Bhubaneswar: Talking about the silver business, Lipsa Nayak Hans, Director of Chandi Bhandar said silver is gradually growing as an independent market.
Here is a peek of the conversation:
How is the silver market in Odisha?
It will be fair to say that the silver market in our state is non-organized. Silver materials are available in gold jewellery shops. Taking that into account, a maximum 10 percent silver market would be considered organized. However, gold showrooms don’t have an elaborate collection of silver jewellery. Chandi Bhandar sells only silver.
What about silver market in the country?
Silver market thrives in cities like Agra, Delhi, Mumbai and Jaipur. They don’t just make the jewellery but also export them. Odisha’s Tarakasi (Filigree) is quite popular.
Which silver object is more in demand?
Silver objects are quite in demand along coastal Odisha. Our store has a collection of almost all kinds of silver made things starting from corporate award materials to anklets, jewellery, cutlery and other silverware. However, anklets are much in demand as they contribute at least 25-30 percent of the total sale of silver. In Odisha, Filigree is another majorly demanded thing.
What is the normal budget of purchase of customers?
The price of silver is way more reasonable than gold. Where one gram of gold costs around Rs5000, one gram of silver costs Rs500. Considering that, our per customer sale ranges between Rs2000 to Rs3000. At Chandi Bhandar, customers get the best quality silver and don’t have to deal with priority standards as they do while visiting a gold showroom for purchasing silver.
Which sector of customers visits the store often?
Everyone comes to buy silver, common to privileged. Many business organizations place orders for corporate gift materials. We also receive orders from temples. We cater to the needs of at least five to six temples in the country. However, the Covid-19 pandemic has dampened the business this year.
What are your plans for a new production?
It’s a regular process. We add new silver artworks to our collection quite often. Fusion production is being widely accepted these days. Paintings with silver artwork for wall hangings are trending. We are planning on introducing many more fusion artworks in the market soon. We can deliver whatever our customers demand, even a bed made of silver.
Are you planning to expand the business?
Our primary goal was to deliver quality silver materials to our customers. Now, we are planning to expand within the state. We are soon opening a store in western Odisha. We will further expand wherever we find a potential market.
What would be your opinion about Brands of Odisha Pride of India?
It’s a commendable effort by Sambad Group to encourage various state-born brands. Every nation prefers brands built on their homelands. But, India stands as an exception in that field. This initiative will definitely provide great exposure to the home-born brands on a broader platform.