Silver Steals the Spotlight from Gold in India's Jewellery Market

For decades, Indians have been fond of gold, but recent prices have made it unaffordable for many. As a result, silver is gaining attention as an alternative.

Silver has seen significant price growth over the past two years, surging by 160% to ₹2.32 lakh per kg in September this year. In contrast, gold prices are making even small purchases expensive. This shift towards silver may become a long-term trend, with India Bullion & Jewellers Association estimating a 17-18% rise in silver buying during the current Diwali season compared to last year.

The growth in silver demand is driven not only by affordability but also by growing interest in investment options such as silver ETFs. Consumers are looking for alternative ways to participate in the precious metals rally without breaking the bank.

Industry experts believe that to capitalize on this trend, companies need to innovate with designs and give silver the respect it deserves. Joy Alukkas, Chairman & Managing Director of Joyalukkas Group, suggests positioning silver as a standalone category rather than merely as an alternative to gold.