Page 21 - Bullion World Volume 3 Issue 12 December 2023

Bullion World | Volume 3 | Issue 12 | December 2023

would now realise higher returns on duty and taxes that Regarding the ongoing trend of cadmium-free silver,
were paid for raw material imports against the export Krishna Goyal highlighted the industry's compliance with
of silver jewellery. Higher duty drawback will reduce the European regulations. The emphasis on quality remains
cost and enhance the competitiveness and appeal for a priority for exporters, meeting international standards
Indian silver jewellery in the international markets for silver jewellery.
Looking ahead, Krishna Goyal praised the initiative of
Examining the major contributors to silver exports, organizing silver shows, indicating that the industry sees
Krishna Goyal emphasized the dominance of the a promising future in silver jewellery. The dedicated silver
jewellery sector. Notably, there has been a shift in trends, pavilion at major events, such as those organized by the
with the use of single CAD designs contributing to high Gem & Jewellery Export Promotion Council (GJEPC),
export volumes. The interview explored the key export reflects the growing interest and participation in the silver
markets for silver, including the USA, UK, Italy, and sector.
Australia.
In conclusion, the interview provided valuable insights
As the conversation shifted to domestic markets, Krishna into the current state and future potential of the silver
Goyal expressed optimism about the growing demand market in India. With government support and industry
for silver jewellery. With changing consumer preferences, initiatives, the silver industry is poised for growth, offering
the affordability and versatility of silver make it an unique opportunities for both domestic and international
attractive choice, especially for working women who markets.
seek to match their jewellery with attire.
Addressing the emergence of dedicated silver jewellery
With approximately 200 artisans and designers,
shops, Krishna Goyal viewed this trend as a positive
indicator of increasing demand. By having separate Dwarka Gems focuses on design and production-
led delivery. Implementing a six-tier quality
showrooms for silver, brands can focus more effectively
on promoting and selling silver jewellery. management process and state-of-the-art
infrastructure, the company can seamlessly
handle orders ranging from 50,000 pieces to
The interview touched upon challenges faced by the
one handcrafted piece. Positioned as one of the
silver industry, such as the need for government support
in marketing and reducing shipping costs. Krishna Goyal best-ranked jewellery suppliers in Asia, Dwarka
Gems offers optimal pricing, prompt deliveries, and
stressed the importance of distinguishing between gold
and silver shipping costs, given the variance in value and innovative designs all under one roof.
weight.

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