Project Report For Silver Ornaments Manufacturing
Project report for Silver Ornaments Manufacturing is as follows.
In India, Silver Ornaments is second only to gold in terms of jewellery purchases. With gold prices on the down, Indians have discovered a new fondness for silver. In a time when gold has been losing its lustre over the previous 2-3 years, the gleaming metal has been able to keep its value and even witness increases.
Silver is widely used in Indian culture in numerous forms. It plays the most important function at weddings and birthday parties. Other events in which silver is utilised as a gift or a puja item include baby naming ceremonies, engagement ceremonies, and pujas during Indian festivals such as Diwali and Holi.
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India is a significant silver jewelry and silverware exporter. Silver is in high demand in nations such as the United States and the Middle East. India’s silver exporters are attempting to grow into new markets such as China, Russia, and Australia.
Regarding silver jewelry manufacturing, India is the world’s third-largest producer. Silver’s appeal in India originates from the fact that it is inexpensive compared to gold and other precious metals such as platinum. This makes it easy for people to purchase silver both for themselves and as gifts.
As of Feb 2021, the diamond and gold industry in India provides 7.5 percent to GDP and 14 percent to total goods exports. The diamond and jewelry business will employ 8.23 million people by 2022, up from 5 million in 2020.
The government designated the gems and jewelry sector as a target area for export promotion based on its potential for development and value addition. To promote ‘Brand India’ in the worldwide market, the government has lately taken a number of steps to encourage investment and enhance technology and capabilities.
Product Cost Breakup
Reveneue Vs Expenses
Silver jewellery is presently popular in India, not only because of its reduced pricing, but also because various designer stores and jewellers have joined the market. These new-age designers are giving silver jewellery and gifting items a fresh and modern appeal, and the white metal is certainly in high demand.
As per surveys, young people have begun to value silver more than gold since modern jewellery designs are far more stylish and appropriate than those made of gold or platinum.
Earring, necklaces, toe rings, anklets, rings, and other types of jewellery are popular among Indians. As a result, silver is in high demand in the country’s jewellery industry. Silver products are valued differently in different parts of India.
Silver anklets and toe rings, for example, are regarded essential bridal jewellery in North India as well as in certain South Indian regions. Similarly, during Indian marriages, offering silver coins as marks of affection or as return presents is considered auspicious.
Silver Ornment and jewellery exports totaled $25.30 billion in FY21. Exports of Silver and jewellery totaled $3.42 billion in March 2021.
The Indian government wants to increase jewellery exports to US$ 70 billion in the next five years (until 2025), up from US$ 35 billion in 2020. India’s gems and jewellery exports totaled $25.30 billion in FY21.
India exported diamonds and jewellery worth US$ 23.65 billion in FY22 (through October), compared to US$ 11.482 billion in FY21 (until October).
India exported diamonds and jewellery worth US$ 4.17 billion in October 2021, up from US$ 2.92 billion in October 2020.
India exported diamonds and jewellery worth US$ 18.98 billion in FY22 (through September), up from US$ 8.01 billion in FY21.
India exported diamonds and jewellery worth US$ 3.16 billion in September 2021, up from US$ 2.4 billion in September 2020.
The GJEPC stated an ambitious goal of increasing sector exports to US$ 44 billion in FY22 in August 2021.
The increase in exports is mostly attributable to resurgent import demand in the US export market and the fulfilment of orders placed by various Indian exhibitors during GJEPC’s Virtual Buyer-Seller Meets (VBSMs). The GJEPC stated an ambitious goal of increasing sector exports to US$ 44 billion in FY22 in August 2021.