Silver Glut Swamps India as Buying Frenzy Passes Country By
- Silver imports may tumble 30% this year on poor demand: Rathod
- Dealers are trying to offload supplies at a discount: Hundia
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Silver imports by India are set to plunge from last year’s record as jewelers grapple with slowing demand and excessive inventories after domestic prices climbed to the highest levels since 2013.
Overseas purchases probably slumped by about 40 percent from a year earlier to 2,000 metric tons in the first half, and total imports for the year will fall short of the 7,500 tons bought in 2015, said Chirag Sheth, a Mumbai-based analyst at Metals Focus Ltd., an independent precious-metals research firm.