India imported nearly 882 tons (28,356,958 ounces) of silver in January and February.
Indian silver imports were 317 tons (10,191,786 ounces) in January and 564.963 tons (18,165,172 ounces) in February.
January and February 2017 Indian silver imports 525.699 tons (16,911,292 ounces), 363 tons (11,670,721 ounces) in January and 162.699 tons (5,230,894) in February.
January 2018 Indian silver imports of ounces 18,165,172 were greater than total sales of 18,065,500 one ounce American Silver Eagles in 2017.
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Indian Silver Imports on the Rise Again!
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 February 2017 – February 2018
Monthly Indian Silver Imports August 2014 – February 2018
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Annual Indian Silver Imports 1999 – 2018
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Indian Silver Imports vs. American Silver Eagle Coin Sales
*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 global silver mining production grew approximately 1% in 2016.
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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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