India's Demand to Buy Silver Doubles on Gold Ban, Price Drop
Demand to buy silver amongst Indian households has pushed the country's imports of the precious metal to twice last year's level and may set a record in 2013, according to industry experts.
Between January and September, silver imports to India totaled more than 4,000 tonnes, already beating full-year 2012 says the Thomson Reuters GFMS consultancy.
The world's largest end-consumer of silver bullion as well as gold, India's current record demand to buy silver came at just over 5,000 tonnes in 2008.
That figure equals some 16% of total global demand, put around 30,000 tonnes per year. India's demand to buy gold, also the world leader, has been nearer 25%.