Silver’s appeal is further boosted by its strong industrial demand and rising prices. Goyal described silver as “the new gold,” highlighting that consumption across various industries keeps pushing prices upward. The market is also witnessing a comeback of silver set with diamonds, partly thanks to the rise of lab-grown diamonds. “It’s a rotating wheel — we are going back to the older days,” he said, referring to historic trends where silver and diamonds were paired frequently.
Beyond investment in bars and coins, the gifting and jewellery segments are showing rapid growth. “All the modern elite women, working women, have the need to change their jewellery every day. The looks are different, the designs are different for different categories of consumers,” said Goyal, signaling a shift in buying behaviour.
Meanwhile, the hallmarking landscape for silver is evolving. Starting September 1, the Bureau of Indian Standards will implement the Hallmark Unique Identification (HUID) system for silver jewellery, introducing a six-digit alphanumeric code for authenticity verification. While hallmarking is still voluntary, Goyal expects mandatory hallmarking to eventually follow. However, due to the fragmented nature of the silver market and the sheer volume of pieces, the transition to mandatory hallmarking will be gradual, with certain exemptions similar to those in gold.Gemstones are emerging as the next big trend after gold and silver. Abhishek Sand, Co-Founder and Director of Savio Jewellery, called gemstones “the new gold,” emphasising their uniqueness and growing appeal amid diamond market uncertainties. He explained that gemstones bring creativity and individuality to jewellery since no two stones are identical. This has fueled rising demand not only in India’s metros but increasingly in tier 2, 3, and even tier 4 cities, helped by internet access and aspirational buying.
Sand expects the gemstone jewellery market to nearly double this year, with prices rising steadily due to scarcity. “Fine gemstones have risen around 30% in a particular year,” he said. “Anything bought last year, say a 20-carat Russian emerald, you can expect a 30% rise in resale value today.”
As the festive season approaches, with major festivals and wedding celebrations lined up, both silver and gemstone jewellery sectors appear well poised for strong growth, supported by new hallmarking norms and evolving consumer preferences.
Watch accompanying video for entire conversation.
