Indian silver imports were 327 tons (10,513,294 ounces) in July.
July 2017 Indian silver imports were up 285% from 85 tons in July 2016.
July silver imports were down seven tons from 334 tons imported in June.
Indian Imports of 2,965 tons of silver in the first seven months of the year equal approximately 94,973,306 ounces.
New Know Your Client Rules implemented in late August may curb future silver demand and imports.
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Indian Silver Imports in May Were Highest Since 2009
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.
New Lower Reportable Limits Under “Know Your Client” Rules Imposed Under the Prevention of Money Laundering Act May Curb Sales
Since August 23, Indian jewelers have been required to to collect buyers tax Id code for purchases of over 50,000 Rupees (approximately $775) down from the previous amount of 200,000 Rupees (approximately 3,100).
The rule should more likely impact gold purchases as much of India’s gold demand comes from individuals, whereas a good portion of India’s silver demand is Industrial. In addition, the higher price of gold (with a gold silver ratio over 75:1) makes it more likely that relatively small purchases of gold jewelery will be impacted by the new 50,000 rupee threshold.
Monthly Indian Silver Imports July 2016 – July 2017
Monthly Indian Silver Imports August 2014 – July 2017
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Annual Indian Silver Imports 1999 – 2017

India imported 2,638 tons of silver in the first half of 2017 or 84,813,670 million ounces and 2,965 tons of silver in the first seven months of 2017 or
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. China also mines about 105 million ounces of silver a year or approximatley 3,300 tons.
India and China have imported about 150 million ounces of silver in the first half of 2017. At the current pace, they will import 300 of the approximately 850 million ounces of silver mined annually.
China itself mines about 100-110 million ounces of silver a year.
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Indian Silver Imports vs. American Silver Eagle Coin Sales

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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