Ahmedabad: In run-up to the Navratri-Diwali celebration season, anticipating buoyant demand, jewelry and stockists utilize the decline in silver prices and stocked on precious metals.
Silver imports stand at a height of six and a half years on September 2021.
About 126 metric tons (MT) silver imported in September, according to data from the Ahmedabad Air Cargo complex.
The last time silver imports was this high in December 2014, when they stood at 166.96 MT, suggest AACC data.
Jewelry connects the price surge down prices and optimistic celebration season sentiments.
“Demand remains good for the past two months.
It’s not just for bars, coins, and articles made of silver but even jewelry.
New age buyers are increasingly researching light silver jewelry in pockets and trendy and requests remain good,” said Jigar Soni, President, Jewelers Association Ahmedabad (JAA).
The price of silver has fallen 9.2% in a month from Rs 65,000 per kg on August 31 to Rs 59,500 per kg on September 30.
According to analysts, the price decline is a factor that drives silver demand not only for jewelry and artifacts but also industrial consumption.
“In running until the season of celebrations, jewelry and traders of bars expect sales of silver coins and good artifacts beside jewelry.
Therefore, they have been stocked long before, taking advantage of the price,” Haresh Acharya said, Director, Ibja.