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Krishna B Goyal, Convener-Silver Jewellery Panel at GJEPC, said changing lifestyles and everyday adornment needs are driving consumers toward branded silver products, making the category increasingly mainstream.
Krishna B Goyal, Convener-Silver Jewellery Panel at Gem and Jewellery Export Promotion Council (GJEPC), said silver’s remarkable rally is rooted in a structural shift where industrial consumption has surged far beyond production. Goyal highlighted that silver is now heavily used in electronics, electric vehicles (EVs) and battery manufacturing, noting that “the consumption of silver is much higher than the actual production,” a trend that continues to support prices even as gold demand has softened.
Goyal said this year’s sharp gains have attracted a wave of new investors into the silver market, with premiums in India touching ₹40,000 near Diwali due to a supply crunch. He added that silver was unavailable in many markets during the festive season as buyers rushed in seeking strong returns.
On the jewellery side, Goyal said demand has strengthened as younger consumers increasingly prefer lightweight, wearable pieces—especially for destination weddings—and are moving away from purely investment-driven buying. This, he said, has kept silver jewellery volumes firm despite prices trading near record highs.
He also expects India to see more standalone silver stores, mirroring a trend already established in Western markets. According to Goyal, lifestyle changes and everyday adornment needs are pushing consumers toward branded silver offerings, making the category more mainstream.
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On price outlook, he believes silver will continue its upward trajectory, though not at the same pace as the past two years. With demand still 7–8% higher than supply, the broader trend, he said, remains firmly positive. Goyal also stated that traditional silver purchases—such as coins, utensils and religious articles—continue to hold steady in Indian households, supported by longstanding cultural habits.
For the entire interview, watch the accompanying video
(Edited by : Unnikrishnan)
