India's silver imports reached a historic high in February, and silver prices may receive further support

According to foreign media reports, Indian government officials reported that India imported a record 2295 tons of silver in February, up from 637 tons in January (a month on month surge of 260%), and lower tariffs encouraged it to import 939 tons of silver from the United Arab Emirates. Officials added that silver imports are expected to increase by 66% this year. The increasing demand from India, the world's largest consumer of silver, may support silver prices at a new high in nearly three years. According to preliminary data from the Indian Ministry of Commerce, the country's silver imports surged to 2932 tons in the first two months of 2024, compared to 3625 tons for the entire year of 2023. Chirag Thakkar, CEO of Amrapali Group, a major silver importer in Gujarat, said that driven by strong demand from the manufacturing and solar industries, India's silver imports may increase from 3625 tons last year to 6000 tons in 2024.