Page 8 - Bullion World Volume 3 Issue 12 December 2023

Bullion World | Volume 3 | Issue 12 | December 2023

Silver Splendour: A Gleaming

Affair in Contemporary Fashion

Mr Amit Modak, Director-CEO of P N Gadgil & Sons Ltd.

Silver jewellery is gaining rapid popularity in the global
market as well as in India also, where it is emerging as a
new and trendy concept. Unlike in Europe and the US,
where silver jewellery has been common for a long time,
it is now becoming a fashion and lifestyle statement in
India.

The appeal of silver jewellery lies not in the intrinsic
value of the metal but in its designs and fashion-forward
aesthetic. The cost of input materials for silver jewellery is
significantly lower than the cost of gold jewellery, making
it an attractive option for fast fashion or fashion jewellery
lovers. Currently silver is costing just approximately
Rs.750 per 10 grams and Gold is hovering at Rs.62,000
per 10 grams. Cost factor will drive the silver jewellery
market. The dynamic nature of fashion, coupled with the
affordability of silver, allows for more frequent updates to
one's jewellery collection.

The lower price point of silver compared to gold makes
it accessible to a broader audience. While high-end
consumers are drawn to the designs and fashion
elements, the middle and lower-middle class is attracted
to the affordability of silver jewellery. In future, India may
emerge as one of the best markets for silver jewellery on Mr Amit Modak
global level. In fact the process has already begun.
A leading jewellery manufacturer and wholesaler of south catering to varied tastes and preferences. This includes
India earlier traditionally focused on gold jewellery, are not only the classic allure of plain silver pieces but also
now making significant efforts to establish itself in the the more opulent and striking gold-plated selections.
silver jewellery market. They have setup an exclusive These gold-plated silver jewellery pieces often boast
silver jewellery stores in southern part of country. intricate designs and are frequently embellished with
cubic zirconia (CZ) stones, meticulously arranged to
In India, silver jewellery is gaining traction, with prominent provide a captivating and diamond-like appearance.
brands emerging both in the south and north regions. Achieving a sense of status without a significant financial
Gargi a premium fashion Jewellery brand in Maharashtra, outlay is now possible through the adoption of silver
backed by P N Gadgil and Sons Limited, and has quickly jewellery. Historically, in India, silver was predominantly
risen to prominence. The promoters of the Gargi brand utilized for crafting utensils, religious statues, and
are one of the early movers to this segment or business. ceremonial objects. However, there has been a
In fact they are one step ahead, Gargi by P N Gadgil noticeable shift in recent times, with silver jewellery
& Sons is the listed on stock market. This shows the gaining increasing popularity among individuals across
confidence about market growth. various social strata. The affordability of silver plays a
crucial role in this transformation, allowing a broader
Within the burgeoning market of silver jewellery in India, audience to embrace this trend without straining their
consumers are presented with a diverse array of options, budgets.

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