Sky-high gold price drives up silver jewellery demand

The use of silver has more than doubled in recent years as the middle and lower-middle class people are increasingly turning to this metal after sky-high price of gold.
The industry insiders said silver consumption has now reached around 200-300 tonnes in the country, compared with 100 tonnes a decade ago or so.
According to the latest price adjustment, the price of one bhori 21 carat silver is now Tk 1,283 while the price of a bhori of 22-carat gold is Tk 48,406, 21-carat Tk 46,248, 18-carat Tk 39,658, and the traditional gold Tk 27,410 in the local market, Bangladesh Jewellers Samity (BJS) data showed.
Bangladesh Jewellery Manufacturers and Exporters Association (BJMEA) president Anwar Hossain said "The use of silver increased manifold in the last couple of years because gold ornaments are beyond the means of common people."
"They (common people) are now dependent on gold-plated silver ornament. The clients order these kinds of ornaments as per their demand or they also buy readymade gold-plated silver ornaments," he said.
Mr Hossain said high price of gold is forcing low-income groups to buy some gold jewellery only for the wedding ceremonies of their near and dear ones.
"The rich people use gold ornaments as luxury items. But many of the common people now mostly dependent on gold plated or imitation jewellery ornaments," he said, women can easily afford three-four sets of gold-plated ornaments with colourful stones matching with their saree or dresses.
"Copied jewellery ornaments look beautiful and safer to wear than gold ornaments."
"For this reason, the use of silver has now reached around 200 tonnes to 300 tonnes per year, which was only 100 tonnes seven to eight years back," He said.
Mr Hossain, who also owns General Jewellers, said, "There were near 100 gold jewellery shops which mainly sold gold ornaments, with silver and other metal-made jewellery taking the secondary position, at Mouchak market and Anarkoli market in the city.
That number almost halved, with the rest selling mainly silver and other metal ornaments. And many news shops were opened who also sell silver and gold-plated ornaments, he added.
Regarding the quality of silver, BJS general secretary Dewan Aminul Islam said: "The amount of silver should be 80 per cent in an ornament as per the rules. But question remains about the quality of silver."
BJS general secretary said: "We have got allegation of having 20 per cent to 30 per cent silver in ornaments, which is not acceptable. So, we are going to take action against this."
He requested the customers to take the cash memo while buying any gold-plated silver or pure silver ornaments and ask the jewellers to write clearly about having 80 per cent of silver in the ornament.
"If the customers have any doubt about the amount of silver, they can inform the BJS representative of the specific market as well as lodge a written complaint with the BJS head office at Baitul Mukarram Market including cash memo," he said.