Silver imports on upswing in Gujarat
Silver imports have risen sharply in Gujarat in the last one week as consumers are splurging on precious metals after their prices nose-dived in the international market, say industry sources.
By PTI |
AHMEDABAD: Silver imports have risen sharply in Gujarat in the last one week as consumers are splurging on precious metals after their prices nose-dived in the international market, say industry sources.
Bullion imports were at their highest in over a year in the state with nearly 20 tonnes of silver and nine tonnes of gold coming into the country, customs department officials said.
"Silver and gold imports have seen a sharp rise in the last one week after a long time in Gujarat. The quantity of silver imported is huge this time, due to some international and some national factors, including fluctuation in the (international) prices," Kartik Pancholi, a superintendent in the custom department handling gold/silver imports, told media.
The imports peaked after the price of imported silver dipped from Rs 22,000 to Rs 17,000 per kg, mainly due to some steadiness in international rates, supply from mines and stocking of the metal by the government of India, he said.
"The import of silver was also hit because the government had last year stocked huge quantity of silver and began selling at a lower rate and prompted a buying spree among consumers, both in bar and jewellery form.
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