The present investigation focuses on reducing the cost of wet processing of silk fabric by saving energy and time through simultaneous degumming/dyeing of silk fibers followed by recovery of sericin from the dye effluent as a colored powder. Among other tried methods, degumming of silk with boiling water through three consecutive baths, 1 h each, was found to be the superior method for sericin extraction technically and economically. Degumming/ dyeing processes of silk were carried out concurrently using acid dyeing bath for the last degumming cycle. The colour strength values of the simultaneously degummed and dyed fibres are comparable with those fibres degummed and dyed consecutively. The obtained colored sericin powder was precipitated by adjusting the pH value of degumming effluent. The particle size of sericin powder was conducted using transmission electron microscopy. Scanning electron microscopic investigation of raw silk and degummed one was studied. The chemical composition of the said powder, raw silk and degummed silk was monitored by elemental analysis, and amino acid analysis. The molecular mass of the obtained sericin was determined using gel filtration system. The tensile properties of the degummed silk were evaluated compared with the raw silk.