Gems and Jewellery - #SectorUpdates
Silver in India comes next to Gold in the Jewellery segment with respect to the buying choices of Indians. The shiny metal has been able to hold its price and has even seen appreciations in a time when gold has been continuously rising in price for the past 2-3 years. India is a huge exporter of silver jewellery and silverware. Huge demand for silver is seen from countries like the United States and from the Middle East. Silver export companies in India are trying to expand to newer pastures like markets in China, Russia and Australia. In terms of silver jewellery, India is the third largest fabricator of silver jewellery in the globe. Gross exports of silver jewellery grew over 24%, in the 10 months from Rs 16,300 crore in April 2021 to January 2022, compared to Rs 13,106 crore during the same period in the previous fiscal year.