Today, the silver jewellery industry in India has already reached a market potential of Rs. 15,000 crore
Silver is the second most preferred jewellery metal of Indians. With the current downward spiralling of gold prices, silver is the new-found love of Indians. Today, the silver jewellery industry in India has already reached a market potential of Rs. 15,000 crore and is expected to grow by 300 per cent to reach Rs. 45,000 crore in the next 3–5 years.
Many brands are foraying into silver jewellery industry. Recently, Mia by Tanishq has launched silver jewellery collection in the Indian market. Being one of the first brands to introduce contemporary silver jewellery, Mia by Tanishq has broken the norm to showcase contemporary, minimalist silver jewellery which is also affordable, cool and stylish. Here are the following reasons why brands are foraying in different segments.
More Than Just Jewellery
Today’s Indian Women adorn jewellery as an expression of their individuality. They are open to tap into new designs and trends. Silver jewellery provides her exactly with these options at affordable prices.
Bhavishya Kelappan, Business Head, Mia by Tanishq, speaking about the new silver collection, stated, “We are proud to be one of the first few brands to launch a contemporary silver collection that is stylish, fashionable, cool and affordable for the young modern woman. Today’s young woman is vibrant and open to trying out the latest fashion trends and she is the one who appreciates and enjoys the little moments in her life and treats herself for the same.”
Silver jewellery gives them the freedom to adorn themselves with complementary jewellery for every look she needs.
Popularity among youth
In this digital age, young customers explore products on the internet and often make online purchases. Growing e-commerce or online market and steep fashion jewellery demand are driving the push for silver jewellery in the upward trend. So, Silver jewellery fits in well and has great acceptance among the youth.
They search for great jewellery designs at an affordable price. Artificial jewellery comes in a variety of designs but lacks proper finish. Whereas gold and diamond jewelleries are expensive, Silver being cheaper gives excellent scope for creativity and design innovations. Silver not only attracts the rising middle class but is also preferred metal for the poor economic section of the society.
Opportunities For Small town Craftsman and Designers
During the colonial period, economic opportunities were minimal, citizens were not educated and poverty was supreme. Millions of artisans chose the profession of jewellery making for their survival and also engraved in metal the tradition of Indian culture and art. Silver jewellery has paved the way for the livelihood of many artisans. With various brands foraying into the silver jewellery industry, it is creating huge opportunities for small town and traditional designers to keep their roots alive.