Indias Silver Jewellery Exports Double

Mumbai: A shortage of gold as a raw material and the consequent decline in gold jewellery exports appears to have opened up new avenues of growth for silver jewellery in India, reports Mineweb.
Indias silver jewellery exports rose 45.33% to $84.1 million in February 2014, and jumped 89% in the 11-month period to $1.35 billion, according to data from the Gem and Jewellery Export Promotion Council.
Council data also showed that silver jewellery exports rose 109% between April 2013 and February 2014, to $1.3 billion (Rs 81.4 billion) from $642 million (Rs 38.85 billion) in the same period of the previous financial year.
Pankaj Parekh, vice chairman of the Council said it was not just silver jewellery that shone in the overseas market, but rather exports of silver utensils, artifacts and other silver articles too continued with their upward trend to the US, parts of Europe and Japan.
“With the price of gold and palladium moving up, it was 14 carat white gold that was most preferred by customers in these countries. In most of the regions, diamond studded jewellery is becoming unaffordable. Sterling silver, with an alloy with 92.5% silver content, has become acceptable as it is identical in looks, but cheaper than white gold, Parekh said.
Maintaining that Indian jewellers were increasingly exporting diamond studded sterling silver jewellery to many countries, he said that the scarcity of gold as a raw material was also making domestic jewellers shift to silver jewellery.