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India’s Massive Silver Demand Cutting World’s Warehouse Stocks

  • Consumption of precious metal may jump about 80% to a record
  • ‘Poor man’s gold’ remains popular in nation’s rural regions

Indian silver consumption is forecast to surge by around 80% to a record this year, as traders draw down inventories in warehouses from London to Hong Kong after two Covid-riddled years.

Indians bought historically low amounts of silver in 2020 and 2021 as supply chains and demand were hit by virus outbreaks. While consumers rushed to jewelry stores to buy gold in last year’s final quarter when pandemic restrictions eased, pushing sales to an all-time high, silver demand grew by less than 25%.