Silver imports in 2023 expected to fall a third to 6,000 tonnes as high prices hit demand

India's silver imports may fall about a third to 6,000 tonnes in 2023 from 9,000 last year, as demand has fallen 15-20% due to rising prices of the metal, said industry executives.

Footfall in Mumbai's Zaveri Bazar, the country's gold and silver hub, has fallen significantly for silver jewellery, silver artefacts and silverware since April 15, with prices crossing ₹75,000 per kg.

"Imports went up in 2022 as demand rose after two years of Covid-19. But now the situation has normalised and imports will come down. But the high prices will dent the demand by 15 -20 per cent," said Chirag Sheth, principal consultant of Metals Focus, an independent precious metals research consultancy.


Besides, there is ample silver lying with the banks, which too will impact imports this year, he said.