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The latest trade statistics from the Indian Ministry of Commerce show that the country’s silver imports fell sharply in June. The total value of imports fell from $457 million last year to $212.8 million, a drop of 53.40%. The import volume of silver fell to 323 tons from 579 tons in June last year, a drop of 45.0%.
Silver importers said the overall jewellery market was weak and silver inflows into the country decreased. Silver demand in the industrial sector accounts for about two-thirds of total consumption and has now lowered demand in the industrial sector.
In the first six months of this year, Indian silver imports were generally flat, although imports fell in June. In the first half of the year, silver imported a total of 2,882 tons, down 3.0% from 2,980 tons in the same period last year.
On the other hand, the Indian Federal Reserve slightly relaxed the gold import restrictions, resulting in a sharp rise in gold imports in June, from $1.9 billion last year to $3.1 billion, an increase of 60.0%.
In 2014, Indian silver imports will exhaust 5,000 tons.
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