economic Times · Shantanu Nandan Sharma · · 1m 20s
High Gold Prices Boost Silver Sales for Indian Jewellers
Silver sales surge as gold prices remain high for Indian jewellers this festive season.
In brief
Silver sales surge as gold prices remain high for Indian jewellers this festive season. Indian jewellers report increased silver sales during Diwali season due to gold's high prices making silver more affordable for middle-class buyers. Originally reported by The Economic Times.
Silver Emerges as Festival Season Star
Silver, historically the second fiddle to gold in traditional jewellery, is gaining traction as a potential star for festival season starting October 11.
Silver Now Accounts for 35% of Revenue
Nagnesh Pachchigar of SN Jewellers, a third-generation diamond jeweller in Surat, earns more from silver than diamonds, with silver accounting for 35% of his annual revenue.
Affordable Silver Alternative for Buyers
With 10 grams of 24-karat gold costing about Rs 1.5 lakh, buyers can get 650 grams of silver for the same amount, making it an affordable gift option.
Silver Sales Expected to Rise 17-18%
The India Bullion and Jewellers Association estimates silver buying during Diwali season will rise by 17-18% from last year's figures.
Silver Imports Jump to $1 Billion
Silver imports increased to over $1 billion in August, marking a 127% year-on-year rise, according to commerce ministry data.
Festive Season Silver Sales Surge
Pachchigar expects 40% of annual silver sales to come from the monthlong festive season starting with Navratri.
What matters most
Indian jewellers report increased silver sales during Diwali season due to gold's high prices making silver more affordable for middle-class buyers.
