Silver Jewellery is Claiming Its Space in India’s Gold- Dominated Market

India's jewellery market, long synonymous with gold, is undergoing a noticeable transformation. Silver, once relegated to temple jewellery, traditional anklets or gifting items, is rapidly ascending to a position of prominence, finds out Priyanka Talreja Garegrat.

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Thanks to rising gold prices, shifting fashion sensibilities, and a younger, style-savvy consumer base, silver jewellery is not only holding its own, but becoming a category that commands attention and innovation. From legacy jewellers to new-age D2C brands, the industry is rallying behind silver like never before.

THE SHIFT: WHEN SILVER STARTED GAINING MOMENTUM

For many jewellers, the pandemic years marked a turning point for silver. But the seeds of change were sown even earlier. Says Aditya Modak, Gargi & Utsaav by P N Gadgil & Sons, Pune, “We began seeing a clear shift around 2020, right after the pandemic. That was a phase when we were deeply evaluating our brand strategy, looking at the kind of materials and designs that were resonating with changing consumer preferences. Silver and brass stood out during this time; they offered the flexibility and price point we felt the market was moving towards. The entire year of 2021 became our groundwork period, where we consciously leaned into silver as a focus area. That thinking ultimately led to the creation of Gargi in 2022, which was built on the belief that silver was going to become much more central in Indian jewellery wardrobes.”