Silver shortage hits Zaveri Bazaar

Jewellers stop taking fresh orders

- RAJESH BHAYANI

A SEVERE SHORTAGE of silver in the spot market, along with a premium of ₹30,000 per kg, has forced jewellers in Mumbai's Zaveri Bazaar to stop accepting fresh orders.

Rajesh Rokde, chairman, All India Gem and Jewellery Domestic Council, said: “The surge in the premium is primarily due to increased investment and industrial demand, both locally and globally. This has forced jewellers to stop fresh orders for ornaments and bullion.”

In the afternoon, silver deals in Zaveri Bazaar took place at levels of over ₹1,90,000/kg. Some reports said it had even crossed ₹2 lakh/kg at one point.

However, silver prices moderated to ₹1,74,000/kg on Wednesday compared with ₹1,78,100/kg a day ago in Zaveri Bazaar, while at MCX, it was trading at ₹1,75,109.