Record gold prices are pushing Indian buyers toward silver this festive season. With 10 grams of 24-karat gold costing around Rs 1.5 lakh, the same money buys roughly 650 grams of silver.

Jewellers say the shift is unmistakable. Silver now generates 25 to 30 per cent of some jewellers' revenue, up from 10 per cent two years ago. One Surat jeweller said he now earns more from silver than from diamonds. The India Bullion and Jewellers Association estimates silver buying this Diwali season will rise 17 to 18 per cent.

Domestic gold prices have climbed about 60 per cent in a year, from roughly Rs 98,000 to Rs 1.57 lakh per 10 grams. The World Gold Council reported a 15 per cent fall in jewellery demand volumes in the second quarter, even as the value of purchases rose 34 per cent.

Buyers are choosing lighter pieces, lower carats and old-gold exchanges. With the festive season starting October 11, silver is set to be the metal of the moment.