India imported 1031.601 tons (33,166,742 ounces) of silver in October.
Indian silver imports in October were up 62% from 637 tons imported in October 2017.
October silver imports were up 67% from September’s imports of 616 tons.
October Indian silver imports were the highest since December 2015.
Indian silver imports through October were over 6126 tons or approximately 196,955,500 ounces (more than annual Mexican silver mining production.)
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Indian Silver Imports on the Rise Again!
India seem to have the knack of timing the market and importing the most silver when the prices are the lowest. India imported a record 8,529 tons (274.2 moz.) of silver when the price of silver hit a multi-year low of $13.71 per ounce. As prices in 2018 fell from a high of $17.52 an ounce to $16.28 in April, India stepped up its silver imports to 902 tons – its highest monthly total since 1,045 tons were imported in December 2015.
India satisfies the vast portion of its silver demand (and nearly all of its gold demand) from imports as it has limited domestic silver and gold mining production.
India requires silver for its ambitious solar energy program and for it electronics manufacturing industry. Indeed, India recently completed the world’s largest solar energy facility and has opened the largest phone factory for Samsung.
In addition, further fueling silver demand is a middle class that is increasing in size and wealth has developed a penchant for silver jewelry and silverware.
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.
Indian silver imports through October were 6126 tons vs 4672 through October 2017 a 62% increase.
October Indian Silver Imports
September Indian silver imports were 1031.6 tons up 67% from September imports of 616 tons, and up 61.97% from 637 tons imported in October 2017.
Indian Silver Imports October 2017 – October 2018
Indian Silver Imports August 2014 – October 2018
Indian silver imports were in 5398 tons in 2017, (approximately 173,549,700 ounces), 3,546 tons in 2016 (approximately 114,006,500 ounces) and a record 8,529 tons (approx. 274,213,700 ounces) in 2015.
Indian Annual Silver Imports 1999 – 2018
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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.
Source: USGS, GFMS Thomson Reuters/Silver Institute
The Indian silver import 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. Visit Nick’s gold and silver chart festival at goldchartsrus
Click to see an overview of India and Silver and a 2016 Indian silver imports .
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