Indian Silver Imports Steady in November

Indian silver imports were flat in November.

Indian silver imports were 346.994 tons (11,156,116 ounces) in November.

November 2017 Indian silver imports were up 1% from 319 tons imported in November 2016.

October silver imports were down 46% from 636.693 tons (20,470,155 ounces) tons imported in October.

Indian Imports of 5,019 tons of silver in the first eleven months of the year equaled approximately 161,364,599 ounces.

The U.S. Mint through sold 18,065,500 one ounce American Silver Eagle coins in 2017.

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Indian Silver Imports in May 2017 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.

Monthly Indian Silver Imports November 2016 – November 2017

Indian Silver Imports November 2016 - November 2017

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Monthly Indian Silver Imports August 2014 – November 2017

Indian Silver imports August 2014 - November 2017

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Annual Indian Silver Imports 1999 – 2017

Indian silver imports 1999-2017 through November

India imported 5,019 tons of silver in the first eleven months of 2017 or approximately 161,364,599 ounces.

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.

India and China imported about 150 million ounces of silver in the first half of 2017. At the current pace, they will import over 300 of the approximately 850 million ounces of silver mined annually.

China itself mines about 100-110 million ounces of silver a year.

China also recently announced a discovery of about 3.2 billion ounces in Mongolia.

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See 2016 Indian Gold Imports

Indian Silver Imports vs. American Silver Eagle Coin Sales

indian-silver-imports-v-american-silver-eagle-sales-and-annual-global-silver-mining-production

India’s silver demand requirements in 2015 strained global silver supply.

top ten silver mining countries 2015-16

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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