Silver Jewellery: A golden future ahead

Despite rising silver prices, the demand for silverware and jewellery has seen encouraging growth in India and China. The demand for silver jewellery has increased by 8.5% in India and jumped 20% in China in the year 2005. There could be various reasons for this but one driving reason is the craving for fashionable silver jewellery. And to satiate it, we have several business houses turning to the silver route.

To fathom the opportunities and challenges in the silver jewellery sector we discussed the prospects with some experienced businessmen of this trade. The report below is essentially based on their views and understanding of the silver trade.

More of a Fashion Accessory :

Silver has adorned many beautiful women and powerful men in the past. Silver along with gold has always claimed a very special place. It has also been used in the form of art pieces and utensils in the wealthiest of house- holds. But, with changing time, silver turned into a metal used for making photographic films, electronic items etc. It was generally considered for middle and lower middle classes of the social structure. Other precious metals and gemstones had subdued the charm of silver. Just then, the fashion circuit identified the radiance of silver and that carved a way for its revival. Delicate designs, eloquent patterns, exclusive themes and mold to suit all kinds of outfits have elevated silver jewellery on an altogether different level. Striking silver anklets, rings, brooches, necklaces, belly buttons, belts, and earrings are now amongst the trendy accessories.

What Sells in Silver ?

Exclusivity is what sells when it comes to silver jewellery. “ We don’t manufacture run of the mill jewellery. We have carved a niche and have successfully established in three years because of our exclusivity of designs” explains Abhishek Haritwal of Haritsons, Jaipur. Further Rajeev Arora of Amrapali International adds, “ To survive and stand out in the silver industry one has to be unique in all the aspects- look, themes, Packaging etc”.

The prime concern of the silver manufacturers now is to sell what the customer wants and not what they make, “ There has always been a clientele for good silver jewellery, it’s just that we have realized it recently. Foremost demand of my choosey buyer is the exceptional design,” says Arvind Agarwal of Silvex Images, Jaipur.

Amalgamation of Past & Present:

Indian silver jewellery is made on both ethnic and contemporary lines. This country is still famous for handcrafted silver jewellery; in fact Amrapali International has enchanted the world with its gorgeous handcrafted collection of tribal silverware and jewellery, which is well suited to all looks and clothes. Besides, by offering traditional silver to the world India is also penetrating the market with stylish and present-day Indian jewellery. Enameled and plated silver jewellery has eventually groomed a market that is comparable with gold and platinum. No wonder, silver jewellery is giving shivers to other precious metals. The mix and match of silver with precious and semi-precious gemstones gives it a stunning look, the vibrancy of these gems adds life to silver. Apparently, precious and semi-precious gemstones are one of our major strengths when it comes to Indian silver wear. “Semi-precious stones are our strong point. They impact a distinguished look to the jewellery and because they are available readily in Jaipur, they give India an edge,” explains Arvind Agarwal. Another plus point that Rajeev Arora points out is the talent in India, “ We are fortunate to have skilled artisans here whose Indian designs are welcomed world wide.”

Masses to Classes :

This new-fangled silver collection starts with Rs 50 per gram and goes as high as Rs 400. Jewellery that is sold by piece goes up to Rs. 50,000 and silver that uses precious gemstones shoots even higher for obvious reasons. Wonder, why would customers spend so much on silvers. There are various explanations to this, “Anytime, silver looks the best option as compared to other metals. The prices are much lower and silver jewellery looks as good as white gold or platinum,” reasons Vijay Chordia of Valentine Group, while Rajeev Arora asserts, “I cater to people who understand art. It’s the artistic value that they appreciate; hence, the price does not become a major deciding factor. Also, now people buy jewellery for beauty and wearing; unlike the past when jewellery was bought mainly for investment.”

Designer silver ornaments are relatively cheaper; hence presenting wide options to the buyers. People can now afford more jewellery to go with their attire. Novel ideas in silver jewellery have made it a metal for classes too.

Exports & Imports :

Silverware and silver jewellery are still toddlers in the domestic jewellery sector. Therefore, the major part of the total Indian production is exported. USA and Europe are the foremost markets and the jewellery goes to a range of buyers - individuals, departmental stores, media houses. Some manufacturers produce for brands like Cartier and Tiffany as well. Indian businessmen credit their inter-personal relationships with the clients for the increasing international share. “ Fulfilling commitments is very essential and fortunately Indians are able to keep their word. Trust is very important to grow and faith in Indians is gradually increasing,” explains Arvind Agarwal, Vijay Chordia adds, “Working in co-operation to progress together is the key.”

“Even then why is the domestic market weak?

“To build any brand, the product needs to be visible. Display stalls, stores all play a very important role,” answers Rajeev Arora. In addition, awareness plays a key role, “My designs were showcased at Lakme India Fashion Week. More such initiatives should be taken.” suggests Abhishek Haritwal.

Challenges Ahead:

Actually the silver route is not as smooth as it looks; there are challenges and speed-breakers in the way of booming progress. India requires technological advancement to produce in bulk, which in return would reduce the cost, “In fact. One of our major drawbacks is high pricing as compared to other producers like Bangkok and Hong Kong,” says Vijay Chordia. More people should venture into the silver trade and needless to say - greater government support would boost the trade as well as the spirits of people.

Nevertheless, India has just begun the silver journey and already we are stamping our footprints around the world. Silver has decorated even Indian royalties in the past. Yet again it is bejeweling beauties like Aishwarya Rai, Sushmita Sen and Naomi Campbell. Yes, India is walking the silver route perfectly.