The aim was to understand the increasing popularity of silver jewellery among the younger generation as compared to gold, which has been ruling the Indian households so far. As a result, the survey insights show that silver jewellery has become the new age choice not only for donning everyday or on special occasions, but also for investment purposes.
A massive 64 Gen Z and Millennials of respondents would choose to wear silver jewellery for large-scale events such as weddings or festivals, mainly due to the availability of elaborate designs which looks exactly like gold in a much lightweight version
The average personal willingness to spend on silver jewellery for a special occasion is approximately INR 71,000 per year.
49 per cent Gen Z and Millennials of respondents constituted millennials, while 40 Gen Z and Millennials were Gen-Z. 52 Gen Z and Millennials of the participants who took the survey are working professionals.
“We started Divas Mantra with an aim to make extravagant and trending jewellery designs affordable and available for everyone to wear. With so many evolving designs and surging gold prices, it was often difficult for younger generations to buy popular jewellery pieces. Through silver as a choice of metal for our line, we have been able to achieve elaborate designs and craftsmanship that was only seen in gold jewellery so far. The intention behind the ‘Silver is the new gold’ survey was to understand the shift of consumerism towards silver jewellery from gold. We have definitely witnessed a significant pull towards silver jewellery in the last couple of years especially by the millennial and Gen -Z population. Not only are they willing to purchase silver jewellery as an accessory but also as an investment.” said, Harini Prabakar – COO & Co-founder, Divas Mantra.
Working professionals and students have a massive inclination towards silver jewellery for daily wear. 73 per cent respondents would consider silver jewellery for daily wear, due to the availability of lightweight, minimal pieces in a variety of designs and its ability to complement a professional/corporate look.
The average personal willingness to spend on silver jewellery for daily wear is approximately INR 38,000 per year. The craze for everyday silver jewellery is high among women from Kolkata (83 per cent), Chennai (79 per cent) and Hyderabad (78 per cent).