With Gold Getting Beyond Reach, Silver Becomes Rajasthan Customers’ First Choice
The prices of white metal are also at a record high because of various factors at play
Published : October 12, 2025 at 2:12 PM IST
Jaipur/Jodhpur: The spiralling prices of gold have spurred the demand for silver and the latter’s prices are also on a record high. The demand for the white metal has led to its traders dubbing it as the ‘gold of the future’. Of late, the consumers are increasingly turning to silver jewellery, particularly fashion jewellery.
President of the Federation of Rajasthan Exporters and a jeweller, Rajiv Arora, explained that in India, gold and silver are seen as investments in addition to jewellery.
“The world has been facing a war-like situation for the past few years. Investors currently see no other avenue for investment than gold and silver. Consequently, the investment in these two precious metals has increased rapidly over the last few years. These are currently considered safer options than the stock market for investing people's surplus funds,” he said.
Pointing out that the silver prices are rising at a rate never seen before, he said that this has been triggered by a sudden increase in demand for the metal in the industrial sector.
“Silver's use in mobile cameras, electric vehicles and solar panels has been rapidly increasing in recent times, leading to a rise in prices. Consequently, silver has even outpaced gold's price rise,” he said.
Arora believes that the prices of these two precious metals are not expected to decline in the coming future and the upward trend will continue. He further said that since gold is getting out of reach, silver jewellery and gold polish on it have become the customers' first choice. According to him, although rising prices have impacted gold purchases, the purchases will increase once again when stability returns.
This year, the market has seen the highest demand for designer or fashion jewellery, including oxidized necklaces, anklets, earrings and bracelets. While previously consumers were more interested in gold, these same customers are now seeking stylish silver collections.
Pointing towards the trade in coloured gemstones in Jaipur, he said that some gemstones are only set in gold and this will ensure that the demand for the yellow metal remains high.
Data released by Jaipur Bullion Market reveals the continuing increase in prices of both24 carat and 22 carat gold. The price of 24 carat gold stood at Rs 1,24,900 per 10 grams, while that of 22 carat gold was at Rs 1,16,500 per 10 grams. The silver prices have also climbed to Rs 1,67,200 per kg.
Over the last nine months, the gold and silver prices have seen a dramatic increase. The 22 carat gold or jewellery gold has seen its price rise by Rs 37,400 during the last nine months, while silver prices have gone up by Rs 71,500 in the same period.
Traders say that silver coins that are purchased as a good omen on Diwali are being sold at double the price of last year. A coin that used to cost Rs 900 is now selling for Rs 1,800. The global surge in silver prices has driven this price increase. It is believed that silver purchases in India will increase in the coming days of the festive season, and consequently, the price may rise by another Rs 10,000 per kg. This is the reason people are investing in silver.
State President of Indian Bullion and Jewellers Association, Naveen Soni, explained that while the increase in silver prices was expected, there are other reasons as well behind the sudden surge. The possibility of a new decision with regards to the US tariff on silver has increased the demand.
“This is why the prices have risen by 25% in just 15 days. If the demand isn't met, the prices will continue to rise. There's panic among customers, but they will still make purchases on Dhanteras based on their budget,” he said.
Secretary of Jodhpur Jewellers Association, Abhishek Chopra, said the spiralling silver costs have increased the inclination of the people to buy the white metal.
“Be it utensils or jewellery, the people are showing an interest in buying. In Jodhpur, there is a tradition of buying silver on the occasion of Pushya Nakshatra, Dhan Trayodashi, Roop Chaturdashi, and Diwali. Most people buy silver coins weighing 5, 10, 20, 50 and 100 grams that are out in the market. The prices have increased so much that this time either the purchase of coins will be less or coins of less weight will be purchased,” he said.
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