Gujarat: Silver imports hit six-year high in September | Ahmedabad News

AHMEDABAD: In the run-up to the Navratri-Diwali festivities, jewelers and specialist dealers took advantage of the decline in silver prices in anticipation of lively demand and stocked up on the precious metal. Silver imports reached a six and a half year high in September 2021.

According to data from the Ahmedabad Air Cargo Complex, around 126 tons of silver were imported in September. The last time silver imports were this high was in December 2014 when they stood at 166.96 MT, AACC data suggests.
Jewelers attribute the increase to falling prices and an optimistic mood during the Christmas season. “The demand has remained good over the past two months. This applies not only to bars, coins and items made of silver, but also to jewelry. New age shoppers increasingly prefer silver jewelry that is light and trendy, and demand remains good, ”said Jigar Soni, president of the Jewelers’ Association of Ahmedabad (JAA).
The price of silver has fallen 9.2% in one month from 65,000 rupees per kg on August 31st to 59,500 rupees per kg on September 30th. According to analysts, the drop in prices was a factor driving the demand for silver not only for jewelry and artifacts, but also industrial consumption.
“In the run-up to Christmas, jewelers and precious metal dealers expect good sales of silver coins and artefacts in addition to jewelry. So they stocked up well in advance and took advantage of the prices, ”said Haresh Acharya, Director of IBJA.