April 2017 Indian silver imports of 606 tons were up 47% from 412 tons in April 2016.
April silver imports were up 55% from 361 tons imported in March.
Indian Silver Imports in April Highest in Over a Year
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.
Monthly Indian Silver Imports April 2016 – April 2017
Monthly Indian Silver Imports August 2014 – April 2017
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