At a time when global luxury markets are struggling to attract customers to keep their exports afloat, silver jewellery exports from India grew exponentially over the past five years. India’s silver jewellery exports quadrupled since financial year 2010-11 because of rapid shift in consumer preferences in favour of contemporary designs of gemstone-studded ornaments.

Data compiled by Gems and Jewellery Export Promotion Council (GJEPC) show India’s silver jewellery shipment at $2,959 million in financial year (FY) 2015-16, compared with $566 million in 2010-11. From FY15, exports grew by 44 per cent.  Silver Jewellery in Vogue:

While gold remains the most alluring, silver has been a tad underrated. Considered sacred according to Hindu belief – is symbolic of the moon and is a powerful aesthetic decision in all matters of jewellery. Silver in jewellery space is gaining a strong foothold in India and the results are spectacular. Silver jewellery in India has mostly been a dependable accessory to Indian wears especially the cotton saris and khadi kurtas. And over time, it has acquired a little bit of eccentricity too especially amongst the millennials.

 Some of the pros listed by ebay :

• Value

Sterling silver is more affordable than gold or platinum. Consumers enjoy the fact that the price of silver has always been a fraction of the price of gold. Silver is cheaper because it's mined more often than other precious metals, so there is simply more of it in the marketplace. Getting a beautiful piece of silver jewellery for a modest price is not only an advantage, but it allows consumers to feel as though they have gotten something beautiful for a very good price. Because sterling silver is more affordable than gold or platinum, it allows consumers to buy more of it than other metals. This creates an abundance of choices for those who like the look of sterling silver jewellery.

• Durability

Sterling silver is a hard metal that will stand the test of time. It can be easily filed and polished by jewellers to repair any surface damage that may occur during normal wear. Rings are easily sized, and the repair costs for silver are extremely economical.

• Artistry

The types of jewellery designs in silver are plentiful. This is largely because new artists can afford to cast more designs in silver than they can in gold or platinum. This results in more new jewellery designers and new concepts in design within the marketplace. Consumers enjoy the fact that they are not relegated to wearing the same thing day after day; they can quickly find additional sterling silver jewellery pieces to freshen their jewellery collections.

• Style

Keeping up with the latest jewellery styles can be difficult, but consumers can easily accomplish acquiring the very latest styles in jewellery when they buy sterling silver pieces. The constant change in fashion is often the reason why people will choose to buy more silver than gold. The cost and abundance presents an availability of the latest trends in jewellery. Consumers can simply change entire ensembles when they buy sterling silver jewellery. This happens less often with gold and platinum because jewellers tend to stay with the older, tried and true jewellery designs for those metals. The investment is much higher in gold and platinum, so jewellers tend to take fewer chances with new designs in these metals. However, jewellers will display an abundance of silver jewellery that consumers can choose from. In department and online stores, sterling silver jewellery can be seen in great numbers. It is not uncommon for websites to be entirely devoted to sterling silver jewellery.

• Investment

It is gaining importance when it comes to an investment option. Resent history clearly shows that it is an outstripped other metals in several instances. The prices have almost tippled since 2000. Nowadays, more and more industries are making use of it in various manufacturing operations.

• Versatility

It is loved by both men and women as an accessory and suits almost all the skin tones.

• Health benefits

A resent medical research as revealed some interesting benefits of wearing it. According to the research, it has the property of balancing various body elements. Silver keeps the blood vessels elastic, and it facilitates bone and skips formation and healing. It even acts as a pain killer for muscular aches, and also, it is an effective remedy for arthritis.

 Export scenario:

Stating an article from Business Standard, the growth in silver jewellery exports has opened an opportunity for Indian designers to compete with traditional market leaders like Thailand, China and Turkey. Subdued prices, growing consumer confidence and guaranteed buyback have helped Indian silver ornaments emerge as an alternative to gold jewellery in international market. “There is a silver lining for India’s silver jewellery exports. Till sometime back, India was a primary exporter of silver bars. Today, the world can see our presence in silver jewellery. Our growth indicates that we can easily become the largest silver jewellery exporter in the world,” said Praveen Shankar Pandya, Chairman, GJEPC.

Silver prices in the international markets have declined by 50 per cent over the past five years to trade at $15.44 an oz. Silver prices have marginally recovered in the recent past. In domestic markets, however, the impact of price fall was limited because of the depreciation in the rupee. In domestic currency, silver slipped to Rs 36,990 a kg, a decline of 34 per cent from the level of Rs 56,290 a kg in FY12. “The slowdown in European manufacturing activity has benefited India over the past years. Understanding the need of overseas consumers, India has invested immensely in technology advancement for modern and contemporary designs of intrinsic jewellery. India is reaping advantage of its expertise in jewellery sector,” said Rahul Mehta, Managing Director, Silver Emporium, one of India’s largest silver jewellery exporters. Silver Emporium is planning to set up a large warehouse in the United States to serve its customers in American countries efficiently. Indian silver jewellery exporters require government support to grow. For example, a few years ago, India had a policy for duty drawback on silver. However, exporters are yet to receive their dues from the government. “Such unfavourable policies prevent us from exports despite huge appetite for Indian jewellery in global markets,” said Mehta.

Rising jewellery exports reflected in silver import as well. India’s silver import jumped four-fold in the past three years from 1,900 tonnes in FY12 to 7,954 tonnes in FY15.

 Need for Promotion:

In India, silver too holds a huge importance but that is limited to either tiny silver ornaments or utensils/idols of worship. As gold is becoming expensive day-by-day, silver is one metal which gives ample affordable options in terms of jewellery. However, the Indian silver industry has never had a better exposure or an apex body that would give voice to their grievances as well as achievements.

In order to promote, protect and help progress the silver industry, Sterling Silver Jewellery Association (SSJA) has been formed. SSJA is a non-profit organisation formed to represent the interests of companies that make, sell and distribute products and services in which 92.5 Sterling Silver is an essential component. This association is formed by experienced trade professionals, who have been involved in this field from a long time.

On this, Hemant Gupta, President, SSJA said, “Through SSJA, we aim to promote, protect and improve the sterling silver jewellery market in India. It will be the industry’s voice to increase awareness about uses and values of sterling silver. We will also try to bring in changes in the policy structure as there is no separate import and export policy for silver jewellery in the country.”

At present, the association includes leading suppliers, manufacturers and wholesalers of sterling silver jewellery.

 Conclusion

Keeping in mind the growing popularity of silver jewellery owing to the benefits listed, especially amongst the youth which comprises of 50 per cent of the total population of India, it seems we are all ready to speak its contemporary design language and pay silver it’s long awaited due in the jewellery sphere.