India’s Gems and Jewellery Export Promotion Council expects that silver exports could be up by as much as 30 percent over this year.
Presently, gems and jewelry shipments make up about 14 percent of that nation’s total exports and involve 3.4 million employees. Most of the market is made up of Middle Eastern nations, Reuters reports.
Last year, silver exports accounted for about $797 million, but this year they are expected to rise about 25-30 percent, and gems and jewelry could rise about 15 percent from $38.28 billion last year.
“At such high prices, gold is going out of budget for many youngsters … a wrist bracelet of white gold is now replaced with sterling silver as it is cheaper,” said Pankaj Kumar Parekh, vice-chairman of the Gems and Jewellery Export Promotion Council (GJEPC).
The U.S. accounts for about 11 percent of silver exports, and the Council expects that figure to stay stable or go up.