Search Global Export Import Trade Data
Recent Searches: No Recent Searches

Indians selling their silver, imports may fall.

Date: 19-09-2016
Subject: Indians selling their silver, imports may fall
KOLKATA: A sharp rally in silver prices since the beginning of this year is likely to halve imports of the precious metal as consumers in India are offloading good quantities of silver to take the benefit of rising prices.

Silver, which fetched Rs 36,000 per kg during this time last year, is now available at Rs 46,000 per kg.

"The market is flooded with old silver as people want to take advantage of this price rise," said Mukesh Kothari, director of Mumbai-based RiddiSiddhi Bullions.

"We do not see a steep hike in silver prices from this level in coming months. Urban as well as rural consumers are selling household silver. As a result, there is a huge supply of silver in the market though the demand for the metal is not going up. Even banks are holding good volumes of silver with them."

While the entry of recycled silver in the market is hurting imports, traders who had imported silver in the past are also booking profits, which is likely to affect imports further.

India has imported only 2,111tonne of silver between January and July this year, less than half of 4,362 tonne imported during this period last year. In all, the country had imported 7,759 tonne of silver in 2015.

"Those jewellers who had stocked silver in the beginning of the year based on better monsoon forecast are not being able to sell the metal to rural India right now," said Haresh Acharya, secretary, Bullion Federation.

The demand for silver can start picking up only after the kharif crop is harvested, which will be over in October and November.

"Since there is good stock in the market, we do not see a trigger for a sudden rise in silver imports in the second half," Acharya added. In this situation, silver imports can only increase if industrial demand for the metal goes up.

Silver is used in batteries, LED chips, glass coating, RFID chips, semiconductors, and touch screens. Globally, over half of silver is used for industrial purposes. But in India, only an estimated 20% is used by industries.

Interestingly, jewellers are pinning hope on Indian consumers channelising the profits earned from silver into gold in the upcoming festive seasons.

"We are hoping that a portion of the profit earned from silver will go into purchasing of gold, mostly in rural India," said Prabhat Agarwal, a jeweller in Chhatarpur village of Madhya Pradesh.

Gold consumption is likely to be 750-850 tonne this year, according to World Gold Council. Rural India accounts for nearly 60% of the country's total gold consumption.

Source : economictimes.indiatimes.com

Get Sample Now

Which service(s) are you interested in?
 Export Data
 Import Data
 Exim Help

What is New?

Date: 30-10-2021
Notification No. 78/2021-Customs (N.T.)
Seeks to amend Sea Cargo Manifest and Transhipment Regulations 2018.

Date: 13-10-2021
Notification No. 48/2021-Customs
Seeks to reduce BCD on crude and refined soya, sunflower and palm oils till 31.03.2022

Date: 13-10-2021
Notification No. 49/2021-Customs
Seeks to reduce AIDC on crude soya, sunflower and palm oils till 31.03.2022

Date: 07-10-2021
Notification No.80/2021 - Customs (N.T.)
Exchange rates Notification No.80/2021-Cus (NT) dated 07.10.2021.

Date: 07-10-2021
Notification No. 35/2015-2020
Relaxation in Export Policy of Red Sanders Wood - regarding

Date: 06-10-2021
Public Notice No. 21/2015-20
Implementation of MoU between Government of Republic of India and Government of Republic of Malawi for import of pigeon peas from Malawi - reg.

Date: 05-10-2021
Instruction No. 21/2021-Customs
Submission of Intimation of Arrest Report & Incident Report.

Date: 04-10-2021
Notification No. 34/2015-2020 – DGFT
Amendment in Export Policy of Syringes and incorporation of Policy Condition.

Date: 04-10-2021
Public Notice No. 27/2015-2020-DGFT
Allocation of quantity of 5841 MT (raw/refined) Sugar to EU under TRQ scheme for the year 2021-22

Date: 04-10-2021
Notification No. 59/2021-Customs (ADD)
seeks to extend anti dumping duty on 'ceramic tableware and glassware' originating in or exported from Malaysia, to prevent the circumvention of anti dumping duty levied on subejct goods originating in or exported from China PR vide Notification No. 4/2018-Customs(ADD) dated 21st February, 2018.

Exim Guru Copyright © 1999-2021 Exim Guru. All Rights Reserved.
The information presented on the site is believed to be accurate. However, InfodriveIndia takes no legal responsibilities for the validity of the information.
Please read our Terms of Use and Privacy Policy before you use this Export Import Data Directory.


C/o InfodriveIndia Pvt Ltd
F-19, Pocket F, Okhla Phase-I
Okhla Industrial Area
New Delhi - 110020, India
Phone : 011 - 40703001