Silver Lining: The Rise of Silver as Jewellery and its Impact on the Export Market
Taking inspiration from the vintage fashion of the 90s, silver jewellery is back with a bang in contemporary fashion and Insta feeds of Hollywood and Bollywood A-listers alike. Here’s how the trend is transforming the jewellery market.
Aren't we getting transported back to the timelines of the OGs and 90s? It's again the time for retro glamour, power dressing, vintage fashion and the season's hottest comeback—the era of statement silver jewellery. From stylebooks to celebrities' looks, silver jewellery's comeback has hooked the entire fashion world and is floating across hundreds of posts on Instagram. Whether it's pop queen Beyoncé rocking silver earrings at one of her Renaissance concerts or Anushka Sharma dazzling on her Insta feed with a fusion three-piece outfit and chunky traditional jewellery—stars are pairing sterling silver accessories with their outfits that are ultimately bringing extra glamour to their appearance. These trendy silver accessories are back in the fashion game, and it's safe to say that silver metallics are having a golden moment once again.
Pictures Sources: Beyoncé's Instagram and Glamour
Walking Back To The History Of Silver Jewellery And Its Rise In Modern Times
The trend of silver jewellery can be traced back to the Victorian era. During those times, wearing silver was a symbol of luxury and opulent dressing—it was exquisite, elegant, and ethereal in every sense. So, the metallic shine and ornate made these high-shine silver adornments, the must-haves of a stylish jewellery collection. But as the world entered the sphere of the 20th century, the period of Art Deco arrived which emphasised more on jewellery with bold lines, geometric shapes and extravagant designs made from gold and platinum. It urged the fashion enthusiasts of that time to seek more expressive and striking jewellery with an even greater lavish accent and that's where silver jewellery witnessed its fall.
But, believe it or not, nothing screams a statement more than silver undertones. They are blingy, fashionably chic and something that can never go out of style—and that's what led to the resurgence of silver jewellery in 2023, becoming a major trend both on and off the runway.
Pictures Sources: Vogue and British Vogue
Take a glimpse of the recent Fall/Winter 2023 runway presentations in New York, and you'll notice how silver is emerging as the new glimmer in the fashion market. Whether it's chunky chain-link necklaces or the dramatic extravagance of rings, bracelets, or hoops—silver effortlessly makes a luxurious and resilient statement.
While everyone's attention is captivated by silvery glamour, trend forecasters have revealed that the Global Silver Jewellery market is expected to experience substantial growth between 2023 and 2030, solidifying silver jewellery as a long-term fashion trend. In 2023, the market is maintaining steady growth, and it is projected to achieve a Compound Annual Growth Rate (CAGR) of 5.5%, rising beyond the foreseeable horizon.
Kendall Becker, a trend expert at Trendalytics, noticed a big buzz around silver necklaces. In late 2022 and early 2023, the silver jewellery trend took off, with an amazing 80 per cent more people sharing their silver bling outfits on social media compared to the year before.
Research explains that silver rings and earrings with sculptural designs are gaining popularity. Take a glance at Kim Kardashian's appearance at the Balenciaga show—her glossy silver metallic earrings are giving off one clear piece of advice—the bolder, the better.
Picture Source: Vogue
Even silver necklaces and cuff bracelets are also becoming an essential addition to the jewellery box and with festivities around the corner, there couldn't have been a better time for silver jewellery to thrive and become the hottest fashion trend.
Silver Jewellery is Gaining Momentum in the Export Market of India.
India has emerged as the world's leading market for silver jewellery and silverware, experiencing remarkable growth in recent years. In the fiscal year 2022-23, the country's silver jewellery exports increased by 8% year-on-year, reaching a total of $2.93 billion. In addition to that, as the price of gold metal is skyrocketing, silver shines as an affordable yet stylish option, making it a budget-friendly fashionable choice for parties and soirees.
“Constant improvement in design, use of social media platforms to understand new trends, improvement in technology, " emphasises Rahul Mehta, Managing Director, Silver Emporium. He continued, "… all these aspects have enabled the growth of [silver jewellery] exports from India."
The upward trajectory of India's silver jewellery market is anticipated to thrive more in the upcoming years. As India is already leading the global silver jewellery export ranking with 299,140 shipments, followed by Italy at 38,266 and Germany at 31,479 shipments, the growing demand for silver jewellery is just adding more to India's economic gains. Plus, the increasing popularity of silver ornaments is broadening the opportunities for Indian artisans and jewellery designers in the international marketplace.
This has a direct impact on the supply and demand dynamics within the silver jewellery market. Additionally, India's role as a silver fabricator has led to an increase in export demands, prompting prominent changes in the sectors of companies and exporters in the Indian silver jewellery market. As a result, these entities are now seeking to broaden their market presence in Eastern countries, such as Australia, China and others.
Silver jewellery is undoubtedly here to revive our wardrobes with its high-fashion metallic sheen and sleek elegance while paving the way for India to flourish in its export market. Well, of course, silvery sophistication is both classy and couture-worthy—and when are you bringing it to your jewellery styling?
