Jaipur: The silver price rally over the past year has created challenges for consumers, manufacturers and retailers, with trade in the precious metal falling significantly. The surge from levels of around Rs 90,000 a year ago to over Rs 2 lakh per kg has disrupted traditional buying patterns, shifting away from weight-driven purchases.Manufacturers and retailers in Jaipur, one of the leading silver jewellery hubs in the country, said demand for heavy anklets, kadas, and silverware has softened, while design-led, lightweight jewellery has gained traction. “Buyers are focusing less on weight and more on craftsmanship, finish, and everyday wearability,” said Rajiv Arora, a leading manufacturer and retailer.However, Arora said the overall demand shrank as the precious metal prices surged, riding on demand from EV, solar energy, and other industrial uses. “Consumers are delaying purchases. Jewellers find it difficult to explain to them the rationale behind the price rise and the outlook in coming times,” he added.Traders said manufacturers have recalibrated production towards oxidised silver, meenakari work, and gemstone-studded pieces, using coloured stones and intricate detailing to add value without significantly increasing silver content. “Still, customers are cautious, often postponing purchases in the hope of a correction, while exporters are negotiating prices with overseas buyers. But given its scale, design depth, and adaptability, Jaipur should be able to absorb the pressure better than other hubs,” said another retailer.He said silver jewellery is no longer just an affordable precious metal; it is becoming a fashion and lifestyle product. “It now depends on how the industry innovates to stay ahead of the fashion trends and position silver jewellery as trendy wear,” he added.
