Demand for silver jewelry in India 2010-2023

Although historically not as popular as gold, silver is an important aspect of the jewelry market in India. The demand for silver amounted to over 2.6 thousand metric tons in 2023. This was a decrease of 25 percent as compared to the previous year. 

The significance of silver

Different pieces used in prayer corners or rooms of Indian houses (more often of the Hindu faith) are often made of silver. These include intricately designed lamps. Silver is also presented at weddings, naming ceremonies, and birthdays, among other occasions. Furthermore, silver is not only cheaper compared to gold and platinum but it is molded into more chic, new-age designs that have a higher appeal for daily accessorizing, especially among younger Indians. 

Not just the poor man’s gold

Mass-produced silver jewelry, mainly in five cities across the northern region of India, makes for availability and convenience. Despite gold loans being taken out to meet expectations of grand wedding jewelry, silver is more accessible to a larger share of the population, since the latter is made up primarily of lower income groups. Traditional anklets or Payals are most commonly preferred in silver jewelry. Another common piece of silver jewelry for married women across the country was a pair of toe rings on each foot, believed to strengthen fertility.