A webinar session moderated by Prasad Kapre, featuring Rahul Mehta of Silver Emporium and Vivek Shah of Karma Design, discussed India’s Export Opportunities in Silver. The speakers provided useful insights into the tremendous growth potential of silver jewellery exports from India, which have risen considerably despite the odds all through the pandemic-affected past few quarters.
Here are some key takeaways from the talk:
• Silver enjoys an enviable position compared to gold or platinum as it is linked to both the fine jewellery and fashion jewellery segment. Silver is softer and more malleable making it more versatile when experimenting with textures, volume, gemstones, etc. Silver is the preferred metal for the fashion conscious consumer of today.
• India is still lagging behind countries like China, Thailand, and to a smaller extent Indonesia, in terms of price competitiveness, scale, and consistency in product quality.
• But India has the edge over all others in the handcrafted jewellery segment, and our capabilities in this segment must be promoted in global markets. Bodies like the GJEPC and Silver Institute could take up broad-based category promotion of Indian silver handcrafted jewellery to grow this product segment.
• E-commerce is very important for the discovery of a brand, especially new players. For this, India should have faster Customs clearance and remove bottlenecks that hamper the easy movement of goods between countries, such as sending of samples and getting them back. This will make it easier to export small quantities of silver jewellery directly to customers in markets such as the US and Europe.
• Many Indian silver companies still operate as contract manufacturers for different brands, but haven’t put in efforts to stand out as a brand themselves.
• IIJS Virtual is a fantastic platform and buyers in general are very happy exploring products online. The covid situation has made them feel comfortable about online buying. Going forward, this platform will play a vital role in enabling customers to explore products and transact online.