Indian silver imports were 327 tons (10,513,294 ounces) in June.
June 2017 Indian silver imports were down 27.5% from 451 tons in June 2016.
June silver imports were down 60% from 819 tons imported in May.
Indian Imports of 2638 tons of silver in the first half of the year equal approximately 85 million ounces.
Indian Silver Imports in May 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.
Monthly Indian Silver Imports June 2016 – June 2017
Monthly Indian Silver Imports August 2014 – June 2017
May 2017 Indian silver imports were the largest since December 2015.
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.
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