India's Love Affair with Silver Increasing

Source:

Though there is no accurate estimate of the size of India's silver jewellery industry, some manufacturers and analysts estimate it at $3-$4 billion and add that this year it could grow by between 5-15 percent.

...Rapid economic growth over the last few years has created a thriving 60 million-strong urban middle class increasingly willing to splurge for pleasure.

As a result demand for fashion jewellery in affordable silver -- priced as low as $1 and up to $100 (50 pounds) -- is rising sharply in a market where purchases were traditionally in gold and for most were an investment as much as a style statement.

Silver prices currently trade at around $11.8 a troy ounce, while spot gold stands at around $665 a troy ounce.

Though there is no accurate estimate of the size of India's silver jewellery industry, some manufacturers and analysts estimate it at $3-$4 billion and add that this year it could grow by between 5-15 percent.

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