Sidharth Gupta, Director ACPL Exports, talks to BW Retail World on building a consumer brand from a B2B legacy, scaling to Rs 250 crore by FY30, and why recycled 92.5 sterling silver is India’s next big jewellery shift
ACPL has been a long-standing exporter. What led to the creation of TrueSilver as a consumer-facing brand?
ACPL has traditionally operated as a manufacturer-exporter, supplying sterling silver jewellery to leading global retailers. Early on, we identified a critical gap in India: while global markets followed strict standards for 92.5 sterling silver purity, the domestic market lacked uniformity and awareness.
India’s silver jewellery segment has largely been unorganised, dominated by low-purity products sold through independent stores. We saw an opportunity to bring global-grade sterling silver, backed by guaranteed purity and compliance, to Indian consumers. TrueSilver was born out of that need — to create a credible, standard-driven, direct-to-consumer brand.
How has consumer demand evolved, particularly post-Covid?
There has been a clear shift towards everyday jewellery. Traditionally, Indian silver jewellery was occasion-centric and often ethnic in styling. Today’s consumers — especially younger audiences — want lightweight, versatile pieces they can wear daily.
Gold prices have also surged, making everyday gold jewellery less practical for many. Silver sits perfectly between costume jewellery and gold — offering intrinsic value without the high price barrier. Consumers are increasingly value-conscious and design-aware, and silver addresses both.
How has TrueSilver performed recently?
Precious metal volatility has affected short-term buying behaviour, as consumers tend to pause purchases during sharp price fluctuations. However, interest in sterling silver remains strong.
We are already clocking double-digit crore sales in recent months through our D2C website and marketplaces. Additionally, we are seeing structural shifts in retail demand, with thousands of jewellers across India now actively adding silver categories to their stores.
Which markets are driving growth?
Southern India has been particularly strong, given higher awareness around purity and quality. Mumbai is another key market. The eastern region remains relatively untapped, and we are actively working on expanding in Kolkata and beyond.
Internationally, we are exploring a stronger branded presence in the Middle East and the United States, although our products already reach global markets through export channels.
What are your revenue and expansion targets?
By FY27–FY28, we are targeting Rs 100 crore in revenue for TrueSilver. By FY30, we aim to reach approximately Rs 250 crore in topline.
In the next 8–12 months, we will focus on digital-first growth to build brand awareness and gather consumer data. Thereafter, we plan to open five to six company-owned experience stores in major metros, followed by franchise-led expansion. Our goal is to scale to 100 stores by FY30.
TrueSilver positions itself as 100% recycled and ethically sourced. Why is this important?
Sustainability is central to our philosophy. In Europe, the use of recycled silver is often mandatory due to environmental regulations. Mining has significant ecological impact, and there is ample silver already above ground that can be responsibly recycled.
As members of the Responsible Jewellery Council (RJC), we adhere to strict sourcing and compliance standards. TrueSilver uses recycled silver to promote circularity and reduce environmental harm — aligning beauty with conscience.
What key trends will define the silver jewellery market in 2026?
Everyday wear will continue to dominate. Personalisation is emerging as a major trend — customised pieces that reflect individual identity. We are actively building collections around this concept.
Additionally, new material combinations and lighter constructions will shape the men’s and unisex segments. Silver, as a value-driven yet aspirational category, is well positioned for long-term growth in India.
ACPL has become synonymous with 92.5 silver in many Tier-2 markets. How do you view that brand equity?
It is gratifying. As a B2B supplier, we could not always control the retail experience. TrueSilver allows us to directly engage with consumers and deliver the standardised, transparent experience that the category deserves.
We believe silver is entering a structural growth phase in India — and we intend to lead that transformation with credibility, sustainability and design innovation.
