High gold prices lead jewellers to promote silver for festivals
Headline by Prism · from 1 report
Indian jewellers are increasingly promoting silver products to consumers as high gold prices drive a shift in buying behaviour during the festive season.
The Economic TimesThe brief
Written by software from the 1 report below.
- Indian jewellers report a significant shift in consumer demand toward silver products due to prohibitively high gold prices.
- Businesses expect a large portion of annual silver sales to occur during the upcoming festive season beginning with Navratri.
- Government easing of silver import restrictions has facilitated increased supply to meet this rising demand.
- The trend reflects a broader change in middle-class purchasing power and gift-giving preferences.
What to watch next
- Whether silver sales volumes meet the predicted 17-18% growth during the Diwali season
- Impact of increased silver demand on the domestic market's stated purity concerns
The points restate the reports; where one says why it matters, that is Prism's reading, not a reported fact.
Who said what
3 quotes · 1 outlet
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Nagnesh Pachchigar
diamond jeweller
2 quotes · 1 outlet
“I am a third-generation diamond jeweller based in Surat. But today, I earn more from silver than from diamonds”
In the article
…and an industry expert told ET that silver is likely to account for a larger share of jewellery purchases this festival season. ALSO READ | India’s silver market faces purity crisis amid soaring investment demand “ I am a third-generation diamond jeweller based in Surat. But today, I earn more from silver than from diamonds ,” said Nagnesh Pachchigar of SN Jewellers. Silver now accounts for as much as 35% of his annual revenue. In India, 10 grams of 24-karat gold costs about Rs 1.5 lakh. For the same amount, buyers can get about 650 g of…
“Silver is clearly the next gold. I expect 40% of our annual silver sales only during the monthlong festive season starting with Navratri”
In the article
…of silver. This festival season, Pachchigar’s bets are firmly on silver, driven by a simple shift in consumer behaviour. Middle-class Indians, he said, are increasingly turning to silver products as affordable gifts. “ Silver is clearly the next gold. I expect 40% of our annual silver sales only during the monthlong festive season starting with Navratri ,” Pachchigar said. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, said, “We estimate that silver buying during this Diwali season will rise by 17- 18% from the corresponding period…
Surendra Mehta
national secretary of the India Bullion
1 quote · 1 outlet
“We estimate that silver buying during this Diwali season will rise by 17- 18% from the corresponding period last year.”
In the article
…gold. I expect 40% of our annual silver sales only during the monthlong festive season starting with Navratri,” Pachchigar said. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, said, “ We estimate that silver buying during this Diwali season will rise by 17- 18% from the corresponding period last year. ” The supply side, he said, is no longer a constraint, with the government in July easing silver import curbs introduced in May, partly to contain the outflow of foreign exchange. The response was swift — silver imports…
Coverage
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All filed from India
NamedIndia · SN Jewellers · India Bullion and Jewellers Association · Ministry of Commerce and Industry · Nagnesh Pachchigar · Surendra Mehta
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