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Silver winning hearts in silence
MIR RASHIDA SULTANA and SUKANTA HALDER
People in Bangladesh are becoming increasingly inclined towards silver jewellery as they are more affordable than gold or platinum ornaments, especially amid the ongoing inflationary pressure, according to various traders.
Besides, people have come to realise that silver is an equally versatile, sustainable and timeless material compared to more expensive metals that symbolise elegance and sophistication.
“Only people from rural areas would buy silver jewellery just 10 to 15 years ago,” said Palash Paul, who owns the New Silver Palace, a jewellery store at the Bashundhara City Shopping Complex in Dhaka.
However, the trend has changed over the years due to changing tastes in fashion, with more budget-friendly and better designed products now available in the market, he added.
Speaking on condition of anonymity, an official of a branch of Aarong in the capital’s Science Lab area, said their silver jewellery are selling well thanks to higher demand.
With prices ranging from as low as Tk 50 up to Tk 30,000, the branch sells an average of Tk 40,000 to Tk 45,000 worth of silver jewellery every day, which was not possible just a few years back.
“The demand is increasing due to better product quality and the availability of lifetime service warranties,” the official added.
Azharul Hoque Azad, managing director of a local clothing brand called Sadakalo, said the country’s youth are more fashion conscious than ever, leading to an upward trend in the use of silver jewellery.
“The sale of silver ornaments has increased a lot over the past five to seven years,” he added.
Mohammad Faisal, an employee of the Silver Garden jewellery store at the Chandni Chowk Shopping Complex in Dhaka, said each bhori (about 12 grams) of 22-carat silver is currently selling for Tk 1,714.
Similarly, 21-carat silver is priced at Tk 1,632 per bhori while 18-carat silver is Tk 1,399 per bhori.
And apart from silver ornaments mainly of the 21-carat variety, jewellers are also receiving orders for bowls, plates, glasses, spoons and showpieces made out of the precious metal, he added.
Nazmul Hasan, who owns the Popi Jewellery store at the Shah Ali Market in Dhaka’s Mirpur, said many people are opting for silver products considering the recent hike in gold prices.
The Bangladesh Jeweller’s Association (Bajus) hiked the price of gold about two weeks back as pure gold has become costlier in the global market due to the taka’s devaluation against the US dollar.
As such, the price of 22-carat gold recently touched a record high 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 jewellery is increasing as gold products are more expensive than ever.
Jahan then pointed out that she wanted to buy a pair of gold earrings not to long ago but ultimately withdrew her decision considering the sudden increase in prices.
“After that, I decided to get silver anklets and rings within my budget,” she added.
Dewan Aminul Islam Shahin, vice-president of Bajus, said silver jewellery is now even being used in bridal ceremonies, which was unheard of not too long ago.
“This is one of the reasons why the demand for silver jewellery is increasing day by day,” he added.
Shahin also said that silver jewellery was not given much value in the past but this perception has changed over time due to improvements in product quality.
“For example, silver can look like white gold if the quality is good,” he added.
Chandra Shekhar Shaha, ‍a jewellery designer and consultant, said he was among the first to introduce the country to silver jewellery in 1981.
“Since then, entrepreneurs have been trying to come up with new designs for their products,” he added.
Bajus says the domestic market for silver jewellery is currently worth more than Tk 10 crore annually.