GIVA founder Ishendra Agarwal breaks down the raw volume and overall market size of the Indian silver jewelry industry.
Assertion Partly supported
Organized brands control just 8-10% of India's ₹8L crore jewelry market
“Eight to 10% of the market is organized in the entire eight lakh crore market.”
Assertion Not publicly verifiable
Agarwal: Sovereign gold bond adoption is mostly restricted to Tier-1 metros
“The concept of bonds that is very largely specific to tier one and metros, but that is slowly and slowly increasing.”
Insight
Agarwal: Silver jewelry offers negligible stored value compared to utensils
“So silver, if you see, has been largely used in utensils and coins. Because there you actually consume a large silver metal. So like if you see the cost of silver, it is around 70,000 rupees a kg. And if you use it for jewelry, in jewelry you will consume at m…”
Insight
Agarwal: Silver lacked major brands like Tanishq to establish quality standards
“In gold because you have so many brands, right? You have Tanish, Kalyan Malabar who are setting the standards of quality, setting the standards of this is the serviceability we need to give to the user. We need to offer buyback to the user, et cetera. In silve…”
Assertion Not checkable as stated
Agarwal: Gold jewelry making charges are 20x silver per kilogram
“So, if you buy one kilo gold jewelry versus one kilo silver jewelry, then gold's making charge will be twenty-x silver.”
Assertion Not checkable as stated
Agarwal: Consumers buy silver jewelry 4-5 times yearly versus gold's twice
“So, if you sell gold in the year, you can buy gold at max, you can buy gold more than two times. Versus silver, you know, people buy four or five times in the year, whenever there's an occasion.”