India's silver rush, imports surge to record high, expected to climb 66%

In a significant development, India’s silver imports skyrocketed by a staggering 260% in February, reaching an all-time high.

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Government and industry officials disclosed to Reuters that this surge was primarily fuelled by substantial purchases from the United Arab Emirates (UAE), driven by lower duties on imports. With projections indicating a potential 66% increase in silver imports for the year, India’s status as the world’s largest silver consumer could significantly impact global prices, which are currently trading near their highest levels in three years.

According to a government official, India imported a record-breaking 2,295 metric tons of silver in February alone, marking a remarkable surge from 637 tons in January. Notably, a significant portion of these imports, totalling 939 tons, originated from the UAE as traders seized the opportunity to capitalize on the reduced import duties.