According to government and industry officials speaking to Reuters, India’s imports of silver increased by 266% in February to a new high as significant purchases from the United Arab Emirates were encouraged by lower levies. Officials said the imports were on track to rise by 66% this year.
India, the world’s largest consumer of silver, may see higher demand, which would allow prices to rise to almost their highest point in three years.
An anonymous government official stated that India imported a record 2,295 metric tonnes of silver in February, compared with 637 tonnes in January. The official was not authorized to speak with the media.
Inside his store in Ahmedabad, India, a silver merchant weighs the silver jewelry he sells. Reuters
According to government and industry officials speaking to Reuters, India’s imports of silver increased by 266% in February to a new high as lower levies encouraged significant purchases from the United Arab Emirates. Officials said the imports were on track to rise by 66% this year.
India, the world’s largest consumer of silver, may see higher demand, which would allow prices to rise to almost their highest point in three years.
An anonymous government official stated that India imported a record 2,295 metric tonnes of silver in February, compared with 637 tonnes in January. The official was not authorized to speak with the media.
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