Gold Silver Reports ~ Indian Silver demand has increased as per reports. An Economic Times article informs that the imports for 2015 is likely to be about 7,500 tonne. This marks a 10 per cent surge compared to the silver imports in 2014.
*India is traditionally more loyal to gold and is one among the top two consumers of the yellow metal, the other consumer being China. However, silver attracts lovers as it is often deemed as poor man’s gold.
*So how does this renewed interest in silver happened? The top reason is a dip in ruralearnings. The unfavourable monsoon had dampened the prospects of farmers in 2015. As their earnings took a hit, gold purchases became unviable, making way for increased interest in Silver.
*An 18.5 per cent decline in silver rates also boosted the consumption of the preciousmetal. Consumers have also shed their preference for imitation jewellery to silver.
*Indian Bullion & JewellersAssociation (IBJA)’s World Silver Council is a new movement which is likely to give further boost to the demand for silver. The silver council is envisioned along the lines of World Gold Council(WGC). ~ Neal Bhai Reports