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Demand for silver jewelry in India 2009-2018

Although historically not as popular as gold, silver is an important aspect of the jewelry market in India. The demand for silver amounted to 76.5 million troy ounces in 2018. Jewelry accounts for 34 percent of the total silver demand in the country.  

The significance of silver

  Different pieces used in prayer corners or rooms of Indian houses (more often of the Hindu faith) are often made of silver. These include intricately designed lamps. Silver is also presented at weddings, naming ceremonies and birthdays among other occasions. More than 10 million U.S. dollars out of 40 billion in the jewelry market comes from weddings annually according to data in 2013. Furthermore, silver is not only cheaper compared to gold and platinum, it is molded into more chic, new-age designs that have a higher appeal for daily accessorizing, especially among younger Indians.

Not just the poor man’s gold

  Mass produced silver jewelry, mainly in five cities across the northern region of India, makes for availability and convenience. Despite gold loans being taken out to meet expectations of grand wedding jewelry, silver is more accessible to a larger share of the population, since the latter is made up primarily of lower income groups. Traditional anklets or Payals made up about 70 percent of this market in 2016. Another common piece of silver jewelry for married women across the country was a pair of toe rings on each foot, believed to strengthen fertility.

Demand for silver jewelry in India from 2009 to 2018

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Sources

Release date

April 2019

Region

India

Survey time period

2010 to 2018

Special properties

includes the use of scrap.

Supplementary notes

One troy ounce is equal to 31,103 grams.

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Statistics on "Jewelry market in India"

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