Strong demand for Indian silver jewellery abroad; exports likely to go up by 35% in FY 2013

From The Economic Times / May 1, 2012

MUMBAI: India’s silver jewellery exports will continue to lead in this fiscal year as the US and Europe prefer more of white metal jewellery to gold items due to a spike in gold prices and growing slowdown pressures. The exports are likely to go up by 35% in FY 2013, says Rajiv Jain, chairman of the Gems and Jewellery Export Promotion Council (GJEPC).

During 2011-12 , silver jewellery exports grew to 44% compared with gold jewellery export growth of 30%. India, the biggest consumer of white metal jewellery, has found a new class of buyers in the West who will invest less than $100 (Rs 5,200) in jewellery. “The new class is emerging fast and growing stronger. Consumers in overseas markets are buying more of silver jewellery worth less than $100 than investing in gold jewellery , which is out of their reach due to slowdown pressures and rising gold prices,” says Jain.

And the Indians will swap their profits for gold jewellery, preferably 22k

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