Silver Jewellery Exports Could Jump 30% In Fy13

During Christmas, provisional exports of silver jewellery from India touched $73.85 million. “The increasing prices of gold coupled with the financial slowdown across the globe have caused a change inside the usage pattern. Consumers are favouring white metal jewellery over gold items. Whether in the US or inside Europe, sterling silver jewelleries have become very favored because consumers find them affordable. Consumers whom preferred white gold plus platinum jewelleries earlier are now flipping over to silver,” mentioned Sabyasachi Ray, executive director, Gem and Jewellery Export Promotion Council (GJEPC). The eastern European country of Poland has surfaced as one of the leading markets of silver jewellery inside latest instances. The US plus other EU countries are showing superior need, according to exporters. Demand for silver statues and classic silver pieces are gaining ground in the CIS and eastern European markets, said Suresh Hundia of Hundia Exports. The need for silver jewellery has been spurred by the dropping prices of the metal. While silver prices in the global market touched $29.92 per ounce on Monday, inside India the exchange price of the metal was hovering about Rs 56,200 per kg, that is down by Rs 135 per kg. Silver exporters based inside Jaipur and Delhi areas have benefitted the many from this price fall. These parts have become silver jewellery hubs. KB Agarwal of Jaipur-based ShreeJi Gems & Jewels said: “European markets are growing plus you are getting wise orders from there. Spain, for illustration, is keen to choose up low-value treatments, while Italy is searching at highvalue items. The US is placing orders for fashionable high-value items. The situation is much greater compared to FY12.” Pankaj Parekh, vice-chairman of GJEPC, mentioned leading stores in the US, whom earlier chosen 14k gold for popular goods like diamond-studded bracelets, have now changed to sterling silver. “We are expecting a 30% development in silver jewellery exports inside FY13 as well as the trend is probably to continue in FY14 also,” he added. The GJEPC is expecting exports value $797 million in FY13 compared to $691 million inside FY12. FEATURED ARTICLES
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