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Silver imports are expected to bounce back to pre-Covid levels of 6,500-7,000 tonnes this year as there is a strong demand for the metal, said industry executives.
Demand is also coming from the industrial sector as the economy has opened up and manufacturing activity has picked up, they said.
The expectation has arisen from the increase in imports to 5,100 tonnes in the first seven months of 2022, 84% higher than 2,773 tonnes than in the entire 2021.
In July alone, India imported a record 1,700 tonnes of silver, while in 2021, in the first seven months silver imports were a meagre 110 tonnes, said Chirag Sheth, principal consultant, South Asia, Metals Focus.
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