For decades, gold has been India’s default term of treasure, bought in times of surplus, gifted during occasions, and often locked away in banks. Recent data from Deloitte’s report suggests 45% of Gen Z and millennial consumers now prefer investing in silver jewellery, compared with just 26% among those aged 45 and above. For younger shoppers, silver is emerging as a sweet spot that is stylish enough to wear every day, affordable enough to buy frequently and credible enough to be seen as an investment as well.
Now, this doesn’t mean gold is overlooked. While gold continues to command its status, the report explained that silver is increasingly being positioned as the ‘everyday metal’ for the new generation.
The ‘silver’ lining
Long seen as gold’s poorer cousin, silver has delivered a compound annual growth rate of about 22%, outpacing gold’s roughly 18% CAGR over the same period. This divergence has become hard for both consumers and retailers to ignore.
High and volatile gold prices have made entry-level purchases more difficult, particularly for younger households. Silver, by contrast, offers exposure to a precious metal at far lower ticket sizes, while still retaining liquidity and perceived investment value. The report noted that consumers are actively choosing silver as part of a broader reallocation within their jewellery spending.
From heirlooms to everyday wear
Younger consumers are moving away from heavy, expensive jewellery sets designed for weddings or festivals. Instead, they are buying modular, lightweight pieces that can be worn often and across occasions, the report added.
Usage data from the report shows silver jewellery being bought for office wear (32%), birthdays and gifting occasions (38%), and casual outings (8%).
Silver’s lower price point removes what retailers describe as ‘decision gravity’, the hesitation that comes with buying gold, where each purchase feels permanent and weighty. Silver allows experimentation, trend-following and regular wardrobe refreshes.
A natural fit for online jewellery
Silver’s rise has also coincided with the growth of online jewellery retail. The report further mentioned that more than 80% of online jewellery purchases are priced below Rs 50,000. Silver, with its affordability, lighter designs, and trend appeal, therefore makes it well-suited for discovery-led platforms and impulse buying, the report added.
This has helped silver brands and collections reach first-time buyers who may not yet be comfortable walking into a traditional jewellery store. However, the reportalso notes that 94% consumers still prefer national retail chains for the final purchase.
How jewellers are responding
Many are responding by creating distinct sub-brands or store-in-store formats dedicated to silver. The idea is to speak to a younger audience through a different design language and price architecture, without diluting the trust and heritage associated with their gold offerings.
Some retailers are also using silver as a ‘bridge category’. Silver becomes the entry point for new customers, driving store visits and purchase frequency. Over time, these customers can be nudged towards higher-value gold or studded jewellery, the report added.
This trade-up pathway allows jewellers to grow lifetime customer value, rather than relying solely on big-ticket, low-frequency purchases.
Risks beneath the shine
Despite its momentum, silver’s rise is not without risks. The report details that one concern is cannibalisation. If silver starts replacing entry-level gold purchases rather than complementing them, average bill values could come under pressure.
There is also the risk of operational strain. Higher unit volumes mean faster transactions. Without simplified processes, service quality can deteriorate, hurting brand perception. Finally, trend volatility poses a challenge. Silver jewellery is more fashion-driven, and misreading consumer preferences can quickly lead to ageing inventory, the report added.
Gold still holds its cultural and financial primacy. But silver has carved out a new role, one that reflects how younger India wants to buy, wear and value jewellery.