Drop in silver prices wooing customers towards showrooms

Source: The Hitavada      Date: 10 May 2017 09:41:35

By Praveen Vighre,

THE reduction of prices in silver is attracting customers towards jewellery showrooms. Last week, the white metal, which was glittering at Rs 39,700 per kilogram, has dropped to Rs 39,000 on Tuesday.

“With the rupee getting stronger against the dollar, there is correction in prices. At present, the prices are under control but we are afraid that it may climb up as there is a war-like situation between North Korea and the USA. As the prices have fallen, customers are revisiting our showrooms to purchase silver jewellery,” said Rajesh Rokde, Secretary of the Nagpur Sarafa Association, who is also the Vidarbha Region President of the Maharashtra Saraaf Swarnakar Mahamandal and Director of the GJF. “As the prices have started skidding, there is 20 per cent increase in the sales of silver articles,” he said.

He said that around 5,000 artisans and goldsmiths were directly and indirectly engaged in trading silver utensils and jewellery.
“Silver Thali and small silver bowls of Nagpur have more demand in Vidarbha,” he said.

\According to him, 20 per cent of the silver utensils and jewellery are made in Nagpur while remaining 80 per cent of the silver items are purchased from cities like Kolkata, Rajkot, Delhi, Nashik, Jaipur, Mumbai and other places.

Pankaj Bakhai, one of the leading dealers of silver jewellery and utensils and the past Treasurer of the Nagpur Sarafa Association said: “It is the old tradition of our country to have maximum silver utensils. The highest number of silver items at a residence is the symbol of richness. Everyone wants to have some items at least in the ‘puja’.

Even silver jewellery like ankle lace, toe rings are common with every woman.”As the prices were on the higher side, people were not purchasing silver jewellery on a large scale and the demand also took a beating. The demand for silver utensils, idols of God, coins, photo frame and key chains had increased. Presently, the making charges of silver utensils and artefacts were between Rs 3,000 and Rs 4,000 per kg depending upon the work.

“We are selling silver items in Chhattisgarh, Maharashtra and Uttar Pradesh,” Bakhai noted. The drop in the prices of silver had given more work to artisans who were also jobless when the prices were quoted higher.