Indian silver imports were 5,398 tons (173,549,732 ounces) in 2017 up from 3,546 tons in 2016.
Indian silver imports were 379.656 tons (12,203,298 ounces) in December.
Value of Indian Silver imports in 2017 was approximately $2.88b (173.5 moz @$16.60 an ounce) vs $36.9 billion in Indian gold imports (28,976,823 ounces of gold at $1275 an ounce).
The U.S. Mint sold 18,065,500 one ounce American Silver Eagle coins in 2017.
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Indian Silver Imports in May 2017 Were Highest Since 2015
Indian silver demand has increased exponentially over the past ten years. India, however, has historically been known as a nation with a penchant for gold. Indeed, India has gold giving holidays as the yellow metal is revered for its beauty and as a store of generational wealth. Yet, the Indian government has placed import duties on gold, added a sales tax and initiated a gold monetization scheme designed to get Indians to turn in their gold to in exchange for interest bearing bonds.
While the Indian government’s anti-gold initiatives have dented official gold demand in India, black market sales and imports continue. Silver has been a direct beneficiary of the campaign against gold. Indians prize silver for its beauty and also give it as gifts. It’s not substitute for gold, but it is viewed favorably.
Adding to overall Indian silver and gold demand in the increasing Indian population and increasing wealth of its citizens. India recently regained its status as the fastest growing major economy.
Monthly Indian Silver Imports by Month in 2017
Monthly Indian Silver Imports August 2014 – December 2017
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Annual Indian Silver Imports 1999 – 2017
India imported 5398 tons of silver in 2017 or approximately 173,549,732 ounces.
China imported 1,984 tons of silver (63,787,082 ounces) in the first half of the year +37% more than the first half of last year and the highest silver imports in seven years.
India and China imported about 150 million ounces of silver in the first half of 2017. At the current pace, they will import over 300 of the approximately 850 million ounces of silver mined annually.
China itself mines about 100-110 million ounces of silver a year.
China also recently announced a discovery of about 3.2 billion ounces in Mongolia.
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Indian Silver Imports vs. American Silver Eagle Coin Sales
India’s silver demand requirements in 2015 strained global silver supply.
Indian silver demand exceeded the annual mining production of Mexico in 2015.
*According to the Silver Institute, global silver mining production increased 2.1% in 2015. Their findings mirror the reports of Societe Generale, the CPM Group, Statistica , the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015. According to the Silver Institute global silver mining production declined 0.6% in 2016. According to the USGS golbal silver mining production grew approximately 1% in 2016.
The Indian silver charts are derived from data pulled from the Indian Ministry of Commerce and Industry, Govt. of India by Nick Laird of GoldChartsrus and are updated monthly and archived on Smaulgld.com.
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