Demand for silver in India has increased from around 3,000 to 6,000 tons over the last five years, according to Chirag Thakkar, CEO of the Indian bullion company Amrapali Gujarat. In fact, the market for the white metal has been enjoying massive growth for several years now.
According to Thakker a fifth of the Indian silver demand is industrial, with non-industrial demand for jewelry, silverware and investment making up the rest of the demand.
According to the Silver Institute’s 2019 silver market trends report, India was projected to be one of the world’s leading silver consumers this year. Silver imports into the country reached nearly 225 million ounces last year, over 35% higher than in 2017.
According to Thakker, it is considered auspicious to buy silver or to gift silver during important events like the birth of a child, weddings or during festivals.