Silver jewellery is witnessing unprecedented global demand, signalling a pivotal moment for manufacturers in India to scale production, and strengthen their foothold in international markets
India’s silver jewellery industry is experiencing a significant surge in global demand, presenting a crucial opportunity for manufacturers to enhance production, and solidify their presence in international markets. Major importers, including the United States, Spain, and Italy, are driving this demand, highlighting the need for Indian producers to scale operations, adopt innovative practices, and align with contemporary consumer preferences. Renowned for its rich craftsmanship and cost-effective production, the Indian silver jewellery sector is poised to become a dominant force in the global marketplace.
Recent trade figures highlight the rapid expansion of India’s silver jewellery exports. According to data from Gem and Jewellery Export Promotion Council (GJEPC), India’s silver jewellery exports rose 9.83% year-on-year, reaching $233.97 million in Q1 2024, up from $213.03 million in the same period in 2023. This growth underscores an increasing preference for silver jewellery worldwide, particularly in price-sensitive markets, where gold remains a high-investment commodity.
Globally, the demand for silver jewellery is set to soar further. Market research firm Business Research Insights projects the market to grow from $38.2 billion in 2023, to $57.2 billion by 2032, with a CAGR of 4.6%. This presents a substantial opportunity for Indian manufacturers to expand their operations, introduce new designs, and strengthen their distribution channels.
Manufacturers in India have a unique advantage when it comes to silver jewellery. The country’s legacy of craftsmanship, coupled with cost-efficient production techniques, makes it a preferred source for international buyers. Unlike competitors such as Thailand, Italy, and Mexico, India benefits from a diverse skillset of artisans who specialize in intricate designs, including traditional kundan, meenakari, and filigree work, as well as modern minimalistic styles that cater to Western audiences.
Abhilasha Bhandari, Abhilasha Jewellery, Jaipur, emphasizes how sustainability plays a vital role in making Indian jewellery more attractive in the international market, saying, "Our jewellery is crafted using recycled silver and sustainable methods, aligning with the global demand for ethical fashion. Moreover, silver jewellery offers a more affordable alternative to gold, making it attractive to a broader customer base, especially in price-sensitive markets such as the US and Europe. India has a rich legacy of handcrafted jewellery, and the intricate designs created by artisans stand out in global markets,” she says.
Moreover, international platforms have enabled small and mid-sized Indian manufacturers to sell directly to global consumers. Shyle, a Jaipur-based silver jewellery brand, has seen significant success in the D2C space. Astha Katta Sirohiya of Shyle says, "Platforms like Etsy, Amazon, and Shopify have made it easier for us to reach international customers, with streamlined shipping allowing us to deliver orders globally in just 10 days, or less. This convenience, combined with affordable pricing and authentic craftsmanship, has significantly contributed to the expansion of Indian silver jewellery exports. Jaipur itself accounts for about 33% of India’s export of antique silver jewellery. Jaipur jewellery is renowned worldwide, and the intricate craftsmanship continues to attract a sizeable international clientele."
With evolving consumer preferences, there has been a shift towards lightweight, everyday silver jewellery, making it essential for manufacturers to diversify their collections beyond traditional bridal and occasion-wear pieces. Customization and modular jewellery are also gaining traction, particularly among younger consumers who prefer personalized designs that reflect their individuality.
Incorporating technology into manufacturing is another crucial factor. Computer-Aided Design (CAD) and 3D printing have revolutionized jewellery design, allowing for greater precision, while maintaining artisanal quality. Brands such as Tichu are integrating such innovations into their production. Smriti Bohra, Tichu, Jaipur, says, "Personalization and customization are at the heart of our offerings. From engraved initials, to mix-and-match elements, we empower customers to enjoy jewellery that feels uniquely theirs. Our jewellery is handcrafted by skilled artisans, ensuring each piece carries the essence of meticulous craftsmanship. By integrating traditional techniques with contemporary aesthetics, we cater to global fashion trends, while preserving our heritage."
Silver jewellery manufacturers are also taking note of the sustainability movement sweeping the industry. The US-based industry organization The Silver Institute reports that 75% of millennial and Gen Z consumers globally prefer jewellery made from ethically sourced or recycled materials. Indian manufacturers who implement eco-friendly practices, such as biodegradable packaging, recycled silver, and fair-trade sourcing, can attract environment-conscious buyers, and establish themselves as leaders in sustainable jewellery production.
The future of Indian silver jewellery looks promising. According to market analysis firm Grand View Research, the global jewellery market is expected to reach $482.22 billion by 2030, with silver jewellery occupying a significant share due to its affordability and versatility. Sirohiya believes that D2C expansion and sustainable practices will be the key to international success.
"We are seeing a growing acceptance of sustainable and eco-friendly jewellery worldwide. With the right digital strategies and production techniques, Indian brands can dominate this space, and expand their global reach,” she adds.
Challenges such as quality control, competition from other exporting nations, and fluctuating raw material prices remain, but manufacturers who invest in technological advancements, e-commerce expansion, and sustainable practices will be well-positioned to lead in the global market.
Bhandari says, "India’s silver jewellery industry has several distinct advantages. Unlike mass-produced jewellery from other countries, Indian artisans excel in handcrafted techniques such as jadau, kundan, filigree, and meenakari, which give jewellery a distinct appeal. The jewellery sector benefits from a vast pool of highly skilled artisans and craftsmen, ensuring intricate detailing and high-quality finishing.”
Sharing her insights, Bohra adds, "By focusing on innovation and branding, and leveraging India’s strong heritage, we can capture a larger share of the international silver jewellery market."
India’s silver jewellery industry stands at a critical juncture, with rising global demand and increasing export potential offering unparalleled growth opportunities. Manufacturers who focus on scaling production, incorporating technology, leveraging digital marketplaces, and committing to sustainability will be the frontrunners in the international silver jewellery trade.
As the world embraces affordable luxury and ethical jewellery, India has the chance to not only meet, but set global trends in silver jewellery. The key lies in innovation, quality craftsmanship, and strategic expansion, ensuring that Indian silver jewellery continues to shine on the world stage.
Written by Dhwani Rathod
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