The demand for silver-jewellery is more likely to develop by 50 per cent yr on yr over the subsequent few years. At current, the silver jewelry market is of Rs 1,000 crore. The general Jewelry market could be roughly round 4 lakh crore. This contains all valuable metals, semi valuable jewelry and diamonds.
Speaking to Bizz Buzz, Dr Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers, a Maharashtra Jewelry behemoth, says, “Since silver jewelry is comparatively a low ticket merchandise, we anticipate the market measurement to be round Rs 10,000 crore. We might name this the style jewelry market. This may additionally embrace different metallic jewelry like copper, brass and zinc.” Out of the Rs 10,000 crore market, 10 per cent would represent metals aside from silver, so roughly Rs 1,000 crore, he mentioned.
Over the previous few years, silver has emerged as a vogue assertion amongst ladies, particularly working ladies and youngsters. We’re additionally seeing senior ladies carrying silver jewelry, since silver jewelry will be each trendy in addition to classical in its model. We’re seeing numerous patrons getting into by way of silver jewelry available in the market and slowly upgrading to gold and diamond jewelry. That is seen as a rising development, he added.
“We anticipate the silver jewelry market to develop 50 per cent yr on yr over the subsequent few years, highlighting the robust potential of the class. Therefore now we have determined to enter in to the silver jewelry market in an enormous approach by way of our model Silvostyle-fashion subsequent,” mentioned Gadgil.
Because the identify suggests, it will likely be a vogue ahead model specializing in the most recent tendencies within the silver jewelry market the world over. Silvostyle can have jewelry that’s sourced from around the globe in addition to India particularly Jaipur and Kolkata.
The style ahead and millennial pleasant model might be rolled out throughout 35 shops of PNG Jewellers in a store in store mannequin, an e-commerce retailer in addition to Silvostyle Style Subsequent Unique Boutiques. The model goals to create a 100 crore enterprise in three years round silver jewelry and semi- advantageous vogue jewelry.
The model will deal with showcasing daring, edgy, younger and classy designs created via vanguard improvements in jewelry manufacturing at pocket pleasant costs to draw millennials and a rising Gen-Z viewers that appreciates vogue ahead and future prepared manufacturers. Product classes like necklaces, pendant units, stackable rings, bracelets, charms, earrings and many others. might be part of the product combine adorned with valuable in addition to semi- valuable stones. Collections rolled out by the model might be in sync with Style tendencies prevalent around the globe.
Silvostyle was a pioneering first of its type Silver Jewelry model launched by any retail jewelry chain in India round 2013-14. It charted successful story of its personal via countrywide advertising and marketing campaigns with high Bollywood celebrities, tie ups with Bollywood movies and many others. A feather in its cap was tying up with Salman Khan starrer Tremendous hit movie Bajrangi Bhaijaan and launching India’s first ever jewelry merchandise for a Bollywood movie, the ‘Gadaa Pendant’ of Lord Hanuman in Silver.
Way forward for silver jewelry may be very vibrant in India. Not solely is it common amongst ladies however additionally it is common amongst males right this moment. Silver has additionally been in use from historic instances. Silver has at all times been on the panorama and therefore acceptance of the identical is just not a query. Silver is taken into account to be mainstream in vogue jewelry in addition to throughout weddings, particularly in maharashtrian weddings (painjans, and toe rings) there may be additionally craze for Mangalsutras in Silver jewelry.
