Once upon a time silver jewellery was solely the choice of the artsy, edgy and hipster population. But over the years, silver has evolved to attain a top-drawer status among fashion trends, weddings, and gifts for loved ones. Not so long ago a mainstream no-go, today silver has become the choice of young consumers, and the reasons are aplenty.
India is the third largest fabricator of silver jewellery in the world* (Source – https://www.bankbazaar.com/silver-rate/silver-jewelry.html). Silver being the closest metal to gold in terms of characteristics, is the most appealing and preferred metal after gold. In the current market, majority of the silver produced is used for industrial purposes and only the rest goes into making crafts, articles and ornaments. Recently, there has been a shift in this ratio with the use of silver increasing in the jewellery industry.
Best investment option
Due to the recent market trends, the prices of silver have been stable for the last couple of years and it proves to be one of the best investment options. Secondly, silver is much more economical than gold or platinum which makes the metal an apparent choice for buyers who are looking for an exchangeability factor.
Ever-changing fashion trends
The reason why millennial women from every walk of life are in love with silver jewellery is because it allows them to snazz up their looks on a daily basis. Be it a working professional, student or homemaker, silver offers something for everyone. From vintage designs to simplistic chic pieces, silver resonates with every personality and style. Silver trinkets such as nose pins, chunky rings, bracelets and anklets have gained much popularity among the younger generation.
Frequent changes in fashion trends as well as the growing demand for mid-priced jewellery have thrust silver into the forefront of the industry. The new-age consumers are extremely style conscious and keeping up with the ever-changing jewellery trends can be exhausting. Hence, the timeless nature of silver and its affordability are making millennials shift towards handcrafted silver pieces in recent times.
Vermeil jewellery or silver jewellery with gold finish has been a popular choice and is quite in demand among online shoppers. The blend of traditional and modern aesthetics in a lightweight design is one of the reasons why vermeil jewellery is the most loved among contemporary women. Customers are also digging in antique designs and oxidized jewellery which instantly adds panache to their attire.
Tech savvy consumers
Social media has made it convenient for consumers to stay abreast with all the upcoming trends that are in vogue. Thanks to Instagram, works of many small and big designer brands are well within the reach of fashionistas. The silver jewellery market in India has witnessed a boom due to the expansion of online market space and omni-channel business strategies despite the pandemic. According to The State of Fashion 2021 report by McKinsey&Company, India is an essential destination for fashion companies due to its increasingly savvy tech population. Young consumers contribute to a longer business cycle, and can wield considerable influence on the way brands plan for the future.
New-age bridal solution
Silver is becoming a popular choice amidst modern brides due to its versatility and contemporary designs. Silver creations with pearl embellishments and stone studded jadau pieces are ever popular with unconventional brides. The grandeur of these designs yet the lightweightedness and affordability, is the major appeal for Indian brides choosing silver for their special day.
Another reason why the millennial population is in love with silver jewellery is because it is travel friendly. While travelling to other cities or countries for special occasions, silver jewellery comes in handy as it’s lightweight, easier to carry in one’s baggage and doesn’t take up much space. Silver jewellery has always been a favorite among travellers as well as brides who wish to carry jewellery for their destination weddings.
In India, jewellery plays a dominant role with a significant store of value and also serves as a symbol of social and personal milestones in life. With change in buying habits, consumers are re-evaluating their priorities. Purchasing pieces that represent personal meaning is a key expression of current consumers, thus creating an opportunity for a growing market for silver. While gold prices keep increasing every year, silver jewellery trends will see a surge in the upcoming years. Braving the challenges that the pandemic threw in its way, India’s silver jewellery industry continues to bloom and is expected to comfortably outperform gold this year.
- By Prabakaran Radhakrishnan, Co-founder & CEO, Divas Mantra.