Silver lining: India's imports at record 9,450 tonnes amid demand revival

The surge was led by demand revival from industry, fabricators and investors

India imported 9,450 tonnes of silver in the 2022 calendar year, the country’s highest ever annual imports. The previous high for silver imports was 8,093 tonnes in 2015.

The reasons for high imports last year are multifold: Pent up demand from industry after lockdown years, restocking by jewellery and silverware fabricators, and good investment demand when the prices were low.

Most imports took place in the second half of the year when prices fell below Rs 55,000 per kg in the country — with July witnessing highest-ever monthly import of 1,700 tonnes.

“Silver demand rebounded after lean years of 2020 and 2021. In