Daybreak Has Giva found a new silver lining in India's gold-obsessed jewellery market?
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Sep 7, 2025 Explore how Giva is transforming India's jewelry scene by betting on silver instead of gold. This innovative brand, valued at $2 billion, taps into the untapped silver segment with stylish, affordable luxury designs. Challenges loom, from rising silver prices to proving that silver can compete with gold's cultural legacy. The conversation reveals strategies for reshaping consumer perceptions and navigating an unorganized market. Tune in for insights on this bold venture!
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Silver Market Was An Unbranded Opportunity
- India bought over 2,500 tons of silver jewellery in 2024, a nearly $9 billion market that was largely unbranded and unorganized.
- Ishendra Agarwal founded Jeeva in 2019 to capture this gap and now runs a brand valued at about $2 billion.
Silver Enables Higher Margins And Frequency
- Silver offers higher gross margins and far higher purchase frequency versus gold, enabling impulse buys and rapid growth.
- Jeeva posts ~50% year-on growth with an AOV of Rs.4,500 and far more repeat purchases than gold retailers.
Rising Silver Prices Threaten Margins
- Silver prices jumped ~20% year-on, outpacing gold's ~12%, raising raw material costs for silver-first players.
- Passing these costs to customers would damage Jeeva's 'affordable luxury' positioning and squeeze margins.