Silver jewellery shines as festive season rings in

Source: The Hitavada      Date: 08 Aug 2017 10:07:08

By Ravi Chandpurkar,

WITH the commencement of the festive season, the demand for silver articles has shot up in the city. Festivals like Raksha Bandhan has also played an important role when it comes to buying silver articles thereby increasing its demand. “The demand for silver items has jumped up by 20 per cent compared to the previous month,” said Kishore Sheth of Batukbhai Sons Jewellers, Dharampeth while talking with The Hitavada on Sunday.

A new trend has set in of oxidised (black) silver jewellery which is more in demand these days. Most jewellery shops have added new designs, unique collections and outstanding silver jewellery articles made with the finest craftsmanship.
The intricate designs are attracting buyers in hordes this season, he said.

“Nowadays, silver jewellery is coming with hallmark certification as a mark of excellence, genuiness and quality on the articles sold. This infuses trust among the buyers. Furthermore, a new generation of artists and craftsmen have invented new stylish designs which was not possible earlier. The final product offers intricate designs, best of finishing and polishing work,” he pointed out.

Batukbhai Sons Jewellers is witnessing a 20 per cent surge in demand for silver articles like payals, rakhis, dinner sets, glasses, idols, utensils etc., due to the festive season.
Kishore Dharashivkar, President of Nagpur Sarafa Association said, “There is a rise in demand of 20 per cent for silver items compared with the previous month in the city. On an average there is a demand of about 100 kg to 200 kg in Nagpur and surrounding areas. The demand comes from about 2,000 to 3,000 jewellery shops in the city and adjoining areas.”

Pradeep Kothari, Director of Kothari Jewellers said, “There is a uptick in demand of silver jewellery due to the festive season. Furthermore, the price of silver is reasonable at around Rs 38,500 per kg (with GST) compared to Rs 44,000 per kg in the year-ago period. The jewellery shops are showcasing outstanding jewellery items which are totally different from earlier designs. Consumers are being attracted to these unique never seen before designs in the markets.”

He said that the price of silver at 39,000 per kg is one of the best levels to buy. According to him, silver is being sold at discount price.

He predicts that silver as an investment has bright future and could go up to Rs 47,000 to Rs 48,000 per kg levels by Diwali. With the introduction of Goods and Services Tax (GST) at three per cent on silver the demand has not been affected, he added.