Silver glut swamps India as prices surge

Mumbai

SILVER imports by India are set to plunge from last year's record as jewellers grapple with slowing demand and excessive inventories after domestic prices climbed to the highest levels since 2013.

Overseas purchases probably slumped by about 40 per cent from a year earlier to 2,000 tonnes in the first half, and total imports for the year will fall short of the 7,500 tonnes bought in 2015, said Chirag Sheth, a Mumbai-based analyst at Metals Focus Ltd, an independent precious- metals research firm.