India is about to hit a stupendous mark on the rate of silver imports. As silver also stands to gain from reopening of Global Economy following the coronavirus pandemic given a ramp in industrial investment demands.
Statistics state that in 2018, India approximately imported 7000 tonnes shooting up to 30 to 35% increase. As its demand rises whilsh its availability is scarce, thus the country fulfils most of its requirement through import mainly from Hong Kong, The United Kingdom, China and Russia. Compared to 2019 India imported 2218 tonnes of silver in 2020 where as 2773 in 2021, and this year its trading around 57900 rupee per kilogram which remarkably less than 77949.
There has been a remarkable increase in consumption, where its mostly used for jewellery making and apart from that its seen to retain its value and purchasing power better than paper currency and certain other assets when there’s economic uncertainty. Added to it is a fact that silver is an essential part of electric cars, manufacturing from solar panel.
Thus, it can be figured out that there has been rapid shift of consumer towards silver and according to analysts, the fall in prices was a factor propelling demand of silver, for its various uses like jewellery, industrial application and disinfectants “Investment demand has been boosting imports” said Chirag Thakkar CEO of leading silver imported Amrapali Group Gujaral, he also added “India’s silver imports in 2022 could jump to a record 8200 tonnes.
