Last Updated : 30 April 2012 at 13:05 IST
Gujarat gobbles up Silver as imports surge 193% in 2011/12
Gujarat is buying silver by the truckload and could be one of the biggest silver importing state in India, latest data from the Customs department shows. Imports of silver in Gujarat almost doubled for the fiscal year 2011-2012
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GANDHINAGAR (Commodity Online): Gujarat is buying silver by the truckload and could be one of the biggest silver importing state in India, latest data from the Customs department shows. Imports of silver in Gujarat almost doubled for the fiscal year 2011-2012
As per the data, Gujarat imported 965.423 MT of silver in 2011/12. This is more than 193% higher than 328.64 MT imported in the state during 2010/2011. Total value of silver imports surged to Rs 5177.58 Crore, 311% higher from Rs 1258 Crore in 2010/2011
This would mean that Gujarat alone would account for one of the biggest share of silver imports in the country. India imported around 4800 tonnes of silver in 2011. Even though data for the fiscal year 2011/12 is not available, on an average basis Gujarat's silver imports could come to around 15%-20% of India's total silver imports!
Meanwhile, Indian silver demand has been weak for 2012 as consumers have been opting away from the market due to high prices. Scottia Mocatta estimates that current year silver imports could fall upto 27% to 3500-4000 tonnes.
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