A shiny silver lining for jewellers this sale season

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Key points

• (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.).
• Shift in Consumer Behaviour I am a third-generation diamond jeweller based in Surat.
• Silver, historically the second fiddle to gold in traditional jewellery, seems set for a golden run in India.
• The Economic Times daily newspaper is available online now.
• A number of jewellers and an industry expert informed ET that silver is projected to account for a larger share of jewellery purchases this festival season.

Nifty23, 140.5077.41. Motilal Oswal Midcap Fund Direct-Growth. The Economic Times daily newspaper is available online now. High gold rates offer jewellers a silver lining this festive season. By Shantanu Nandan Sharma. ET BureauLast Updated: Sep 27, 2026, 06: 12: 00 AM IST.

Silver, once secondary to gold in Indian jewellery, is emerging as a bigger choice this festive sale season as high gold rates push middle-class buyers towards more affordable alternatives. Listen to this article in summarized format. Unlock AI Briefing and Premium Content. New Year Offer 24 Hours Left. Subscribe Now Already a member? Sign In.

Silver, historically the second fiddle to gold in traditional jewellery, seems set for a golden run in India. With the cost of the yellow metal stubbornly elevated, putting it out of reach for numerous middleclass Indian buyers, silver is quietly moving into the spotlight. As the once-overlooked metal emerges as a potential star of the festival season beginning with Navratri on October 11, from ornaments and idols to furniture, jewellers and traders are offering a range of silver products to woo buyers and investors.

Notably, a number of jewellers and an industry expert informed ET that silver is projected to account for a larger share of jewellery purchases this festival season. India's silver market faces purity crisis against the backdrop of soaring investment demand Live Events.

Shift in Consumer Behaviour "I am a third-generation diamond jeweller based in Surat. But today, I earn more from silver than from diamonds, " remarked Nagnesh Pachchigar of SN Jewellers. Silver now accounts for as much as 35% of his annual revenue. In India, 10 grams of 24-karat gold costs regarding Rs 1.5 lakh. For the same amount, buyers can obtain concerning 650 g of silver. This festival season, Pachchigar's bets are firmly on silver, driven by a simple shift in consumer behaviour. Middle-class Indians, he remarked, are increasingly turning to silver products as affordable gifts. "Silver is clearly the next gold. I expect 40% of our annual silver sales only during the monthlong festive season starting with Navratri, " Pachchigar remarked. Surendra Mehta, national secretary of the India Bullion and Jewellers Association, remarked, "We estimate that silver buying during this Diwali season will rise by 17- 18% from the corresponding period last year." The supply side, he stated, is no longer a constraint, with the administration in July easing silver import curbs introduced in May, partly to contain the outflow of foreign exchange. The response was swift – silver imports jumped to over $1 billion in August, marking a 127% year-on-year growth, according to data from the commerce ministry. Add Now!

Silver jewellerygold pricesDiwali shoppingconsumer behaviourNavratri festivalIndian jewellerssilver imports.

(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.). Silver jewellerygold pricesDiwali shoppingconsumer behaviourNavratri festivalIndian jewellerssilver imports.

Taken together, the developments around a shiny silver lining for jewellers this sale season point to a situation that is still moving, and the coming days should bring more clarity.