When there are curbs on gold, Indians tend to gravitate to silver, with imports posting a heady 258.65% growth in the last four months.
At 857 metric tonnes between April to July this year, silver imports have posted a staggering 258.65% growth, as compared to 239 metric tonnes imported in the corresponding four months of the last year.
Silver imports in July, coming in at 274.92 metric tonnes, have been termed the highest in the last five years. The decline of gold imports, on the other hand, to just 8.9 metric tonnes in June 2013, is the second lowest performance over the same period.
Retailers told Mineweb that the slide in the price of silver over the last three months has helped push up imports of the white metal.
“Given the wide scale restrictions on gold, and with investors seeking bullion, we have decided to import more silver. The current gold prices are too high and there is too much confusion about the import curbs on gold. We have decided to stick to silver till things normalise in the Indian market,” said Manish Jhaveri, bullion trader.
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