Silver demand soars as price down 19% in 2015

Silver imports are likely to be around 7,500 tonne in 2015, 10% more than what they were 2014, as consumers are shifting from imitation jewellery to silver. Rural demand for the metal has increased as affordability of gold has reduced due to a drop in farm earnings.

Prices of silver — dubbed the poor man’s gold — have fallen by almost 18.5% in the past year, boosting its consumption.

Demand for silver jewellery has also increased in metros as branded players such as PN Gadgil, Senco and others have entered the market with designer silver jewellery, offering more choices.

Silver will get a further boost when the World Silver Council, launched by the Indian Bullion & Jewellers Association (IBJA) along the lines of World Gold Council, starts functioning.

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Posted in: Indian Market Tips