A 2007 post from HH suggests the following:
--------------------


\usemodule[res-08] \setups[rl:manipulate]
\setupexternalfigures[conversion=pdf]
\starttext
\externalfigure[system.svg]
\stoptext
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There is a module x-res-08.tex on my system.
Is this the current wisdom for using SVG drawings in 
Context?
John Culleton
"Create Book Covers with Scribus"
http://www.booklocker.com/books/4055.html