Silver import up 60%, to cross 5,000 tonnes

Investment demand lags; cheque purchases replace those in cash, post demonetisation

Silver imports have risen by as much 60 per cent on a year-on-year basis to reach 4,200 tonnes in October, and are likely to end the year with 5,000 tonnes, according to Thomson Reuters GFMS. 

Restocking after last year's fall and industrial demand have led to the rise and "with overall improved consumption sentiment and improving rural demand, we expect import demand next year to rise further by approximately 10 per cent," says Sudheesh Nambiath, regional lead analyst, GFMS.

Imports fell significantly in 2016 to 2,794 tonnes, from an all-time high of 7,955 tonnes in 2015. Says Viraj Didwani, Director