India’s Silver imports on track to double this year!

India’s silver imports are on track to nearly double this year, driven by growing demand from solar panel and electronics producers, as well as investor expectations that silver will outperform gold in terms of returns, according to leading importers on Friday. This increase in imports from the world’s largest silver consumer could further elevate global prices, which are nearing their highest levels in more than a decade.

Last year, India imported 3,625 metric tons of silver, and recent trade ministry data indicates that imports in the first half of 2024 have surged to 4,554 tons, compared to just 560 tons during the same timeframe last year. In July, India took measures to reduce import duties on silver from 15% to 6% to combat smuggling activities.