Indian Silver Demand Likely to Fall as CAD Narrows

MUMBAI (Scrap Monster): According to the experts the silver demand in India would fall this year, though India is one of the largest consumers of the silver. However, Indian government has been discussing to reverse the heavy import duties over gold and the investors likely to move for more gold rather silver.

 In 2013, Indian jewelry industry sold out silver for $40 billion as people purchased silver for marriage ceremonies.  As per the market report, India imported an estimated 4,800 tonnes of silver in 2013 while compared to 1,900 tonnes imported in 2012. The country rated for around 12% to 15% of the total global silver demand in recent years.

It is said that India’s current account deficit has been narrowed by the strict import duties on gold and government has been looking forward to reverse high import tariff.