Individuals in Bangladesh have gotten more and more inclined in direction of silver jewelry as they’re extra reasonably priced than gold or platinum ornaments, particularly amid the continuing inflationary stress, in keeping with numerous merchants.
Moreover, individuals have come to understand that silver is an equally versatile, sustainable and timeless materials in comparison with costlier metals that symbolise magnificence and class.
“Solely individuals from rural areas would purchase silver jewelry simply 10 to fifteen years in the past,” stated Palash Paul, who owns the New Silver Palace, a jewelry retailer on the Bashundhara Metropolis Procuring Complicated in Dhaka.
Nevertheless, the pattern has modified over time as a result of altering tastes in trend, with extra budget-friendly and higher designed merchandise now accessible available in the market, he added.
Talking on situation of anonymity, an official of a department of Aarong within the capital’s Science Lab space, stated their silver jewelry are promoting effectively due to larger demand.
With costs starting from as little as Tk 50 as much as Tk 30,000, the department sells a mean of Tk 40,000 to Tk 45,000 value of silver jewelry each day, which was not potential only a few years again.
“The demand is growing as a result of higher product high quality and the supply of lifetime service warranties,” the official added.
Azharul Hoque Azad, managing director of a neighborhood clothes model known as Sadakalo, stated the nation’s youth are extra style conscious than ever, resulting in an upward pattern in the usage of silver jewelry.
“The sale of silver ornaments has elevated loads over the previous 5 to seven years,” he added.
Mohammad Faisal, an worker of the Silver Backyard jewelry retailer on the Chandni Chowk Procuring Complicated in Dhaka, stated every bhori (about 12 grams) of 22-carat silver is at present promoting for Tk 1,714.
Equally, 21-carat silver is priced at Tk 1,632 per bhori whereas 18-carat silver is Tk 1,399 per bhori.
And aside from silver ornaments primarily of the 21-carat selection, jewellers are additionally receiving orders for bowls, plates, glasses, spoons and showpieces made out of the valuable steel, he added.
Nazmul Hasan, who owns the Popi Jewelry retailer on the Shah Ali Market in Dhaka’s Mirpur, stated many individuals are choosing silver merchandise contemplating the current hike in gold costs.
The Bangladesh Jeweller’s Affiliation (Bajus) hiked the worth of gold about two weeks again as pure gold has turn out to be costlier within the international market because of the taka’s devaluation in opposition to the US greenback.
As such, the worth of 22-carat gold lately touched a report excessive of about Tk 1 lakh per bhori.
WHAT CUSTOMERS ARE SAYING
Nilima Jahan, a resident of the capital’s Farmgate, agreed that the demand for silver jewelry is growing as gold merchandise are costlier than ever.
Jahan then identified that she wished to purchase a pair of gold earrings to not way back however in the end withdrew her choice contemplating the sudden improve in costs.
“After that, I made a decision to get silver anklets and rings inside my finances,” she added.
Dewan Aminul Islam Shahin, vice-president of Bajus, stated silver jewelry is now even being utilized in bridal ceremonies, which was extraordinary not too way back.
“This is likely one of the the explanation why the demand for silver jewelry is growing daily,” he added.
Shahin additionally stated that silver jewelry was not given a lot worth up to now however this notion has modified over time as a result of enhancements in product high quality.
“For instance, silver can appear to be white gold if the standard is sweet,” he added.
Chandra Shekhar Shaha, a jewelry designer and marketing consultant, stated he was among the many first to introduce the nation to silver jewelry in 1981.
“Since then, entrepreneurs have been attempting to give you new designs for his or her merchandise,” he added.
Bajus says the home marketplace for silver jewelry is at present value greater than Tk 10 crore yearly.