2025, Vol. 8, Issue 2

author(s)
Devangi R Deore

abstract
This study investigates how the increasing industrial and investment demand for silver and its associated price volatility influences household investment behaviour in Nashik, a prominent urban and industrial hub in Maharashtra, India. Unlike gold, silver in India holds a dual identity as an ornamental asset, especially for ritual and secondary gifting, and a high-potential, high-volatility financial asset. This research analyses the changes in investment preferences from traditional physical silver (jewellery, utensils, coins) to digital silver options, such as Silver Exchange-Traded Funds (ETFs) and Digital Silver platforms. Findings suggest that while the cultural demand for physical silver remains robust, particularly for ceremonial purposes among older and lower-income demographics, the recent sharp rallies in silver prices and the accessibility of digital products are driving a more significant, albeit emerging, trend of diversification toward digital forms, primarily among the young, educated, and financially-savvy segments of Nashik's population.