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India’s Silver Imports Surge 19 Percent - Hits 15-month High Says New Study - The world's top bullion buyer imported 80 tonnes of silver last month, the director of the Royale Bullion Association said on Friday - MTRGlobal.com
India’s Silver Imports Surge 19 Percent - Hits 15-month High Says New Study

 

PRZOOM - /newswire/ - Chiyoda-ku, Tokyo, Japan, 2013/04/11 - The world's top bullion buyer imported 80 tonnes of silver last month, the director of the Royale Bullion Association said on Friday - MTRGlobal.com.

   
 
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India's silver imports in March surged 19 percent from a year ago to their highest in 15 months as traders scrambled to pick up all of the precious mineral they could find.

The world's top bullion buyer imported 80 tonnes of silver last month, the director of the Royale Bullion Association said on Friday. This is about 30 percent more than the country's average monthly imports last year.

"The total imports figure for 2012 was around 790 tonnes, so 80 tonnes in a month is much too high.” said Mikeli Singh, Commodities Expert with MTR Global.

"So many people imported and dumped silver after rumors quickly spread of an import duty hike. People waited for the duty to increase and earn more profits," said Singh.

Demand could be as much as 850 tonnes in 2013, the World Silver Council said on Thursday, without giving an estimate for imports. In 2012, imports accounted for virtually all the demand for silver.

India's passion for the precious metals is like none other, traders and industry experts predict the mineral to continue on its climb for at least another 3 months. Silver is considered a sign of wealth and good fortune, and is traditionally given at weddings and festivals in India.

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India’s Silver Imports Surge 19 Percent - Hits 15-month High Says New Study

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Contact: Nusoke Yakomoto - MTRGlobal.com 
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