Silver prices have climbed recently, and they remain volatile, with sharp rises and quick corrections. These fluctuations have begun to impact the market demand of silver. While the demand for silver jewellery remains high this wedding and Valentine’s season, city-based retailers report a noticeable dip in the demand for silverware, statues, showpieces, photo frames and other similar items.
At Giva stores in Kolkata, known for their silver jewellery gifting collections, the price of everyday silver accessories has increased by at least Rs 1,000.
“Bracelets that were earlier priced around Rs 1,599 are now selling for Rs 2,500 to Rs 3,000. Pendants that once cost Rs 2,500 are now priced at around Rs 4,000. Earrings, which are our bestsellers, have also seen a significant hike, with pairs that were earlier in the Rs 1,999 to Rs 2,500 range now selling for Rs 4,000 to Rs 5,000. Rings, too, have gone up from Rs 2,000 to Rs 2,500 or even Rs 3,500, depending on the design,” said Somnath Safy, senior fashion consultant at Giva’s outlet on Camac Street.
“We use 92.5% sterling silver for jewellery and statues. 99.9% pure silver is used only for coins. While coins and statues are bought by customers ahead of Dhanteras and Akshaya Tritiya, they are not so popular during the wedding season. Now, fashion jewellery sells more. There has been a 55% increase in the sale of silver jewellery since last January,” added Mosumi Das, another consultant at the same outlet.
Bharti Bangur, owner of Cristano Jewels in Alipore, voiced similar views. “With silver raw material costs having risen across the market, retail prices for silver jewellery have also shifted upward. In response, many customers are consciously choosing pieces that offer design impact rather than heavier weight, because the beauty and craftsmanship matter more than just the silver content,” she explained.
While the demand for fashion jewellery made of silver has increased, the demand for heavier silver articles has drastically declined. Amit Datta
S.K. Mundhra, an employee at Neelam Chandiwala on Camac Street, explained that the price of silver has almost doubled in the past few weeks. So, showpieces or photo frames that were selling for Rs 1,500 are now selling for Rs 3,000. Consequently, the demand for such articles has gone down, Mundhra added, though he refrained from furnishing an exact trade figure.
Bangur similarly noted that though the overall demand for silver jewellery remains high, heavy or traditional silverware pieces aren’t as frequently chosen right now.
“There’s still interest in high-purity sterling silver, especially when it’s crafted into beautiful jewellery, but many customers are also comfortable with alloys or design elements that reduce the pure metal weight — provided the piece remains attractive and lasts well. Mixed designs that combine silver with other materials (like gemstones or decorative finishes) help keep the item appealing without making ownership feel overly costly,” she explained.
Jewellery markets on Garanhata Street near Minerva Theatre have also been affected by the volatile silver prices.
“You see imitation pieces are taking over. Think of the small crowns for idols. It is Rs 50 for an imitation piece and Rs 500 for a real silver piece of the same size. Who will buy something so expensive? The price of 1kg of silver has increased from Rs 1,70,000 to Rs 2,75,000 since last Dhanteras. If you want to buy a bowl made of 30 grams of silver, you will have to shell out Rs 8,000. Plates are now obsolete because a standard-size silver plate will contain 250 grams of silver. The cost will be about Rs 40,000. People cannot afford to invest so much,” said the owner of Karmakar Brothers (who did not wish to be named).
The fluctuating silver prices have also affected workers at north Kolkata’s Garanhata jewellery market. Amit Datta
“The demand for everyday jewellery, which contains small amounts of 92.5 sterling silver, has slightly increased. But there is almost no demand for silver showpieces, silverware and silver photo frames,” he added.
Several shop owners on Garanhata Street admitted suffering a major setback in business following the rise in silver prices. Amit Datta
Kaushik Ray, a worker at M/S Radha Ranan Jewellery House on Garanhata Street, similarly noted that the sales of heavier silver articles have declined by 50%. “Yes, people are still buying chains and earrings. But, back in the day, on annaprashan, relatives bought trinkets like anklets for babies or small spoons. There is no demand for that either. Since last year, the sales have gone down drastically,” added Jagabandhu Paul of Netai Chandra Paul and Sons.
Everyday accessories like pola (coral) bangles lined with silver, whose demand has increased recently, versus, a showpiece made of silver, which has almost zero demand in the market. Amit Datta
Additionally, My Kolkata spoke to some of the shoppers on Garanhata Street. “Yes, silver prices have gone up and imitation is less expensive. So, it depends on the purpose, for whom you are buying,” said Madhabi Mukherjee.
Her friend Soma Dutta, however, said she finds silver jewellery very fashionable. “I am wearing a few, which I bought recently. I find these [silver accessories] very fashionable. I buy pieces that complement my attire. And I think it’s a good investment. The price has gone up. It’s an asset,” she said.