Silver imports to India touched a record high last year. India imported a total of 9,450 tonnes of silver in the 2022 calendar year. The previous high for silver imports was 8,093 tonnes in 2015.
From July to October, nearly 4,700 tonnes of silver have been imported. July witnessed the highest-ever monthly import of 1,700 tonnes. Domestic supply was around 700-750 tonnes and demand was estimated to be 9,000 tonnes last year.
The rising demand for silver from industry, jewellery and silverware fabricators is the main reason for this high import. As per experts, electrical and solar panel makers had a big share in industry demand. 40% of silver is estimated to have been consumed by industry, 30% by investors and the rest by silver jewellery and silverware/artefacts makers.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
From July to October, nearly 4,700 tonnes of silver have been imported. July witnessed the highest-ever monthly import of 1,700 tonnes. Domestic supply was around 700-750 tonnes and demand was estimated to be 9,000 tonnes last year.
The rising demand for silver from industry, jewellery and silverware fabricators is the main reason for this high import. As per experts, electrical and solar panel makers had a big share in industry demand. 40% of silver is estimated to have been consumed by industry, 30% by investors and the rest by silver jewellery and silverware/artefacts makers.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
