What’s Behind Silver Exporter ACPL’s Pivot to Retail | Director Sidharth Gupta Explains

Agra-based silver jewellery exporter ACPL Exports Private Ltd earlier this month announced the launch of its direct-to-consumer (D2C) jewellery brand, True Silver, in a strategic pivot from the B2B segment to consumer retail. The company, led by Dinesh Gupta, plans to open 100 retail outlets and ultimately make this segment account for 30–40% of its overall revenue over time.

"We are now witnessing a shift in the market, with consumers increasingly ready for world-class products and showing strong interest in branded offerings," said Sidharth Gupta, Director at ACPL Export, explaining the rationale behind the new brand. He added that over the past two to three years, especially since the onset of Covid, the company has expanded into e-commerce, both in India and globally, entering the B2C segment.

Historically, ACPL has operated as a B2B player with a network of about 30 distributors across India, supplying its silver jewellery to retail and independent stores. According to an ICRA report, ACPL Export Private Ltd’s operating income for FY25 stood at ₹223.8 crore.

However, Gupta noted that their primary distribution-led business will continue in India and overseas.

"While our existing jewellery business supplying thousands of retailers across India will continue, our aim with True Silver is to elevate the consumer experience by offering a world-class product backed by a company with longstanding expertise in this category, along with a brand story that consumers can connect with," he said.

ACPL Expansion Plan

The company plans to open 25–30 stores in phases, starting with five to six outlets in major metros to test operations before scaling up. By FY28, it aims to have 30–40 stores, eventually expanding to 100 outlets through a franchise model.

The expansion will be funded through internal reserves, with no immediate plans to raise external capital, according to the ACPL Export Director. The company is targeting ₹100 crore in revenue by mid-FY28 and expects B2C operations to contribute 30–40% of overall revenue by FY30, as part of its broader growth strategy in India and global markets.

The Agra-based company is not alone in planning to expand with branded jewellery chains. It will be competing with the likes of Caretlane and Indriya.

But Sidharth Gupta believes the "story of silver consumption is now beginning to see real growth, especially amid global uncertainty," which is likely to expand the market significantly.

"Our biggest advantage at ACPL is that we are a fully vertically integrated company. We procure pure silver bullion, manufacture in-house and sell directly to consumers, giving us flexibility that many others lack," he said.

Adding that most competing brands rely on imports or third-party manufacturers, including those in China or the unorganised sector in India, which exposes them to risks such as regulatory changes like recent curbs on silver jewellery imports.

"We expect competition to grow, but different players will cater to different segments. Our focus remains on modern, everyday wear, lightweight, fashionable, fast-moving silver jewellery, which has long been our core strength," Gupta said.

Effect of Surging Silver Prices

ACPL’s retail foray also comes amid the surging prices of precious metals, including silver. Silver spot prices have gained over 147.13% in the last one year, before correcting sharply in the past month. According to data from Trading Economics, they declined by 13.72% over the last month.

According to Sidharth Gupta, several factors are driving the current silver market.

"First, silver has been facing a supply deficit for years. Most silver is produced as a by-product of mining other metals such as zinc and copper, and there are very few standalone silver mines globally," he noted, further adding that industrial demand has surged, particularly due to the boom in solar energy, electronics and AI.

Even though products like cars use only small amounts of silver, any disruption in supply can create panic because large manufacturers plan their operations well in advance. "This supply constraint is significant. If you look at data from commodity exchanges such as the London Metal Exchange (LME) and COMEX under the Chicago Mercantile Exchange, the volume of contracts traded is multiple times the physical silver available," the ACPL Export Director said.

However, from the company’s perspective, the broader environment of inflation, currency weakness and global uncertainty is pushing investors towards hard assets, and they are seeing new customers who previously did not consider silver now entering the market.

"As gold becomes more expensive, more consumers are likely to turn to silver as a precious metal with intrinsic value, which we believe will support long-term growth in the silver market," Gupta added.